Jøtul AS, a market-leading Norwegian manufacturer of cast-iron stoves and fireplaces, was sold to the US-based OpenGate Capital for approximately NOK 360 million.
Headquartered in Fredrikstad, Norway, Jøtul was founded in 1853 and is one of the most well-known and respected brands globally in the home comfort heating industry. Jøtul products include cast iron and metal sheet stoves, inserts and fireplaces fueled by wood, gas and pellets. Products are sold under the brand names Jøtul, Scan, Atra and Ild, and are distributed in 45 countries across Europe, North America and Asia primarily through networks of exclusive and multi-brand specialty dealers.
In recent years, the focus has been on enhancing the efficiency of the operations to improve profitability, which yielded results in 2017, when the company reported growth and higher operational EBITA. Jøtul’s sales and operational EBITA amounted to NOK 898m and NOK 11m, respectively, per rolling 12 months as of 30 September 2017.
Clairfield International acted as exclusive financial advisor to Ratos AB.