Saga advised the Lauritzen family on the sale of 50% of the shares in Nor Tekstil
Saga Corporate Finance has assisted the Lauritzen family in its sale of 50% of the shares in Optivask AS, the holding company of Nor Tekstil, to Leo AS.
Nor Tekstil is the leading textile cleaning, washing, and rental company in Norway. Nor Tekstil has roots back to 1965 when Finn Lauritzen bought Bergens Vaskeriet in Sandviken, Bergen. Tor Lauritzen took over the family firm from his father at just 23 years of age. Tor expanded the business, and in 2005, he merged with Leif and Ove Belsvik to form Nor Tekstil. Today, Nor Tekstil employs 1,200 people across its 25 laundries, with revenues of more than 1.3 billion in 2019.
For the past 20 years, the third generation of the Lauritzen family, Espen, and Christine, has worked with the Company. The family has been involved in everything from the day-to-day operations to being on the board of directors. As an advisor, Saga recognized several characteristics that many of our clients share. The Company was a joint project that the entire family contributed towards, and they would solve work challenges at both the board table and the dinner table. The family cared deeply about its employees and was proud to be a cornerstone employer in many of its locations across Norway. Together with the family, Saga explored several options for succession, which ultimately ended with a sale to the other 50% owner of the Company, Leo AS.
We are proud advisers of the Lauritzen family, and we are glad to announce that the Company is still in great hands with Leif and Ove Belsvik, who now controls 100% of the shares in Optivask. Saga would like to congratulate both parties on a successful transaction.