Press Release Norvestor divests Robust
Norvestor VI, L.P. (“Norvestor”) has completed the divestment of Robust AB and its subsidiaries (together “Robust” or the “Company”), a leading Northern European steel security and fire door manufacturer active in Sweden and United Kingdom, to Novoferm Group (“Novoferm”).
Norvestor invested in Robust in February 2013. During Norvestor’s ownership, the company has strengthened its position as the #2 steel door player in Sweden and established a #1 position in the UK market for bespoke steel doors.
“During the last six years, Robust has strengthened its position as a leading player in the steel door markets in Sweden and UK. The UK operations in particular are barely recognizable from where we started off in 2013. The management team, together with Robust’s dedicated employees, have demonstrated their ability to deliver relentless growth and profitability year on year. We believe Robust and Novoferm represent an excellent strategic combination, and that the new owner will add exciting new opportunities for the group, in addition to industrial knowledge and capabilities to support the further
development of Robust”, says Christian Sontum, Partner in Norvestor and outgoing Chairman of Robust.
“Norvestor has been key enabler for Robust in supporting our growth ambitions, assisting us in building a more professional organisation, and an excellent sparring partner in defining and supporting the execution of our growth strategy. That said, I am also looking forward to explore new growth opportunities with Novoferm, and I am confident that our customers, as well as our employees, will experience the benefits of this combination”, says David Lycett, CEO of Robust.
Norvestor was advised by MCF Corporate Finance, Advokatfirman Törngren Magnell and PwC.
Signing and closing of the transaction took place on 17 May 2019, and the
parties have agreed not to disclose the terms of the transaction.