Cardinal’s estimated revenue in 2005 is around NOK 500 million (EUR 62 million), making it the clear number two supplier in the Norwegian market after the farmers’ cooperative company Prior. The Cardinal companies have a strong history of profitable growth, based on efficient low cost operation and high quality products.
Norwegian per capita consumption of poultry products is substantially lower than in the rest of Europe, and is growing at around 7 percent annually. The Cardinal companies have steadily taken market share in the Norwegian market. This, combined with the underlying market growth, provides the platform for continued strong organic growth of Cardinal.
- We are impressed with the historic performance of the companies, says Kai Jordahl, Senior Partner at CapMan Buyout. We see a number of opportunities to continue the strong development, and will look at both organic growth opportunities as well as potential add-on acquisitions. CapMan’s intention is to provide additional funding to support such development, continues Jordahl. The combination of the two companies is strengthening the competitiveness in the market, and will have positive effects for both customers and Cardinal.
- CapMan enables us to expand further, providing capital, ownership and resources for continued growth, says Agnar Østhus, founder and CEO of Norsk Kylling. We are especially exited about the opportunities we see on a Nordic basis. With CapMan’s strong presence in all the Nordic countries they will be an excellent support for our international ambitions. We had discussions with several potential investors, but ended up cooperating with CapMan due to their industrial hands on approach and their strong Nordic position, continues Østhus.
For further information please contact:
Mr Kai Jordahl, Senior Partner, CapMan, tel. +47 23 23 75 71
Mr Agnar Østhus, CEO, Norsk Kylling AS, tel. +47 95 73 33 48
Mr Rune Hennum, CEO, Arne Magnussen AS, tel. + 47 23 17 34 10