Jordanes AS announces NOK 1.5 billion IPO on the Oslo Stock Exchange

Jordanes AS IPO

OSLO: Jordanes AS, parent company of Jordanes Investments AS, announced its intention to launch an initial public offering (IPO) of its shares and to apply for a listing of its shares on the main list of the Oslo Stock Exchange.

Jordanes AS is a well-established Scandinavian brand house that focuses on everyday brands. The Group develops and owns brands that engage consumers across multiple channels and occasions throughout the day. Since its inception, Jordanes has continuously expanded its portfolio of brands through consumer-driven innovations and strategic acquisitions across multiple categories, including food and snacks, personal care, beauty, sports nutrition, and restaurants.

Jordanes is deeply ingrained in the communities it serves, with over 2,700 employees and nine production facilities across Scandinavia. The majority of the Group’s revenue, approximately 80%, originates from Norway, with the rest primarily coming from other Nordic countries.

The Group operates across four operating segments;

  • Branded Foods, constituting the largest part of the Group’s revenues, comprises a portfolio of iconic Scandinavian brands like Synnøve, Sørlandschips, and Peppes Pizza;
  • Casual Dining, operating in the fast casual restaurant and delivery space, with key restaurant concepts such as Peppes Pizza, Starbucks and Backstube;
  • Fitness & Beauty, focusing on brands like Bodylab and Camilla Pihl Cosmetics, with a strong emphasis on e-commerce sales, digital branding, and influencer marketing; and
  • International Brands, handling sales, marketing, and distribution for renowned international brand owners like Reckitt, Semper, Johnson & Johnson, and Vitamin Well.

Key shareholders (either directly or through respective holding companies) of the company include Jan Bodd (co-founder), Stig Sunde (co-founder), Karl Kristian Sunde, Cubera and Umoe. In connection with the Company’s acquisition of Backstube in 2023 it was agreed that the majority of the purchase price shall be settled with shares in the Company upon completion of the IPO and prior to the first day of Listing. The founders of Backstube are therefore also expected to be large shareholders in the Company following the IPO.

The IPO is expected to include an offering of new shares in the company to raise gross proceeds of approximately NOK 1,500 million, along with a potential limited secondary offering by certain existing shareholders to repay certain personal loans and taxes. The offering is anticipated to consist of a private placement to institutional and professional investors in Norway and internationally, (subject to applicable exemptions from prospectus and registration requirements being available), as well as a public offering to investors in Norway, Sweden, Denmark, and Finland.

The net proceeds from the sale of new shares will be used to strengthen the Group’s balance sheet for increased flexibility and to accelerate strategic growth opportunities. As a result of the contemplated offering and expected EBITDA growth, the Company expects its leverage ratio to be below 3.0x by year end 2024, progressing on its deleveraging path towards its medium-term target of 2.0-3.0x leverage.

Jan Bodd, CEO & Co-founder, commented: “This is an exciting milestone for our Company. We established Jordanes in 2007 with the ambition to create a Scandinavian consumer champion. The development over the past 17 years has been one of growth and expansion into categories where we meet the consumer every day with low-ticket items. Following the IPO, the Company will be well positioned for future growth, that we believe will benefit our shareholders, employees and customers.”

The IPO is inter alia subject to required corporate approvals by Jordanes, receipt of relevant approvals from the Oslo Stock Exchange and the Norwegian Financial Supervisory Authority, as well as prevailing equity capital markets conditions.

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