Norwegian conglomerate Orkla has agreed to sell 100% of its shareholding in Lilleborg AS to Solenis for NOK 600 million (€52.36 million) on a cash and debt-free basis.
Lilleborg supplies hygiene and cleaning solutions to professional and industrial customers in Norway, the company added.
The company employs around 124 people and generated a turnover of NOK 574 million (€50.09 million) in 2023.
Founded in 1833 and a part of Orkla since 1986, it operates from its main office in Oslo, a warehouse in Ski, and several regional offices across Norway.
'Simplifying Our Structure'
President and CEO of Orkla, Nils K Selte stated, “This transaction is a milestone in Orkla’s new strategy after becoming an industrial investment company. By reducing the number of portfolio companies and simplifying our structure, we pave the way for a more targeted and disciplined capital allocation in the portfolio.
“We are proud of the 190+ years of Lilleborg history, both before and during Orkla ownership – having built a strong and trusted company brand and a position as Norway’s market leader within its industry.”
Since 2004, Lilleborg has been the exclusive distributor for cleaning and hygiene products firm Diversey in the Norwegian market, and offers, in addition, a wide portfolio of products and services.
Solenis, a producer of specialty chemicals for water-intensive industries, acquired Diversey in March 2023.
Solenis operates in 130 countries across the world and is supported by 69 manufacturing facilities and 16,100 employees.
'The Ideal New Home For Lilleborg'
Maria Syse-Nybraaten, EVP and investment executive in Orkla, stated, “Given the longstanding collaboration with Diversey in the Norwegian market, we firmly believe that Solenis is the ideal new home for Lilleborg.
“We are confident that they will continue to foster the growth and success of Lilleborg in the future. Finally, we would like to thank CEO Silje Ebbell Tøge and the rest of the Lilleborg team for their dedication and hard work over decades and wish them all the best in their future endeavours.”
Recently, Orkla Denmark sold the Blomberg glögg brand, including its recipes and intellectual property rights, to Anora.
