The Ard Group has sold the controlling interest in Norwegian hook giant, O.Mustad & Søn AS, to investment company, Verdane Capital IX.The owner of O. Mustad & Søn AS has sold its majority stake in the Norwegian hook making giant in a move designed to take the iconic brand's international sales 'to the next level'.
Verdane Capital IX, a Norwegian investment company has bought a controlling interest in Mustad and Sunkost AS from the Ard Group.
For Mustad, a Scandinavian company with roots dating back to the 19th century, the investment marks the next phase of development. John Are Lindstad, who was appointed CEO in April said: "Mustad is a company with an inspiring history and a 140-year tradition. I am very enthusiastic about leading this great team and company to the next level, with expansion built around Mustad's globally strong brand."
As a global leader in fishing hooks, Mustad produces over 1.5 billion items per year for recreational and commercial use. The company has 460 employee, and revenues of Nkr 312m in 2016.
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Photo: Mustad CEO, John Are Lindstad: 'very enthusiastic about leading Mustad to the next level'.
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