Norwegian kitchenware chain Kitch’n gets a new owner group.
Tore Thorstensen and Lars Gylterud enters as the new 50 percent shareholder after a new company structure.
Kitch`n has had a great development in recent years. From 2009 to 2015 the net turnover increased from 105 million NOK to 750 million evenly shared between franchise and own stores.
But now half of the shares in the company is taken over by Tore Thorstensen and Lars Gylterud. This comes after a change in the company structure.
According to Brønnøysundregistrene a new company, Kitch’n Holding A/S was founded in November. This company has Wiggo Erichsen and Thore Thorstensen as Board and Odd Sverre Arnøy as CEO.
According to a press release, Kitch’n Norge is now 100 percent owned by Kitch’n Holding – and half of Kitch’n Holding is owned by Thorstensen and Gylterud. The remaining 50 percent would still be owned by Erichsen, Halvar Velde and founder Bjørn Reidar Mæland through their company Ewa Holding where Erichsen is the majority shareholder. CEO Odd Sverre Arnøy also has a small share.
Whether the new owners have bought shares in Kitch’n Norge from Ewa Holding or just invested money in the new holding company and thereby extended the share capital of the group is unclear.
Tore Thorstensen and Lars Gylterud have been active in garden center chain Plantasjen’s Nordic development. Tore Thorstensen has also been involved in the development of XXL, most recently as board member.
The former majority shareholder of Kitch`n, Wiggo Erichsen, says he is pleased to have been joined by new shareholders who will be able to add significant retail expertise and who also have experience in international expansion.
Kitch`n currently has 118 stores, of which six stores opened in Sweden in Q4 2015. The goal is to continue growing, both in Norway and Sweden. In 2016 about 15-20 new stores will be established .
“With new owners of the team, we have lifted us into the top division. We look forward to continuing to develop and consolidate our position as No 1 in the kitchen market. ” says CEO, Odd Sverre Arnøy.