Bjørn Maarud new Chairman of Cutters
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Outgoing CEO Bjørn Maarud of Bertel O. Steen has been elected as new Chairman of the Board of the Cutters hairdressing chain. – The company has never been better equipped for growth, says Cutters founder Kristian Solheim.
After more than seven years at the helm of Bertel O. Steen, the multi-billion automotive, property and investment group, it was announced earlier this year that CEO Bjørn Maarud, former CEO of Europris, is stepping down.
Cutters appears to be one of the most assertive companies within Norwegian business. It is innovative, user-friendly and really puts the customer’s needs in focus. I like the concept well and see great opportunities for the company to become a Scandinavian export success, says Maarud.
At the beginning of February, Cutters has a total of 94 salons spread across markets in Norway, Sweden, Finland and the Netherlands. In July 2019, the Swedish private equity house Procuritas acquired a 65 per cent stake in the hairdressing chain. The remaining shares are held by the founders and a few selected investors.
The combination of a good concept, hungry entrepreneurs and professional ownership makes the business very suitable for growth. We have great ambitions, says Maarud.
With Procuritas on the team and Bjørn Maarud as Chairman of the Board, Cutters adds considerable expertise. We have never been better equipped for growth, says Kristian Solheim, founder and CEO of Cutters.
Taps into experience from Joe and The Juice
Maarud takes over the chairmanship of Cutters from Procuritas partner Mattias Feiff.
– Maarud brings valuable experience from a long and successful career as CEO and Chairman of various Norwegian companies. We now have a very strong Board in place to support Cutters in their international expansion, says Feiff.
The venture firm Askeladden & Co is already represented on the Board. Recently, Danish Thomas Evald and Swedish Pierre Garami also joined the Cutters board, both of which have been central to the international expansion of the café chain Joe and The Juice.
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Cutters was established in Bergen in 2015. The concept of the hairdressing chain is to offer walk-in haircuts at a low price. As per February 2020, Cutters has 94 hairdressing salons spread across markets in Norway, Sweden, Finland and the Netherlands. In 2018, the company reported sales of NOK 156.4 million, with a profit before tax of NOK 10.7 million. By summer 2020, the hairdressing chain plans to operate more than 100 salons.
Procuritas is a Swedish private equity house that invests in medium-sized companies in the Nordic region. In total, the firm manages more than EUR 650 million with investments in 17 different companies. Procuritas has a 30-year track record and invested in Cutters in the summer of 2019. Among other companies in Procuritas’ portfolio are auto repair chain Werksta and anti-plagiarism company Urkund. Visit Procuritas.com for more information on current and past investments.
Bjørn Maarud is the outgoing CEO of the automotive, property and investment group Bertel O. Steen. Maarud is set to leave his position by the summer of 2020. He previously served on the board of Bertel O. Steen, and took over as CEO in 2013. He has also held management positions in a number of other companies, including the low-cost retail chain Europris AS from 2011 to 2013. Maarud is educated at BI Norwegian Business School and Oslo Engineering College (Oslo Ingeniørhøyskole).