News. 29/07/20

Procuritas to partner with Låssenteret

Procuritas Capital Investors VI (“Procuritas”) teams up with Låssenteret AS, the leading independent locksmith in Norway, to support the company’s ambitious growth strategy.

Since 2017, Låssenteret has grown to be the leading independent locksmith in Norway with 26 branches nationwide and ca. 300 highly skilled employees. The company was recently strengthened from taking over the locksmith business of Dormakaba in Norway, which will further enhance its ability to serve customers across Norway.

Låssenteret is headed by Ståle Raa, a veteran and proven entrepreneur in the Norwegian locksmith industry. “We had plenty of time to get to know each other and did not rush the process. The most important for me has been that we can operate as before. To take care of the employees, customers, culture, and professional knowledge has been the most important for me. Procuritas will not change this”, says Ståle Raa, Group CEO at Låssenteret.

Ståle Raa and the management team have successfully built and developed the company through a series of acquisitions in Norway, creating a strong organization and company culture centred around the locksmith profession and skilled employees.

“We have followed the positive development in the Nordic locksmith market for a long time and believe that the underlying market fundamentals will continue to drive growth going forward. Låssenteret and Ståle Raa were identified as the ideal platform and management team for Procuritas to form a partnership with”, says Jørgen Møinichen, Investment Manager at Procuritas.

Erik Fougner, Partner at Procuritas, adds, “We are impressed by Ståle and the management team, and the organisational culture that they have built, and we see great opportunities to grow the company further building on the strong platform and position the business has created in Norway.” He continues, “We are looking forward to forming a partnership with Ståle Raa and the rest of Låssenteret’s management team, and together embark on a growth journey, supporting the company in its future successes.”

After the transaction Procuritas will become the majority shareholder with ca. 65 percent ownership of the company, while the current owners will own the remaining stake. The current leadership will continue in the day-to-day management of the company and with Ståle Raa as the Group CEO.

For further information, please contact:
Erik Fougner
+46 8 506 143 00
erik.fougner@procuritas.com

Ståle Raa
+47 970 55 307
stale@raainvest.no

About Låssenteret
Låssenteret was originally established in 1970 as Arve Karlsen AS. In 2016, by then a leading locksmith in Southern Norway, the company established a branch in Oslo and changed name to Låssenteret AS, and in 2017 Raa Invest AS (Ståle Raa) acquired the company with the intent to further build on the strong platform. Today, Låssenteret is the leading independent (i.e. not supplier owned) locksmith in Norway and is headquartered in Bergen. The company will have 26 branches and ca. 300 employees after merging with Dormakaba Norway’s locksmith business. Annual revenues were 331 MNOK and EBITDA 32 MNOK in 2019, up from 211 MNOK revenues and 9 MNOK EBITDA in 2018. Please visit Lassenteret.no for more information about the company.

About PCI VI
Procuritas Capital Investors (”PCI VI”) is a private equity fund focusing on mid-sized companies in the Nordic region. PCI VI launched in 2017, with 318 MEUR in committed capital. With a passion for business, extensive industrial experience and more than thirty years’ track record covering a large variety of transactions, Procuritas has supported over 40 companies with the aim to accelerate their growth and realize their true business potential. Please visit Procuritas.com for more information on current and previous investments.

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