Norwegian company SG Armaturen has bought Danish lighting firm Riegens from owners Erhvervsinvest. The parties have agreed not to disclose the purchase price.
Riegens specialises in the project market and is set to generate some DKK 250 million in sales revenues this year. The company’s headquarters and factory are in Odense.
SG Armaturen targets the residential sector through wholesalers and electricians, and has an annual turnover of around NOK 600 million. The company’s headquarters are in Lillesand in the south of Norway, while manufacturing takes place at its factory in China. The company has subsidiaries in Sweden, Denmark, Germany, Belgium and France and is owned by the Gunvaldsen family.
“We have found Riegens to be a well-run company, with high-quality products and substantial opportunities for growth,” says Eivind Gunvaldsen, SG Armaturen’s major shareholder. “Our plan for both companies is to continue growing strongly as separate entities and to strengthen each other through knowledge sharing.”
“It is very nice to have a successful lighting company as our new owner,” says CEO Claus Jarlgaard Jensen at Riegens. “I think that both companies will benefit now that we are in the same business group. With SG Armaturen as owner it will be easier to achieve our ambition of growth in new markets.”