The task here now is to create the most impactful industrial investment company possible. This means that we will build a suitable professional organization at the top, says Dag Teigland.
He has been appointed as the new CEO of investment company Jordanes, where the jewel is food company Scandza, which owns well-known brands such as Synnøve Finden, Sørlandschips, Leiv Vidar and Finsbråten. Jordanes Group generated sales of NOK 5.8 billion last year, with Scandza sales of more than NOK 4 billion.
Tegland has extensive experience in industrial and investment activities. From 2009 to 2021, he was Managing Director of Holta Invest, the investment company of expatriate Norwegian billionaire Kjetil Holta.
In addition to Teigland, Peter Riise and Daniel Bratli are set to work on acquisitions and mergers. Tegeland appointed herself Knut Ansten as the new chief financial officer. The order from the owners is to build a “strong industrial investment company”.
“We’re really starting to get real horsepower under the hood,” says Tegeland.
Jordanes has so far been led by partners Jan Baud, Stig Sund and Carl Christian Sund. These are retiring from day-to-day operations, but will continue on the Board of Directors and will be active owners.
– The parent company Jordanes had no formal management. When your turnover is six billion crowns and you’re operating in a challenging market during tough times, it’s the right thing to do, says Budd, who founded Jordans with Stage Sound in 2007.
Just over a year ago, DN wrote that Jordanes wanted to take Scandza on the stock exchange with former Finance Minister Siv Jensen as chairman, but when capital markets soured at the start of the year, the owners chose to put the IPO on hold. So Jensen resigned as chairman, but remains associated with the company as a consultant.
Instead of going public, the company chose to raise NOK 1.5 billion in the bond market. However, according to Tegeland, capital growth is still needed. And this time, not only Skandza, but all Jordanians in full were listed on the stock exchange.
– In the cards we will take the company at one time or another to the stock exchange. We have a desire to grow, but we also want to project values into the core business. He says we need to get back to concrete stock market plans.
Food giant Orkla, the company’s biggest competitor, may have announced a month ago that it would, too Become an industrial investment company, with the new group structure and management team. So far, the result has been an 11 percent price drop for the stock exchange giant, of which Stein-Eric Hagen and his family are the largest owners.
– I realized the ambitions and plans of Orkla, but we are interested in Jordan and how we will do it. We’re smaller, but we have big growth ambitions and we believe we have good conditions to create more value,” says Tegland.
Founders Jan Bode and Stig Sund, along with their partner Carl Christian Sund and about 100 employees, own about 52 percent of the company. The Storebrand Cubera has a third trunk.
Jens Ulltveit-Moe is also on the ownership side with a share of just over ten percent. He acquired an ownership stake when he sold his Umoe Restaurants restaurant to Jordan during the pandemic. Chains such as Peppes Pizza and TGI Friday’s, which today are part of the Dely Corporation, are located here. Ulltveit-Moe is also a board member of Jordanes.
Tegland is now in charge of a challenging macroeconomic situation, with rising prices for energy and food products. He says the strategy going forward is to focus the business on essentials and the Scandinavian market.
– The most important thing is that we take care of the portfolio of companies that we already have at all times, and we believe that it would be wise to sell the goods that people need. Our idea is that it’s going to be a really demanding economic time ahead, but we’re well positioned and believe there will be exciting opportunities, he says.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We’d like you to share our statuses using links that lead directly to our pages. Reproduction or other use of all or part of the Content may be made only with written permission or as permitted by law. For additional terms look here.
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