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Steni, a composite cladding manufacturer, has been acquired by an investment fund.
The investment fund Accent Equity 2012 has acquired, together with Steni’s management, 100% of the shares from the company’s previous owners. Steni’s current CEO Tom Rønning and the new chairman Olav Kjell Holtan are investing in parallel with the Accent fund.
Steni’s turnover in 2013 is expected to amount to approximately £33million. The company employs some 120 people and has subsidiaries in the Nordics, Netherlands and UK and distributors elsewhere in Europe, the USA and Canada.
Its products – façade and interior cladding panels – are manufactured from a fibreglass reinforced polymer composite with various surfaces depending on design and appearance. The material is environmentally friendly since it is chemically neutral and can be recycled. The products are resistant to impact, water and UV, and have the best warranty on the market.
The original Steni façade panel was developed in Sandefjord, Norway, and introduced to the Norwegian market in 1965. Steni’s head office and main production premises are today situated in Steinsholt, southwest of Oslo, Norway. Since its beginnings almost 50 years ago, Steni has developed a wide range of products and has to date delivered almost 30 million square metres of façade panels to buildings all over the world.
“Steni is a great company and we have followed its development for a number of years,” said Niklas Sloutski, CEO of Accent Equity Partners, advisor to Accent Equity 2012. “Steni’s façade panels are unique when it comes to durability, environmental friendliness and possibilities for the design of the panels. The company is well positioned for further growth on both existing and new markets. The goal is to see Steni products being used by more architects, constructors and DIY homebuilders.”
“We are very pleased with the opportunities our new owners are facilitating,” added Tom Rønning, CEO of Steni. “We will now get the power to further focus on our core markets and at the same time invest more in the development of current and future products.”
Steni is the first investment made by Accent Equity 2012. The fund opened for new investments during 2012 with a committed capital of SEK 3.8 billion.
Photo provided by Steni UK.
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