Norwegian based investment company and energy and engineering services company Borre Nordheim-Larsen, NLI Utvikling has issued a standardized notification to the Norwegian Competition Authority for its bid to purchase O. Mustad & Sons hook company. This motion was filed on Nov. 21 and they have until Dec. 12 to provide formal details on the purchase to the competition authority.
Rumors have circulated for months about Pure Fishing and Rapala purchasing Mustad and this seems to be pretty solid evidence to the contrary. NLI Utvikling is a $2.3 Billion NOK company with 1,300 employees worldwide. They have interests in gas, solar, wind, rainwater and other renewable energy sources as well as having engineering, fabrication and business development arms.
Angling International Editor Mel Bagnall reported in his recent newsletter that it was all but a done deal now. Here is his take on the acquisition with a full report to be featured in the January issue of Angling International:
months of fevered speculation, the future of troubled Norwegian hook
manufacturer Mustad looks to have finally been assured.
In a surprising twist to the long-running saga which has seen both Rapala
and Pure Fishing linked to moves to acquire Mustad, Norwegian industrial
and investment company, NLI Utvikling, has announced its intention to
purchase the company.
The owner of NLI Utvikling, Borre Nordheim-Larsen, this week notified the
Norwegian Competition Authority about the ‘possible acquisition of
O.Mustad & Son AS’. He told it that some financial matters had yet to
be settled, but that these were likely to be resolved in the next month
after which a final decision on the acquisition will be made.
News of NLI Utvikling’s interest in Mustad has come as a shock to
industry insiders as it was widely expected that one of the angling
industry’s giants would eventually acquire the iconic hook brand.
Relatively unknown outside its homeland, NLI Utvikling, describes itself
as a company that has a tradition in investing in companies in
In a press statement the company said: “NLI Utvikling sees great
potential in further developing the Mustad world brand.”
NLI Utvikling is a privately-owned and independent investment group with
a strong tradition and deep roots in Norwegian industry. Since its
inception in 1946, it has grown into an organization that has nearly
1,300 employees and in 2011 had revenue of approximately 2.3 billion NOK.
It is said to invest in companies with potential for growth, but which
find themselves in ‘demanding situations’.
Mustad seems to be an ideal fit for its growing portfolio as the
company’s financial woes have been widely reported in the media.
Speculation over its future heightened earlier this year when it closed
its troubled Philippines operation – making around 200 employees
redundant – and announced its decision to concentrate on its core
business of hook manufacture.
NLI Utvikling currently has interests in the oil, gas, hydropower and
renewable energy industries as well as the property and health sectors.