Keystone Advisers

New Keystone Advisers transaction: Acquisition of Norco

Pressmeddelande   •   Feb 13, 2014 09:00 CET

Norco and Spectra becomes Norco Spectra when SEB Private Equity jointly with current owners form a new Nordic Shop Fitting champion

As of February 13th 2014 Norco Holding AS (“Norco”) and Spectra Collection AB (“Spectra”) will become part of the Norco Spectra Group when the current shareholders together with the new major owner SEB Private Equity (SEB PE) creates a new strong Shopfitter.

Both Norco and Spectra are offering customer unique interior concepts and the purpose of the merge is to strengthen each company´s market position and to better meet the need from the customers by improving the customer offerings. The companies will together continue to grow in their existing markets powered by the combined strength.

The founding family of Norco and the owners of Spectra will remain as minority shareholders alongside SEB PE.

Initially, both companies will keep their current company names and no decision has been made regarding any future name changes.

Each company will keep their existing management and organisation. The group management will be based in Ljungby, Sweden, with Johan Thunholm as Group CEO and Halvor Utgård as deputy CEO.

The new Board of Directors will include representatives from SEB PE, the Utgård family and the old shareholders in Spectra. In addition we are very happy that Gerard De Geer has accepted to become The new Board of Directors will include representatives from SEB PE, the Utgård family and the old shareholders in Spectra. In addition we are very happy that Gerard De Geer has accepted to become

Keystone Advisers acted as advisor to the buyer SEB Private Equity in the transaction.


Keystone Advisers is a fully independent Corporate Finance firm offering advice related to mergers and acquisitions (M&A), divestitures, as well as various financing arrangements. The firm has advised on approximately 140 transactions to a variety of different clients in a number of sectors since the inception in 2000. Keystone Advisers is a Partner owned firm and where the founders have experience from Investment Banking and Management Consulting from some of the largest global institutions. We are a team of 12 Corporate Finance professionals at the Stockholm office and in addition we have an own organization in the Baltic countries. Keystone Advisers aims to be the leading mid-market M&A advisory firm in the Swedish market.