TowerBrook Capital Sells Majority ODLO Stake to Herkules PE

ODLO Sports Group, the Norwegian manufacturer of sports-related clothing, has a new majority shareholder in Herkules Private Equity Fund III. The fund takes over the majority position after acquiring the stake previously held by American PE firm TowerBrook Capital Partners. ODLO chairman Odd Roar Lofterød will remain on the board and will be a minority owner. He is expected to continue to reinvest in the company his father founded more than sixty years ago.

ODLO considers Herkules to be the “safe harbour” investor which will enable it to increase market share in a very competitive Swiss-Norwegian market.

ODLO Sports Group (www.odlo.com)
Established in 1946 by Norwegian Odd Lofterød, ODLO is the world leader in manufacturing functional sports underwear. It is the functional sportswear market leader in Europe, holding 30%-50% in key countries such as Austria, France, Germany, Italy, and Switzerland. In addition, ODLO products are exported to more than 20 countries worldwide.

Turnover for 2009 was reported at CHF 160 million. The company’s 650 employees work at headquarters in Hunenberg, Switzerland as well as operations in Austria and Belgium.

Herkules Capital (www.herkulescapital.no)
Formerly known as Ferd Equity Partners, Herkules Capital is a Norwegian private equity firm active in Europe’s Nordic region. The firm focuses on industrial and manufacturing companies possessing strong growth opportunities through either company expansion or external acquisitions.

Herkules consists of three funds with a current combined capital base of NOK 12.25 billion, funded by both Norwegian and international investors alike. Herkules Capital is based in Oslo, Norway.