Carneo to form partnership with Holberg – the largest independent asset manager in Norway
January 27 2021 08:42
Carneo AB (“Carneo”) has signed an agreement to acquire Holberg from its current owners. The employees in the company will reinvest and be a significant shareholder alongside Carneo.
Holberg is the largest independent asset manager in Norway with 25 employees and approximately 25 NOKbn in assets under management. The truly active asset manager offers a number of equity and fixed income funds and has demonstrated strong growth and profitability since its inception in 2000. The acquisition is of great strategic importance to Carneo on its journey to establishing a truly Nordic footprint. Carneo’s current Norwegian presence through C WorldWide (former Carnegie Asset Management) will now be significantly reinforced.
“Holberg has been on top of the wishlist for quite some time now and as we have come to know the company and its ambitious and dedicated employees this feeling has only grown stronger”, says Christoffer Folkebo CEO of Carneo. “The similarities between Holberg and Carneo in terms of investment philosophy, ambition and corporate culture are significant – a great component when forming successful alliances. The asset management industry is currently in transition and the objective is to help our affiliates to thrive, using the group as a catalyst to unleash all of their potential.”
“Carneo will be a great, active owner of Holberg with substantial knowledge and experience from our business. We believe that this is a good solution in order to preserve the Holberg DNA at the same time as we become part of a larger group, says Magny Øvrebø, CEO of Holberg.
Carneo consists out of a number of asset management companies and brands, including C WorldWide, Carnegie Fonder, OPM, Nordic Cross and Alternative Solutions, focusing on active as well as alternative investments. The asset management group was formed in 2016 by the owner Altor, a Nordic Private Equity firm, with the objective to drive industry consolidation in the Nordics. The group currently holds approximately 300 SEKbn in assets under management.
The transaction is subject to customary regulatory approvals and is expected to be completed during the second quarter of 2021.
Carneo is the largest independent asset management group in the Nordics. The group consists of a selection of top-tier investment firms, focusing on active as well as alternative investments. The group includes C WorldWide, Carnegie Fonder, Alternative Solutions, OPM and Nordic Cross.