Norwegian projector manufacturer, projectiondesign has sold a 54 per cent majority share in the business to Norwegian private equity firm Herkules Capital AS.

projector manufacturer projectiondesign sells majority share to Herkules private equity fund

Paul Milligan, 06 October 2009

Norwegian projector manufacturer, projectiondesign has sold a 54 per cent majority share in the business to Norwegian private equity firm Herkules Capital AS. Eker Group AS, headed by Norwegian industrial designer Bård Eker sold the 54 per cent majority shareholding for an undisclosed amount, leaving the remaining shares in the hands of projectiondesign employees.

Over the last few years projectiondesign has generated continued growth. Revenues for 2008 were around NOK 500 million (£55m, $88m), with an operating result of approximately NOK 100 million (£11m, $17.6m). Revenues have declined in 2009, but improvements are expected from second half of the year.

'Projectiondesign is a company with strong growth and represents an exciting opportunity for Herkules. We have come to know the company well, and we are sure that there is positive potential for organic growth in all parts of the world.' said Tore Rynning-Nielsen, partner of Herkules Capital. 'Projectiondesign's technological competence is of world class, the objective now is to broaden the application areas for the products and widen the customer base.'

The company also picked up AV Awards in the last two years, including the Grand Prix award in 2007.

Herkules consists of three funds, with a total capital base of NOK 12.25 billion (£1.35m, $2.1m) in committed capital from Norwegian and international investors.