5/1 2015

2015 takes off in an exciting way for PNO, as the family owned Kirk Kapital acquires 48% of PNO

We are very pleased to be able to join forces with KIRK KAPITAL, as we are confident it will support our strategy and goals. Kirk Kapital and PNO shares the same family values in addition to ambitions and vision for PNO.

PRESS RELEASE
5 January 2014

KIRK KAPITAL acquires 48% of the shares in PNO – the largest trailer company in the Nordics
Investment company KIRK KAPITAL A/S has acquired 48% of the shares in PNO Holding A/S which owns 10,000 trailers and is the largest company within rental, sales and service of quality trailers to the transport industry in the Nordics.

PNO is a well-run company with a strong business concept and a unique market position. The company matches our investment focus perfectly, and it still has a significant development potential, which we are looking forward to taking part in realizing in the coming years,” said Bjarne Ammitzbøll, CEO of KIRK KAPITAL A/S.

PNO is a family-owned company, which is currently conducting a planned generational change. In 2013, PNO’s revenue reached a level of DKK 600 million and total assets amounted to DKK 1.6 billion. In the coming years, the company will increase revenue and operating profit in its current markets. Based on PNO’s strong customer relations, the business will be expanded, and the company will attract new customers and further develop its business systems.

With KIRK KAPITAL aboard we will have a long-term shareholder with resources and a shared perspective on our strategic goal for PNO. We are constantly working to strengthen the company’s sales capabilities and competitiveness by expanding our product portfolio and improving our service setup to allow us to grow and win market shares in existing markets. KIRK KAPITAL’s entry into our group of owners contributes to securing the ongoing generational change and provides a stronger foundation for the development we intend to complete in the coming years. I am looking forward to taking on the next exciting phase of PNO’s development together with KIRK KAPITAL,” said Group CEO Jacob Lee Ørnstrand, PNO.

Following KIRK KAPITAL’s entry, the Ørnstrand family holds 52% of the shares in PNO. The parties have agreed not to disclose the transaction price. 

Further information:
Group CEO Jacob Lee Ørnstrand, PNO, tel. +45 2363 6565
CEO Bjarne Ammitzbøll, KIRK KAPITAL A/S, tel. +45 3344 5010 

About PNO
PNO is the largest trailer rental company in the Nordics with around 10,000 trailers. The company was founded in 1975 in Denmark by Per Nelson Ørnstrand, but is today headquartered in Helsingborg (Sweden). Today, PNO is led by Jacob Lee Ørnstrand, who is the second generation of the Ørnstrand family. PNO has its own departments, workshops and depots in Denmark (Horsens and Greve), Finland (Sipoo), Norway (Oslo) and Sweden (Helsingborg, Malmö, Gothenburg and Jönköping). Furthermore, PNO cooperates with a large network of independent workshops and tire companies across Europe. www.pnonordic.com

About KIRK KAPITAL A/S
Investment company KIRK KAPITAL A/S was founded in 2007 by Gunhild Kirk Johansen and her three sons. The commercial activities within shipping and aircraft leasing are operated through subsidiaries KIRK Shipping A/S and KIRK Aviation A/S, and the Group furthermore owns a broad portfolio of quoted and unquoted shares, real estate and interest bearing assets. At the end of 2013, equity stood at DKK 4.2 billion. In 2014, KIRK KAPITAL has acquired substantial minority shares in facility service company Alliance+, shipping company Erria A/S, playground supplier KOMPAN and now PNO. www.kirkkapital.dk