Direct investments

Value Creation Through Active Ownership

The portfolio is managed by a dedicated investment team, whose task is to create added value through active ownership with a long-term perspective. The team is also responsible for identifying and securing access to new, attractive investment opportunities for Aars.  

The portfolio currently consists of OneCo, Onitio, Function, Alfa Sko and Northcom. Read more about the companies here

Active and ambitious ownership

Aars has an ambitious investment strategy and will continue to allocate significant capital to Direct Investments in the future. The investment team seeks companies that are well-managed, with good leadership and financial profitability at least at the industry average level. Further emphasis is placed on clear competitive advantages and operations in markets supported by long-term underlying growth. The companies’ business models have low volatility and good visibility, while capital tie-up is low and provides a basis for good cash flow. 

As an active owner, Aars works to realise long-term value growth potential through a clear ownership agenda in collaboration with the management of the companies. The follow-up of the companies is close, and added value is provided through knowledge, networks, and expertise. Aars contributes expertise in the following fields:  

• Growth: Business development, growth initiatives, international expansion, M&A, and capital injection

• Operational Platform: Governance models, organizational development, innovation, and digitalisation

• Business Support: Incentive models, networking and portfolio synergies, financing, and sustainability

Investment Mandate

To exercise active ownership, Aars seeks shareholdings that provide the opportunity to influence the companies’ development over time. With this as a starting point, Aars has a flexible mandate and can be both a majority owner and take minority positions – both privately and on the stock exchange. The investments are primarily directed towards Nordic companies headquartered in Norway, with the possible addition of other Nordic countries and the Baltics. It is positive, but not a prerequisite, that businesses have a commercial focus extending beyond the Nordic countries and the Baltics.  

Investments are made in companies with a corporate culture and value base that align with the ownership vision and value foundation of Aars’ owners.

For new platform investments, companies are sought in which a minimum of NOK 400 million in equity can be invested initially, or over time, linked to specific investment plans. Aars invests in companies that have as little overlap as possible in value drivers with Møller Mobility Group and Møller Eiendom.  

With Aars as an Owner

Family ownership ensures long-term commitment and short decision-making lines. The development and realisation of the companies’ value potential must be managed in a proper manner, and close cooperation between the board, management and investment team is considered fundamental to succeeding in positive value development. Great emphasis is placed on good leadership, building strong management teams, and a board with the necessary competence and experience to support the management.  

The investment team at Aars has extensive experience and complementary expertise, and provides financial, operational and strategic support to the companies owned by Aars. The team is actively involved in acquisition processes and financing discussions, providing support, resources and necessary capital. Improvement of business and risk management is also an area the team actively works on. There is close interaction within Aars between the investment team and analysts and managers belonging to Asset Management. 

Aars has an established structure for owner follow-up and a toolbox for direct investments that we bring into the role as an active owner. In addition, there are established networks and resources in areas such as innovation, leadership development, digitalisation and sustainability that the portfolio companies can access. 

Companies in the portfolio can also benefit from collaboration among themselves, and several platforms have been established to share knowledge and expertise across Aars-owned businesses. We regularly challenge ourselves on whether we are our companies’ “best owner” to further develop the business. The strategy of being the “best owner” also means that a company can be sold if other owners are considered better equipped to take the business forward.