Case study

25 Notabene stores has sold 25 stores to ARK Bokhandel AS

Jotunfjell Partners AS and DNB ASA have sold 25 Notabene stores to ARK Bokhandel AS. Financial details have not been disclosed.

Notabene is Norway's largest independent chain of bookstores not owned by any of the publishing houses. Notabene has 109 stores across the country and is headquartered in Solbergelva. In 2016, the company had revenues of US$56 million. The 25 stores included in this transaction had revenues of US$20 million.

ARK Bokhandel, owned by the publishing house Gyldendal ASA, had 117 stores, the online bookstore, ARK eBOK and 940,000 recruited ARK friends (loyalty program). Following the acquisition of 25 Notabene stores, ARK will now have 142 stores. The Gyldendal group had a turnover of over US$260 million in 2016.

Jotunfjell Partners is an investment company with a focus on, and particular expertise in, retail. Jotunfjell’s business consists of interests in fashion garments (Airport Fashion, Steen & Strøm, Outlet One, Pagelle), Gullfunn Group and Elite Foto. In addition, they operate duty-free shops at a number of airports in Norway and abroad.

DNB is Norway's largest financial services group and one of the largest in the Nordics region in terms of market capitalization. The group offers a full range of financial services including loans, savings, advisory services, insurance and pension products for retail and corporate customers.

Oaklins' team in Norway advised the sellers in this transaction.

Tombstone image for 25 Notabene stores has sold 25 stores to ARK Bokhandel AS


Kristin J. Bratengen



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Bjørn Campbell Pedersen



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