DNB ASA has sold a 49.9% stake in Notabene AS to Jotunfjell Partners AS

DNB ASA has sold a 49.9% stake in Notabene AS to Jotunfjell Partners AS who has the option to buy up to 80.1%. of Notabene's shareholding. Financial details have not been disclosed.

Notabene is Norway's largest independent chain of bookstores not owned by any of the publishing houses. The company has been owned by DNB since 2013. Notabene has 109 stores across the country and is headquartered in Solbergelva. The company had 2015 revenues of US$53.6 million. The retail chain has 560 employees.

Jotunfjell Partners is an investment company with focus 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 Nordic 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.

Thomas Midteide, Executive Vice President at DNB, said that the bank is very pleased with this solution: "It is obvious that bookstore operation is not our core business. During the last three years, we have managed to turn the company into a profitable business. We wanted to continue with an ownership stake in Notabene because we believe there is an upside there."

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