The Ard Group has sold the controlling interest in Norwegian hook giant, O.Mustad & Søn AS, to investment company, Verdane Capital IX.

The owner of O. Mustad & Søn AS has sold its majority stake in the Norwegian hook making giant in a move designed to take the iconic brand’s international sales ‘to the next level’. Verdane Capital IX, a Norwegian investment company has bought a controlling interest in Mustad and Sunkost AS from the Ard Group.

For Mustad, a Scandinavian company with roots dating back to the 19th century, the investment marks the next phase of development. John Are Lindstad, who was appointed CEO in April said: “Mustad is a company with an inspiring history and a 140-year tradition. I am very enthusiastic about leading this great team and company to the next level, with expansion built around Mustad’s globally strong brand.”

As a global leader in fishing hooks, Mustad produces over 1.5 billion items per year for recreational and commercial use. The company has 460 employee, and revenues of Nkr 312m in 2016.

Read the rest of the story at Angling International here.

Source: www.thefishingwire.com.