Kistefos purchased SecuriNet AS from Telenor Venture III AS in July 2004 with a clear value creation plan lined-out: While sales grew by only 4% in 2004 to NOK116.4m in 2004, the profitability was increased substantially. Through improved operational efficiency and cost reductions EBIT was raised by 61% in 2004, from NOK14.0m in 2003 to NOK22.5m in 2004.

In September 2005 SecuriNet AS was sold to the British private equity fund GMT Communications Partners Ltd. The investment in SecuriNet AS yielded an internal rate of return (IRR) of approximately 170% for Kistefos in just over 13 months.

Key facts