Active ownership

Industrial investments

At Holta Invest, we believe that long-term, active ownership creates shareholder value. Thus, we take an active role in developing our portfolio companies and their strategies.

Our objective is to create additional value by contributing with experience, expertise, network and capital.

Our investment strategy is based on a few important criteria:

  • We look for companies where we can contribute with relevant and valuable expertise
  • We must understand the business, the market, the challenges and the opportunities
  • Our ownership must yield strategic control; alone or together with partners
  • Our equity investments will normally range from NOK 50 million to NOK 250 million
  • A competent and dedicated management team is the most important factor for creating shareholder value. Thus, a central part of our role as an investor is to compose the right team, and ensure that the team is motivated and aligned with our objectives
  • Our main focus is the Nordic region


Our industrial investments are concentrated in two areas:

  • Metals
  • Sports and leisure

Metals – Nizi International and Miller & Co

The Nizi Group is a global player in the metal industry, offering a wide range
of services to its business partners.

Nizi International has a commercial and industrial history dating back to 1898 and has been owned by Holta Invest since 2010. The group has 130 employees located at ten offices in Europe, North and South America and China. The group is headquartered in Luxembourg. Total operating revenues in 2013 were EUR 822 million, down 11 per cent from 2012. The main causes for the reduction are lower metal prices and the changing of main revenue stream from distributorship to agency agreement, and do not affect margins. Nizi International’s acquisition of the American distribution company Miller and Company (Miller) in February 2012 has strengthened the group’s market position in North America’s foundry market and provides a perfect platform for further growth. Miller enjoys a strong reputation in the North American market and will continue to operate under its current name.

The Nizi Group engages in sourcing, trading, marketing and distribution of raw materials to foundries, steel works and other metal industries. The company is positioned as a growing provider of ferroalloys, base metals and foundry products, offering commercial solutions to its business partners in the metal industry. The business model entails a producer-based sourcing philosophy with long-term sales and distribution agreements with selected producers, supplemented with shorter term sourcing of related products. Next to physical products, Nizi’s offering includes a wide range of services in logistics, supply chain optimization, risk management, compliance and financing. The keyword in Nizi International’s business is trust, and a strong emphasis is put on transparency and the execution of all undertaken obligations to perfection.


Nizi group – key figures 2016 2015 201420132012
Ownership 95.1% 95.0% 94.8% 94.8% 94.8%
Employees 197 213 123 130 135
Revenue NOK million 6 007 8 265 6 727 6 419 6 964
Profit before tax NOK million (22.1) (140.5) 9.6 18.5 (4.9)

Sports – Active Brands

Active Brands manages several attractive brands in the sporting goods industry. The products range from ski wear to outdoor winter clothing.

The company is organised in two business areas: The Nordic BA, operating the brands Bjørn Dæhlie, Åsnes and Rode – and the Skigutane BA operating the brands Kari Traa, Bula and Vossatassar. These operational units are focused on product development, sales and marketing, while functions like supply chain, operations, accounting and finance offer services across the divisions and brands.

Business areas and brands

Skigutane focuses on sports and leisure clothing and comprises three main brands:

  • Kari Traa is a full range female sportswear supplier, developed by former freestyle skier and Olympic gold champion Kari Traa and Skigutane
  • Bula is an international youth skiwear brand distributed in Norway and Denmark by Skigutane.
  • Vossatassar is children’s sports and leisure clothing developed by Skigutane.


The Nordic business area focuses on products made for activities within Nordic skiing and comprises three brands:

  • Bjørn Dæhlie has a wide range of sportswear supporting the cross country skier 12 months a year. The brand is developed by former Olympic gold winner Bjørn Dæhlie and has its main focus on Nordic skiing.
  • Rode is an Italian ski wax brand distributed in Norway by Bj Sport.
  • Åsnes is well known for its Nordic mountain ski equipment and is a market leader in this product segment.


Active Brands – key figures 2016 2015 201420132012
Ownership 68.9% 69.7% 71.8% 67.9% 67.9%
Employees 188 181 139 110 108
Revenue NOK million 878.2 653.2 502.7 336.2 327.7
EBITDA 118.5 33.9 33.0 7.5 11.2