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NoHo Partners expands to Norway
Finnish restaurant group NoHo Partners is founding a joint venture in Norway with local restaurant operator Crea Diem that will run 15 restaurants in the Nordic country.
NoHo Partners will have an 80 per cent stake in the joint venture, which will purchase the capital stock of certain Carpe Diem and Crea Diem subsidiaries and 70 per cent of the stock of Trobbelskyter.
With the acquisitions, NoHo Partners will become a significant restaurant operator in Norway, with a majority stake in eight and a large minority stake in seven restaurants.
Among the purchases are legendary Irish pub The Dubliner, cultural institution Kulturhuset, and restaurants Grisen and Colonel Mustard, as well as the entertainment restaurant concept found in four Norwegian cities, Camping.
“Internationalisation is an important part of our future profitable growth and the Nordic region is a key market area for fulfilling it,” said NoHo Partners CEO Aku Vikström. “The Norwegian restaurant market has a high purchasing power and is in terms of value almost twice as large as the Finnish market, and we see a lot of room for growth there.”
NoHo Partners, or Nordic Hospitality Partners, has a significant foothold in Finland’s restaurant industry and expanded to Denmark in 2018, where it will own more than 20 restaurants by the end of 2019.