Arendals Fossekompani
The ownership position in Arendals Fossekompani (AFK) gives Havfonn the opportunity to contribute with experience, knowledge, and long-term accumulation of values. Havfonn has been a direct owner in AFK since 2003. Ties with the company go back to the 1990s, when the shipping company Bergesen d.y. ASA was a large shareholder.
Relations with the to other main shareholders – Kjell Ulrichsen and Erik Must and their families – also date many decades back to the time before the Fonn companies were established. After Havfonn took up its ownership position, the investment strategy was revised and grounded on long-term, competent ownership in businesses where the company had controlling influence.
The strategy of AFK was fundamentally changed from managing profits from power production in the capital market to building an industrial investment company. This is directed towards internationally leading companies in selected niches. In particular, Havfonn has worked actively to create a strong management structure, a robust financial structure, and to attract relevant expertise both to the management and board of directors. Havfonn is a driving force through board participation, chairing the election committee, and chairing other sub-committees on behalf of the board.
Ownership share: 26,02%
First investment: 2003
“… AKF would probably not have achieved their good results if Havfonn’s representative hadn’t played his role so well.”
“Havfonn’s representative plays a fine role, balances different considerations, and is good at compromising. Works strategically, and manages to balance different interests in a good way.”
Based on local hydroelectric power production in the Arendal river system (established 1896), AFK is today an industrial driving force in electrification, digitalization, and materials science.
Read more about Arendals Fossekompani on arendalsfossekompani.no