Jøtul is one of the world’s oldest producers of stoves, inserts, and fireplaces. Built on 165 years of proud Norwegian heritage, Jøtul produces cast iron and metal sheet stoves, inserts, and fireplaces fueled by wood, gas, and pellets. Jøtul products are distributed in 45 countries and 6 continents through exclusive and multi-brand specialty dealers, establishing the Company as a leading global brand in the market.


March 4, 2018

Acquired from

Ratos AB




Fredrikstad, Norway

Transaction type

Special Situation

Transaction Highlights

After sourcing the opportunity from a Nordic bank in late 2017, OpenGate saw Jøtul as a business that could benefit significantly from an ownership change and operational transformation. Over the last 20 years, the Company experienced three different private equity owners and frequent changes of management team.

By backing the current management team and working together to craft a plan to boost performance, OpenGate quickly became the preferred buyer in the process and completed the acquisition of Jøtul in early March of 2018.

Investment Merits

  • Leading global position in a unique and fragmented market, both from a scale and a market share standpoint
  • Differentiated strong brand image and portfolio of high-quality products designed to address varying needs in key regions
  • Opportunity to deleverage the business and optimize the capital structure
  • Strong value creation possible through operational improvement initiatives to be in line with best-in-class industry players
  • Numerous add-on acquisition opportunities in an industry ripe with for further consolidation

Value Creation

In less than 12 months since acquisition, OpenGate’s Business Development, M&A, and Operations teams have worked in conjunction to drive value in the investment with the following initiatives:

  • Rationalizing overly complex production processes and relocating plants and operations to lower-cost EU countries
  • Identifying potential add-on targets to diversify Jotul’s geographic presence, distribution network, and product offering, including AICO,a stove and fireplace manufacturer focused on energy efficient pellet burning technology predominantly in the French and Italian markets
  • Working through extensive diligence to confirm AICO as an ideal fit, and completing the acquisition in November 2018

With close to a full year of ownership of Jøtul, OpenGate Capital remains committed to delivering operational excellence to the Company and providing stability in the long-term.