Exits

Cutters is a hair salon concept that offers haircuts done in 15 minutes, with no booking and a short wait, at a fixed price. The company was launched in 2016, and aimed to disrupt the stagnant hair salon market in Norway. Since then, Cutters has expanded to Sweden and Finland, and in August 2023 counts 130 salons. The key to Cutters success has been the ability to efficiently deliver a quality haircut, at a competitive price.

A 65% stake of the company was sold to the Swedish private equity firm, Procuritas, in 2019. The transaction valued the company at 400million NOK, just 3 years after its inception. Askeladden & Co sold shares worth 110 million NOK (100x), and retained a 5% stake. A&CO is still active on the board.

Dr.Dropin is a healthcare company that offers a wide range of medical services, primarily within five verticals: general practice, mental health, selected specialty services, occupational health and physical therapy. The company was founded in 2017 to address the long waitlists at the public doctors offices, that combined with high prices in the private sector make acute medical treatment out of reach for many. Dr.Dropin began with primary health care, and has since expanded into adjacent verticals. Since inception, Dr.Dropin has grown to more than 40 locations, is currently present in Norway, Sweden, the UK, and Switzerland.
‍
In 2021, Dr.Dropin recieved an investment of 185 million NOK lead by German venture capital firms Yabeo and SHS. This transaction valued the company at close to 850 million NOK post- money. In this transaction, Askeladden & Co’s ownership was reduced to 23%, through the equity issue of 185 million NOK (50x) combined with a secondary round of 45 million NOK. A&CO remains active in the development of Dr.Dropin, and still holds both the chair of the board and a board member.

Yellow is a fashion outlet that offers well known brands at amazing prices. Buying surplus goods from popular brands allows Yellow to offer clothes, shoes and accesories at a hefty discount. After opening the first store in June 2023, Yellow has quickly expanded, and as of July 2024 counts 7 stores across Norway.
‍
For Askeladden & Co, Yellow was a trial of a new model for launching companies. Collaborating with the co-founder of Normal Norge, Michael Eeg, Askeladden & Co had less hands-on involvement than normal. After a succesful launch and initial roll-out, we decided to sell our stake in the company for 17 MNOK (4x) in the spring of 2024, allowing the founders that worked closest with the company to increase their ownership and secure proper incentives

Crew is a fitness company that offers a wide variety of high-end group fitness classes. The company opened it’s doors in January 2022, and has since had a steady growth in visitors. Crew’s value proposition is to offer a unique training experience and community based on the international success of concepts like SoulCycle and F45.

Askeladden & Co sold the majority stake in the company after 1,5 years of operation. The reason was slower-than expected ramp-up, combined with a business model that created volatility in monthly revenue. A former instructor took over the company, bringing onboard new capital partners and tweaking the membership model. Crew still offers group training in the vicinity of Alexander Kiellands plass. Askeladden & Co retained a 20% stake.

Seniorsupport is a company that provides services and social visits to the elderly, started in 2022. The rationale behind the case was the ever increasing population aging, that combined with limited public resources result in an underserved customer group. The plan was to expand the offering to gradually offer a more complete suite of services needed by the elderly.

After approximately a year of operation, Askeladden & Co decided to exit the company. Even though initial customer feedback was fantastic, and retention was good, it was estimated that the time needed to reach sufficient size would be too long for A&CO to continue its involvement. The main reason being that the market has not yet fully adopted to paying for this kind of service. As a result, the company was sold in its entirety to its founder, who still continues to develop and build the company.

Billy is a wide product-selection retail concept, that offers great deals on food, snacks and beverages, with a large portion of products typically not found in traditional grocery stores. Billy targets the sweet spot between classical dollar stores and the grocery industry, and have established a “treasure hunt” concept in the store that makes customers want to come back to explore new products. The first store was opened in Bergen in September 2021.
‍
Askeladden & Co sold it’s stake in the company to a group of investors in the spring of 2024. Although there were several promising indicators, Billy required a larger store-footprint to achieve the necessary economies of scale to become profitable. Billy’s new owners had the will and ability to make the necessary investments, as well as relevant experience with rolling out a retail-chain.

Ally is a law firm that was established in February 2020. The goal was to create a modern and accessible legal service provider, and challenge the traditional law firm model by offering fixed fees, clear communication, and a client-first approach, aiming to democratize legal services for both individuals and businesses.

After nearly three years of operation, Askeladden & Co decided to exit the company in December 2022. The decision to withdraw was based on an anticipated regulatory change that would allow private ownership of law firms in Norway, which would allow Askeladden to own shares in Ally, and compete for the same customers as traditional law-firms. However, as the regulatory change did no occur within the expected timeframe, Askeladden chose to exit the venture.

Despite Askeladden & Co’s withdrawal, Ally remains committed to its mission of redefining legal services and continues to operate, building on the foundation laid during the partnership.