Bonnier buys Petter Stordalen’s Norwegian publisher – E24

The purchase price is unknown, but based on VG’s experience, it will be a sale price of plus or minus NOK 250 million, based on the value of the company being between NOK 300 and 400 million.

Petter Stordalen and the other three founders Jonas Forsang, Magnus Rønningen and Jørn Lier Horst retain a 30 percent stake. The group will continue to operate under the name Strawberry Publishing.

Stordalen says they needed to strengthen the publisher financially and structurally.

– The book industry is in the midst of major upheavals, and if we want to remain fast and offensive while simultaneously equipping ourselves digitally, we must strengthen the publisher both financially and structurally, says Stordalen, who believes that Bonnier Books is an ideal partner for Strawberry.

“They have the weight, history and publishing strength we need to continue our growth and challenge competitors in the Norwegian book industry,” Petter Stordalen says in a Bonnier Books press release.

I’ve been talking since April

In VG’s experience, Storytel must also have been involved in the battle to buy Strawberry. Bonnier bought Stordalen’s Swedish and Danish publishers earlier this year, and Strawberry Publishing CEO Alexander Henriksen tells VG that they have had a good dialogue with Bonnier since April about an acquisition.

– The dialogue is active since April. We had a good relationship in relation to the sale of Strawberry in Sweden and Denmark, at the same time that we clearly see the value of being able to become an even stronger publisher with Bonnier on the team, says Henriksen, who believes that Bonnier is now stepping into Norway with big muscles.

– Bonnier arrives with an undeniable literary career and the largest publishing muscles in the Nordic region. For two hundred years they have been the hotbed of important writing, from August Strindberg and Selma Lagerlöf to Monika Fagerholm and the shooting star Lydia Sandgren. We are proud to be a part of this story, Henriksen tells VG.

With Bonnier behind him, he hopes to intensify the competition with the other Norwegian publishers on several levels:

– Competition and innovation are very much needed in the Norwegian book industry, says Henriksen.

Gets the same owner as Cappelen Damm

At the same time, it is a fact that Bonnier already owns 50 percent of Norway’s largest publisher, Cappelen Damm, so that the two publishers now have the same co-owner. Bonnier Books says in a press release that the Strawberry acquisition has been made entirely without the involvement of Cappelen Damm, and that this does not imply any organizational or editorial coordination between the two publishers.

Cappelen Damm’s other owner, Egmont, however, says this will be a new situation for Cappelen Damm.

– Egmont unconditionally supports Cappelen Damm. If the Norwegian Competition Authority approves the lever, we must relate to the new situation at Cappelen Damm, says CEO Steffen Kragh at Egmont in a press release sent by Cappelen Damm.

Strawberry Publishing has quickly established itself as Norway’s fourth-largest general publisher with several of the country’s top author names in the stable. The publishing group also includes Bastion Forlag. Total sales in 2019 amounted to more than NOK 100 million.

Håkan Rudels, CEO of Boonier Books, says in the press release that Strawberry’s entry into the Norwegian book world has impressed him.

– The Nordic region is our national market. Being able to strengthen our position in Norway is strategically important to us. That the authors, employees and owners of Strawberry have made such a huge mark on the Norwegian book market in such a short time is nothing short of impressive. I am looking forward to welcoming new colleagues and authors to Bonnier Books and continuing the growth in Norway, says Rudels.

Bonnier Books is responsible for Bonnier’s book-related activities, including publishers, chain bookstores, and digital subscription services for electronic and audio books. They have an annual turnover of approximately SEK 7 billion.

The acquisition includes authors such as Jørn Lier Horst, Anne B. Ragde, Unni Lindell, Camilla Läckberg, Sophie Elise, Sally Rooney and Jojo Moyes.

Author’s last transition to Strawberry: Anne B. Ragde left October after 20 years

CEO Alexander Henriksen tells VG that the acquisition will not mean Strawberry has to be traded.

– Bonnier has made it clear that they have no desire to change Strawberry Publishing. On the contrary, they want us to continue challenging the industry, only with greater strength and financial weight than we have had until now. Bonnier does not associate with Strawberry to be a mid-size publisher. This is a fusion of Bonnier’s weight, experience and muscles with the pace and innovation of Strawberry Publishing, says Henriksen.

Strawberry Publishing is not a member of the Norwegian Publishers Association, but Henriksen emphasizes that they will continue to support the Norwegian book deal, which includes a fixed price and a normal contract.

The partial acquisition of Strawberry Publishing will be subject to a standard review by the Norwegian Competition Authority.

New bones

Petter Stordalen’s empire is in crisis, as the core of his business, hospitality and tourism, are some of the hardest hit by the crown crisis.

On Thursday, it was announced, among other things, that they have to close 12 hotels in Oslo, because the city is closed and there are no people traveling or staying overnight.

At the Stordalen camp, his new initiatives are seen as an attempt to find new areas, so he can have a little more legs to stand on in the future. This applies to Strawberry Publishing, of which it will continue to own 13 percent.

And Strawberry Stories, where it is the majority owner, owns 46 percent of Karnov Group Norway, as well as its investment in Tibber.