Propago, a Norwegian-based investment group, has purchased a 67% share of Dale of Norway, a manufacturer of exclusive knitwear. While full financial terms were not disclosed, the new owners injected $5 million into product development.
“Dale of Norway is one of the few Scandinavian apparel brands that is recognized throughout Europe and North America,” says Ole-Bjørn Gjerde, who, along with Tor Andersen, co-manages Propago. “We believe there are excellent opportunities to grow the brand and will focus our efforts in maximizing future growth.”
Dale of Norways previous sole owner, the Winder group, retains a third of the company as part of the new deal. Dag Teiland, CEO of Winder says, “Were pleased to partner with Propago as owners of Dale of Norway; were confident they share our vision to grow the brand and provide strong leadership for the company to move forward.”
“Dale of Norway is synonymous with excellence in design and craftsmanship, and has seen increased demand in North America in recent years,” says Henrik Lumholdt, President of Dale of Norway North America. “Having these new owners closely involved with the company along with the addition of funds into growing our product portfolio will ensure the competitiveness of the brand and reinforce its value for the success of our retailers.”
