Nørhaven

Bookprinter Per Nørhaven established his own large scale book printing business in Denmark and successfully led the Scandinavian consolidation the stagnating book printing market.

The share price was deep below book value because of being a very small share with low liquidity, with a controlling owner in an stagnating industry. At the same time it had positive results and positive cashflow and the owner had the energy and capability to consolidate the industry.

After having grown five fold and having realised a fair share price, Per Nørhaven demonstrated an inability to perform effective post merger integration across the acquired companies.

The shareholding was consequently sold in the market with a very solid result.

The company ultimately went bankrupt after many years of declining performance.