Beckmann AS sells the majority ownership package to Herkules private Equity.

Beckmann, a Kristiansand, Norway-based school backpacks seller and manufacturer, announced getting into an agreeemnt to sell the company to the Norwegian private quity firm Herkules Private Equity.

The deal has the financial details undisclosed and was made through Herkules Fund IV for a majority of the shares of Beckmann AS. The Beckmann family will together with the management re-invest and receive a minority stake in the company.

Beckmann, founded in 1947 and led by Jan Olav Beckmann, is a leading provider of school backpacks with products sold in Scandinavia, Europe and Asia. Beckmann has an 80% market share in the primary school backpack market in Norway, and has been growing internationally in recent years.

The company had net sales of NOK 81.2M ($10.5M) and an EBITDA of NOK 15.5 million in 2016.