Herkules buys the majority share package in Olivia, the Italian restaurant chain from Norway.

Herkules Capital, an Oslo, Norway-based private equity firm, announced that it has entered into an agreement with Drueklasen AS to acquire Olivia AS, Norway’s largest Italian restaurant chain.

The financial details remain undisclosed, while the transaction was made through Herkules Private Equity Fund IV. The founders Kristin Gjelseth, Anne Koppang and Gry Holm will retain a minority interest and contribute to further development of Olivia.

Olivia, led by CEO Tone Wicklund-Hansen, employs more than 200 people in 3 restaurants in Oslo. The company serves authentic Italian food focusing on high quality pasta and pizza dishes as well as various Italian food specialities. Estimated turnover in 2015 is approximately NOK 175 million with an EBITDA of close to NOK 30 million.