Mestergruppen AS acquired XL-BYGG AB from Sweden.

Mestergruppen AS, an Oslo, Norway-based holding company providing house construction and building materials trading, announced that it acquired the majority of the shares in XL-BYGG AB.

The deal, which has the financial specifics undisclosed, will add significant capital to the chain's future development.

Mestergruppen AS, led by CEO Mikkel Sandvik, is Norway's leading player in house construction and building materials trading with well-known chains such as Blinkhus, Systemhus, Mesterhus and the Building Market.

Mestergruppen has a turnover of approximately NOK 9.2 billion and the Group employs approximately 1,400 employees.

XL-BYGG, led by CEO Karin Eriksson, is a chain of about 60 independent builders with about 100 stores across Sweden. Together with the similar operations from Norway and Denmark, the company forms Scandinavia's largest profiled construction retailer chain. Mestergruppen AS has also been an owner in XL-BYGG in Norway since 2016.

XL-BYGG Sweden has a turnover of approximately SEK 8 billion (including retail sales) and employs approximately 2,500 employees.