In a private conference call earlier today with Gary Plavin, projectiondesign’s U.S. president from his office in Teterboro, NJ, and Jørn Eriksen, president & CEO at projectiondesign from HQ in Fredrikstad, Norway, I was not overly surprised to hear the details behind today’s news of the “change in ownership” of pd to include Norwegian private equity firm Herkules Capital AS. (See today’s press release below.) As I told Jørn and Gary, the real surprise came a couple of years ago when I visited Fredrikstad, and marveled that a major player in an industry dominated by huge publicly owned manufacturers, could still be mostly owned by a guy as entrepreneurial as Bård Eker.
Until today, Bård Eker was the majority owner of projectiondesign, one of the most advanced DLP projection manufacturers in the world. But the surprising part is that he was/is also the industrial designer of the world's fastest production sports car (the Koenisgsegg), and also the industrial designer and pilot and owner of the fastest boat in Class One powerboat world championship (The Spirit of Norway)... not the typical kind of person behind the scenes at a projector company. Even more surprising, in the ensuing few years since I met with Bård and team in his wooded design lair about 15 kilometers outside of Fredrikstad, was that a company that dukes it out with larger, publicly held manufacturers, could hold onto to that kind of entrepreneurial spirit.
As explained in today’s press release, Bård Eker’s 54 percent share in projectiondesign has just been bought by Norwegian private equity firm Herkules Capital AS. But in a conversation with Jørn Eriksen today, it all fell into place.
“In a natural evolution, as projectiondesign has become more streamlined, and less entrepreneurial not in a product design but in a management sense, “ said Eriksen, “Bård has decided to sell his stake. Projectiondesign is established, and for an entrepreneurial player like he is, he saw the need to focus on his more start-up spirit, not the management side of an established company.”
But Eriksen explained that he personally made sure, before the deal was inked, that Bard’s projection design team could be brought into the company, lock stock and barrel. In other words, all the key design engineers, that literally resided in Eker’s wooded studio, are now on staff at projectiondesign.
“I went to the design team, out in those nice woods, and made sure they were on board with us in the new company structure,” said Eriksen. “In fact, we built a new building to house them on the main projectiondesign campus. So in terms of the kind of design that Bard brought to our product development, there is no change to our plan or to our method: continuing to bring cutting-edge design and northern European class manufacturing standards to all our projectors.”
According to both Gary Plavin and Eriksen, this news is really just about speeding up the process of moving pd along a path of creating multiple platforms for projectors. For example, their recently launched Avielo brand, for high end home theater. Projectiondesign also recently showed some impressive LED-based projectors.
So while this news today is important, we probably won’t see much change initially in what has always, the past decade or so, been a refreshing addition to a product landscape that often drifts toward commoditization. Not much danger of that from the guys in Norway.
Today’s official press release:
projectiondesign Announces Change in Ownership
Fredrikstad, Norway--Norwegian high performance projector manufacturer, projectiondesign is capitalizing on the growing global demand for high-quality products as well as partner support with the announcement of a change in ownership to include Norwegian private equity firm Herkules Capital AS.
The move follows the purchase of a 54 percent share in projectiondesign from previous main shareholder, Eker Group AS headed by top Norwegian Industrial Designer Bård Eker.projectiondesign has emerged as an industry leader in the creation, development, design and manufacture of high-quality projectors for specialist professional, industrial and private sector applications. The company currently has 135 employees, including in-house product testing, research & development in electronic, optical and mechanical system design, and has shown strong growth since being established in 2001.
"projectiondesign is an exciting growth company, and is an attractive opportunity for Herkules. We have been familiar with the company for some time now and believe that there are good opportunities for organic growth in all parts of the world." says partner of Herkules Capital, Tore Rynning-Nielsen. "projectiondesign’s technical expertise is world class, the goal now is to expand the application areas and products and really focus on supporting and expanding their customer base."
Jørn Eriksen, President & CEO at projectiondesign adds, “We are proud to announce this change in ownership, which will fuel the acceleration of our already enviable business performance. We intend on staying sharply focused on executing the release of some of the world’s most exciting market-specific display products that will continue to delight our current and new customers and partners internationally.”