Making sense of the internet of things –
new investments in Elliptic Labs

Eltek Holding has recently invested in a company that have developed technology and solutions that tap into the vast opportunities created by the “internetification” of things.

Making sense of the internet of things – new investments in Elliptic Labs

Elliptic Labs

Elliptic Labs’s has developed ultrasonic sensing technology that provides 3D touchless gesturing for consumer devices, creating more intuitive ways for users to navigate content and access information, while making devices more beautiful.

The technology can be integrated in mobile devices and other ‘things’ connected to the Internet. Ultrasound offers the best combination of high resolution, 180-degreee interaction space and lower power consumption compared to camera and other sensing technologies. Elliptic Labs is a privately held company with offices in San Francisco, California; Shanghai, China; and Oslo, Norway. It was established in 2006 as a spinoff from the signal processing environment at the University of Oslo .

Contact person

Lars Jervan

lars.jervan@eltekholding.com

Lars’ experience spans R&D, product management, international sales, operations, management and M&As in an international business environment. He plays a key role in the assessment, execution and follow-up of investments. He sits on the board of all portfolio companies.

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About Eltek Holding

Acquire. Aim higher. Inspire.

Engaged ownership – every day.

About Eltek Holding

We are a private investment company, based in Oslo, Norway.

The power supply company Eltek was established in 1973 by Alain Angelil, and Eltek ASA was listed on the Oslo Stock Exchange in 1998. This is also when Eltek Holding was established, as the holding company for Eltek ASA, controlled by the Angelil family.

Starting in the early 1990’ies, Eltek Holding has acquired several businesses within telecom, surveillance, retail and property development in Norway and abroad. Myrens Verksted, a large property in Oslo was acquired in 2006 and developed from 40.000 sqm to 70.000 sqm of office space. In 2011, the assets were split among the family members and Morten Angelil became the sole owner and the Chairman of the Board of Eltek Holding.

Eltek ASA was sold to Delta Electronics in 2015.

Our profile

We focus on sustainable, sound investments and have a long term perspective.

We target mainly, but not exclusively, opportunities within technology and industry.

We are engaged and active owners. We base our ownership on extensive operational, financial and strategic experience and expertise, and are a driver for innovation and growth.

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Our financial statements

Creating value. Measuring results.

Our financial statements

2017 financial results

Eltek Holding financial results 2017

On a pro forma basis (including investments privately held by Morten F. Angelil), the 2017 consolidated revenue for the group was NOK 1.4 billion with a profit before tax of NOK 64 million.

Dynea continues to be the main contributor with a 24% growth in Profit before tax compared to 2016. CBK and Jensen Scandinavia also showed strong growth, while Ping Communication is still in an early phase.

The group had no long-term interest-bearing debt and a net cash position (including low-risk bond funds) of NOK 511 million by end of 2017.

For more information about our investment policy - click here

2016 financial results

On a pro forma basis (including investments privately held by Morten F. Angelil), the 2016 consolidated revenue for the group was NOK 1.2 billion with a profit before tax of NOK 73 million. It should be noted that 2015 was an extraordinary year (with gain of divestment of shares in Eltek ASA of NOK 475 million and a non-recurring income of NOK 47 million in Dynea), and owner and chairman of the Board, Morten F. Angelil, was reasonably pleased with the overall performance in 2016

The group had no long-term interest-bearing debt and a net cash position (including low-risk bond funds) of NOK 613 million by end of 2016

For more information about our investment policy - click here

2015 financial results

2015 financial results

On a pro forma basis (including investments privately held by Morten F. Angelil), the 2015 consolidated revenue for the group was NOK 1.3 billion with an EBIT of NOK 108 million. Profit before tax was NOK 624 million, including gain of divestment of shares in Eltek ASA of NOK 475 million.

The group has no long-term interest-bearing debt and a net cash position of NOK 706 million by end of 2015.

Owner and chairman of the Board, Morten F. Angelil, is pleased with the 2015 performance.

For more information about our investment policy - click here

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Who we are

Four experienced individuals.
One strong team.

We balance risk and opportunity
to optimize return.

Who we are

Morten F. Angelil

Morten F. Angelil Owner, Chairman of the Board

Morten started in Eltek Energy in 1991, and was CEO of Eltek ASA from 2000 – 2007. Morten played a key role in developing Eltek into a global leader in the international power supply market, expanding revenues from NOK 1 billion to 6 billion. He has extensive experience in management, change management, business development, operations and financial management, including M&As.

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Lars Jervan

Lars Jervan Chief Executive Officer

Lars’ experience spans R&D, product management, international sales, operations, management and M&As in an international business environment. He plays a key role in the assessment, execution and follow-up of investments. He sits on the board of all portfolio companies.

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Pål Skistad

Pål Skistad Chief Financial Officer

Pål has extensive experience within financial strategy, planning and reporting, investor relations and M&As, and works closely with CEO and partners on investments and change and improvement projects across the portfolio. Prior to joining Eltek Holding in 2014, he was CFO at Eltek ASA from 2007 – 2013.

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Birgitte Feginn Angelil

Birgitte Feginn Angelil Partner

Birgitte's expertise and experience lies within branding and digital business development. Prior to joining Eltek Holding in 2015, she was Director of Business Development at Creuna, a Nordic integrated communications and digital solutions agency, playing a key role in the company’ successful growth and development.

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Investment policy

If we can't make a difference, we'll do something different

We are looking for investment opportunities where our ownership increases value creation.

How we think and act

We focus on opportunities where the starting point is a running, sound and profitable business.

Value creation impact model

We are targeting investments where we can leverage our expertise and experience in a way that makes a difference – in terms of higher growth and a positive development for the company in question. Our outlook is long term, and our ambition is to contribute to increased and sustainable growth. We analyse candidates thoroughly, looking for well-defined and good operational systems and procedures in place.

In addition, we need to see an untapped potential – within the company itself and/or in the market.

The basics in place, we look more closely at the potential and how the company is equipped and ready to take the next step. We analyse the company’s knowledge base, and whether it is geared towards development and innovation. Next – we look at creativity. Are ideas generated, and is there flexibility and interest in bringing ideas from the drawing board and into life?

The latter has a lot to do with company culture. We are extremely preoccupied with culture. Does the company culture work for or against the objectives? Culture has a lot to do with management attitude and behavior, and we go to great lengths to establish personal relationships and get to know the management well.

We are active owners who work closely with management to foster a company culture that is ready for change. We use our personal operational experience to motivate people, release their creativity and be a source of inspiration.

Our role is to challenge, assist and support the management – not least when it comes to developing a good business strategy. This is where our contribution matters the most and has the greatest impact. The higher up in this hierarchy, the higher the value of our contribution towards greater value creation. We involve ourselves in the entire value chain, but we focus where we have the greatest impact; in the areas of culture and strategy.

While our outlook is long term, we are also very agile and flexible, and have the financial independence and strength to act on opportunities that fall outside our main investment philosophy.

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Where we invest

Guided by experience – Fueled by a passion to grow

We focus mainly on investments in the technology and industry sectors.

Current investments

Here you find a short description and link to the home pages of our main investments. We also have investments in property and financial papers.

Dynea

dynea.com

Dynea is a specialist manufacturer of wood adhesives, located in Lillestrøm. Dynea innovates, develops, manufactures and market wood adhesives solutions for customers in Europe. With in-depth chemical expertise and decades of experience, Dynea provides high-performance, complete chemical solutions that include adhesives, equipment, tools, software and consulting services.

In addition to speciality wood adhesives, Dynea also supply additives to the coating industry, foundry resins, insulation resins and other related products.

Majority ownership, held privately by Morten Angelil.
Acquired: 2013

CBK Distribusjon

cbk.no

CBK Distribusjon imports and distributes computer products, network equipment, cables, components and other related products for Norwegian resellers. The company is located in Oslo.

Ownership: Majority
Acquired: 2010

Jensen Scandinavia

jensenofscandinavia.com

Jensen Scandinavia is a Norwegian company that develops and produces networking and multimedia products. The company is a market leader in the Scandinavian market and since the Jensen concept was launched in 1999 it has been an unqualified success.

Ownership: Majority
Acquired: 1999

Eltek Technologies

eltek-technologies.com

Eltek Technologies is a manufacturer of home network products for Internet Service Providers, located in Zurich, Switzerland. The company is a global leader in design and manufacturing of Access Devices like xDSL, Fiber, Cable, Ethernet, 3G/CDMA Gateways and a broad variety of Home Networking Products.

Ownership: Majority
Acquired: 2012

The Future Group

futureuniverse.com

The Future Group develops social entertainment platforms for TV, mobile devices and desktop that lets you play in and actually enter a fully-rendered 3D environment where the real and imagined worlds become one. The Future Group introduces a combined TV, gaming and product experience within a social context.

Ownership: Minority
Acquired: 2015

Creuna

creuna.no

Creuna is a full-service, integrated communications agency, headquartered in Denmark, and with offices in Oslo, Stockholm, Copenhagen, Helsinki, Århus and Gothenburg.

Ownership: Minority
Acquired: 2015

Elliptic Labs

ellipsticlabs.com

Elliptic Labs’s has developed ultrasonic sensing technology that provides 3D touchless gesturing for consumer devices, creating more intuitive ways for users to navigate content and access information, while making devices more beautiful. Elliptic Labs is a privately held company with offices in San Francisco, California, Shanghai, China and Oslo, Norway. It was established in 2006 as a spinoff from the signal processing environment at the University of Oslo.

Ownership: Minority
Acquired: 2016

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Contact Information

Per Kroghs vei 4A
1065  Oslo

post@eltekholding.com

How to find us

Per Kroghs Vei 4 A 1065 Oslo Norway
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