Oslo, 19 May 2026 | Lumi Education Group AS ("Lumi") has today signed an
agreement to acquire the operating business of Bjørknes AS, comprising the
business and brand known as Bjørknes Privatskole, a provider of exam preparation
courses for private candidates.
Transaction highlights
Enterprise Value of NOK 37.0m, implying an EV/EBIT multiple of 4.6x on 2025
adjusted EBIT
Bjørknes generated adjusted EBIT of around NOK 8m in both 2024 and 2025, on a
stable revenue base, with continued stable profitability expected for 2026
Bjørknes has a strong profile in STEM-oriented courses, complementing Sonans'
offering
Operational synergies identified, with run-rate EBIT improvement expected in
the range of 75-100% of Bjørknes' current adjusted EBIT, substantially realised
from the start and during the 2027/28 academic year
Financed through existing facilities and available cash; target closing Q3
2026
Strategic rationale
Bjørknes was founded in 1950 and is a well-established high school private
candidate exam preparation provider in Greater Oslo. Bjørknes operates from a
campus in Nydalen, Oslo, and offers full-time, part-time and online instruction.
The combination of Bjørknes and Lumi's existing subsidiary Sonans creates a
complementary offering for private candidates, with Bjørknes adding strength in
STEM-oriented courses.
Management has identified operational synergies relating to shared
infrastructure, marketing and platform utilisation, with run-rate EBIT
improvement expected at 75-100% of Bjørknes' current adjusted EBIT.
Substantially all of this run-rate improvement is expected to be achieved from
the start and during the 2027/28 academic year. Realisation will involve one-off
integration costs which will be reported as non-recurring items as they are
incurred. A detailed integration plan will be communicated in due course.
Financial profile of Bjørknes
Bjørknes generated revenue of NOK 41m and NOK 37m in 2024 and 2025 respectively,
with adjusted EBIT of NOK 8.2m in 2024 and NOK 8.0m in 2025, after normalising
for pension-related costs retained by the seller and not assumed by Lumi. The
2026 budget projects revenue in line with 2025 and adjusted EBIT in line with
2024 and 2025. Since 2020, Bjørknes has had a similar market backdrop and
revenue profile as Sonans.
Transaction overview
The acquisition is structured as a pre-closing demerger of Bjørknes, by which
the operational business is carved out into a new entity. The defined benefit
pension liability is retained by the seller and is not assumed by Lumi. The
consideration is payable in cash at closing and will be financed through Lumi's
existing facilities and available cash. The indicative equity value is
approximately NOK 39.6 million. Closing is expected in Q3 2026, subject to
certain customary conditions.
Comment from CEO
"Bjørknes is an established brand and holds a strong reputation, particularly in
subjects that lead to highly selective higher education. Together with Sonans,
we can now offer students greater flexibility and more choices in their exam
preparation. We look forward to welcoming the Bjørknes team to Lumi," said Nina
Vesterby, CEO of Lumi.
Advisors
Pwc has performed financial and tax/VAT due diligence, and Bull&Co has acted as
legal advisor to Lumi in connection with the transaction.
For further information please contact:
Martin Prytz, CFO and Head of Investor Relations
E-mail: IR@lumigruppen.no
Mobile: +47 480 14 078
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 of the Norwegian Securities Trading
Act. This stock exchange announcement was published by Martin Prytz, CFO and
Head of Investor Relations at Lumi at the date and time set out above.
About Lumi Gruppen: Lumi Education Group ("Lumi") is a leading Norwegian
education provider founded in 1989. Today, Lumi consists of three main
operations: Sonans, Oslo Nye Høyskole and EnkelEksamen. Sonans is the market
leader in Norway within private candidate exam preparation courses, and Oslo Nye
Høyskole offers bachelor's degrees within health, social sciences, psychology
and business and administration, both on campus and online. EnkelEksamen is a
digital learning platform that helps students prepare more effectively for
exams, through online video courses and AI-enhanced learning tools.
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