Norvestor VIII has acquired the majority stake in CIC Hospitality AS, a provider of affordable accommodation in the Nordics, to accelerate its growth and expand operational capabilities.

Information on the Target

CIC Hospitality AS is a prominent provider of affordable, high-quality accommodation across the Nordic region. Established in 2018 by a team of four industry veterans, the company currently operates 15 hotels primarily situated in areas with limited accommodation options, where demand is driven not by tourism but by commercial activities such as healthcare, defense, and substantial construction projects. Employing around 94 staff members in Norway and Denmark, CIC Hospitality has positioned itself as a leader in cost management and innovative solutions, ensuring guests receive exceptional value for money.

Matthias Tanski, the CEO and co-founder of CIC Hospitality, remarked on the company's rapid growth, stating their readiness to enter a new phase of development. He expressed optimism about the feedback received from customers and the successful navigation through challenging conditions during the pandemic, highlighting the opportunity to expand their reach in collaboration with Norvestor.

Industry Overview in Norway

The hospitality industry in Norway has seen considerable evolution over recent years, driven by changes in consumer behavior and an increasing emphasis on experience-oriented travel. While the market is traditionally dominated by lar