Jetpak acquires Borg-Trans in Norway

The Nordic express door-to-door delivery company Jetpak has acquired 91% of Borg-Trans – a Norwegian supplier of ”in-night” transports. This will enhance Jetpak’s position further as a leading player within the Nordic express freight and logistics sector.

Borg-Trans’ revenues amount to NOK 110 million and the company will be part of Jetpak Norway. Jetpak’s Norwegian revenues will as a consequence increase by more than 50% to approximately NOK 310 million in 2006. Jetpak Group’s owners are private equity companies Polaris and Accent Equity. Jetpak was until December 2005 owned by the SAS Group.

Borg-Trans delivers, on a day-to-day basis, spare parts for the automotive industry from essentially central warehouses in Sweden through an in-night delivery network throughout the whole of Norway. Deliveries are maintained via truck and airfreight.

“This is the first execution of our Nordic growth strategy in partnership with our new owners Polaris and Accent Equity,” says Erik Lautmann, CEO of the Jetpak Group. ”Borg-Trans has an excellent strategic fit with our current operations and is a high-quality local player in the Norwegian community”.

Ragnar Utne started the Borg-Trans operations in 1963. The company has today reached significant presence in the highly populated Ostfold Area in southern Norway. The company is renowned for its delivery accuracy and high quality services. Ragnar Utne and his son Kjell will continue in leading positions within customer relations and day-to-day operations.

“There is a distinct need for fast-moving and flexible players in this highly competitive market characterized by an ongoing consolidation,” says Stein-Arve Sørensen, CEO of Jetpak Norway. “Our local presence and competence is undoubtedly well-founded. The acquisition of Borg-Trans will strengthen our offer further, not the least by their excellent industry network.”

“We have since several years established a unique system of in-night deliveries in Norway,” says Ragnar Utne, founder of Borg-Trans. “We will in partnership with Jetpak definitely become the fastest supplier both in Norway as well as the whole Nordic region. It is for me personally a great pleasure to see that Borg-Trans will be part of a large organization that will provide excellent opportunities to develop our business further”.

For further information please contact:

Stein-Arve Sørensen, CEO Jetpak Norway, +47 957 18 398

stein-arve.sorensen@jetpak.no

Erik Lautmann, CEO Jetpak Group, +46 8 555 85 300

erik.lautmann@jetpak.se