Aars

What Aars does

Aars AS is a Norwegian family-owned investment company and family office headquartered in Oslo, tracing its operating roots to 1936 when Harald Aars Møller founded Strømmen Auto. The current holding structure was established in 2014 when the Møller and Schage family branches consolidated their ownership. Aars operates 8 wholly- or majority-owned business units across 8 countries (Norway, Sweden, Denmark, Finland, Estonia, Latvia, Lithuania, Macedonia) with approximately 8,377 employees and consolidated operating revenue of 58.9 billion NOK in 2025 (up from 45.9 billion NOK in 2023).

The portfolio spans four pillars: (1) Mobility through Møller Mobility Group, one of Northern Europe's leading automotive groups importing, selling and servicing Volkswagen, Audi, Škoda, SEAT and CUPRA brands; (2) Real Estate through Møller Eiendom, which owns, manages and develops approximately 100 properties across Norway, Sweden and the Baltics; (3) Direct Investments including OneCo (electrical, telecom, automation and infrastructure), Onitio (IT services and lifecycle management, expanded via the 2022 Visma Cloud Infrastructure acquisition), Function (electrification, energy efficiency and KNX building control — consolidated under a single brand in 2025), Alfa Sko (traditional outdoor footwear with the ALFA For Life sustainability concept), Aarsverk (workforce inclusion), and Northcom (critical communications for emergency, defense and maritime clients — 70% acquired in April 2025); and (4) Capital Management managing approximately 6.4 billion NOK across liquidity, Nordic equity and risk portfolios. Underlying technologies include KNX-based building control integration, lifecycle IT services, mission-critical TETRA/public-safety communications infrastructure, and modular/repairable footwear design.

Aars makes money primarily through consolidated operating revenues from its portfolio companies (hardware sales via automotive, managed services via real estate and infrastructure, professional services via IT and electrical services) and through returns on capital management portfolios. Equity-adjusted equity stood at approximately 27.5 billion NOK at end-2025. Customers span B2B and B2C across automotive buyers, real estate tenants, government/public safety, defense, retail/pharmacy/transport/logistics IT clients, and outdoor consumers. Strategic posture is long-term value stewardship under family ownership with no external institutional shareholders, active ownership engagement, and selective platform acquisitions.

Name

Aars

Legal name

Aars AS

Website

https://aars.no

Company type

Private

Founded year

1936

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Aars AS is a Norwegian family-owned investment company (rooted 1936, consolidated 2014) operating 8 wholly- or majority-owned businesses across automotive (Møller Mobility Group), real estate (Møller Eiendom), IT services (Onitio), infrastructure (OneCo), building control (Function), footwear (Alfa Sko), work inclusion (Aarsverk), and critical communications (Northcom), serving B2B and B2C customers across 8 Nordic and European countries with ~8,377 employees.

Ownership category

akta.pro rank

Product category

Family Office and Investment Holding Services

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investors, Nec (6799)

akta.pro primary industry

Fleet Management Services (Lifecycle, Compliance, Safety, Driver Programs) (TLABAHAJ)

akta.pro secondary industry

Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)

Keywords

• Family office services
• Investment holding company
• Portfolio management
• Direct investments
• Capital management

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Automotive (Møller Mobility Group): Import, sale, service, financing and damage repair of vehicles (Volkswagen, VW commercial, Audi, Škoda, SEAT, CUPRA brands). Revenue from vehicle sales, financing services, and after-sales service and parts.
2. Real Estate (Møller Eiendom): Ownership, management and development of approximately 100 properties in Norway, Sweden and the Baltics. Revenue from property rentals, development projects and value appreciation.
3. Capital Management: Internal capital management team managing approximately 6 billion NOK across three portfolios: liquidity portfolio (bonds/money market instruments), Nordic equity portfolio, and risk portfolio (credit, interest instruments, equities, hedge instruments). Returns contribute to group results.
4. Direct Investments Portfolio: Revenue from portfolio companies including OneCo (electrical/telecom infrastructure), Onitio (IT services), Function (building automation), Alfa Sko (footwear), Northcom (critical communications). Revenue from services, project delivery, and product sales across these entities.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Aars AS is a family-owned investment company and family office that owns and actively manages a diversified portfolio of eight operating businesses: Møller Mobility Group (Volkswagen/Audi/Škoda automotive import and dealer services), Møller Eiendom (real estate ownership and development across the Nordics and Baltics), OneCo (electrical, telecom, automation and infrastructure services), Onitio (IT services and lifecycle management), Function (electrification, energy efficiency and KNX building control), Alfa Sko (outdoor footwear), Aarsverk (workforce inclusion) and Northcom (critical communications for emergency services and defense). The company also runs an internal capital management function investing approximately 6.4 billion NOK across liquidity, Nordic equity and risk portfolios.

Product overview

Aars is a family-owned investment company and family office established in 2014, managing a diversified portfolio of eight businesses with 8,377 employees. The company operates through four main segments: (1) Mobility through Møller Mobility Group (automotive import/sales/service), (2) Real Estate through Møller Eiendom, (3) Direct Investments in Nordic companies including OneCo (electrical/telecom/infrastructure), Onitio (IT services), Function (building technology/KNX), Alfa Sko (footwear), and Northcom (critical communications), and (4) Capital Management. The portfolio is valued at approximately 27.5 billion NOK as of 2025. Aars also manages Aarsverk (workforce inclusion initiatives) and Møllersamlingen (photography collection/Oslo Negativ festival) as part of its broader societal commitment.

Differentiator

Problem solved

Functional benefit

Brands

• Møller Mobility Group: One of Northern Europe's leading automotive groups, engaged in import, sales, service, financing and damage repair of Volkswagen, Audi, Škoda, SEAT, CUPRA vehicles
• Møller Eiendom
• OneCo
• Onitio
• Function
• Alfa Sko
• Aarsverk
• Northcom

Products and services

• Møller Mobility Group Among Northern Europe's leading automotive groups, engaged in import, sales, service, financing and damage repair of Volkswagen, Volkswagen Commercial Vehicles, Audi, Škoda, SEAT and CUPRA brands. The group is transitioning to become fully electric and serves both retail consumers and fleet customers.
• Møller Eiendom A dedicated real estate company owning, managing and developing property with focus on future-oriented buildings and urban spaces. Manages approximately 100 properties in Norway, Sweden and the Baltics, with revenue from property rentals, development projects and value appreciation.
• OneCo Industrial group with activities in electrical, telecommunications, automation, security and infrastructure. Operates as an integrated total supplier of secure and robust infrastructure solutions for telecom, security, power grids and other critical infrastructure in Norway and Sweden. Certified Miljøfyrtårn and member of RENAS and Grønt Punkt.
• Onitio Long-term IT partner for business customers under the vision 'We Make Technology Work'. The Nordic group offers IT products and services for retail, pharmacy, transport and logistics sectors, complete lifecycle services, and dedicated IT professionals for temporary staffing across Norway and Sweden.
• Function Offers innovative solutions for electrification, energy efficiency and control of buildings and infrastructure, including KNX systems, electrical installation, energy, switchboards, indoor climate and lighting. Also holds sales responsibility for lighting manufacturer Siteco in Norway. ISO certified and certified Miljøfyrtårn, member of RENAS and Grønt Punkt.
• Alfa Sko Traditional hiking boot manufacturer with roots dating to 1931, producing hiking, mountain and ski boots. Also supplies footwear to Police, Armed Forces and other professional users. Features sustainable initiatives including the ALFA For Life fully repairable concept (Impact A/P/S GTX is the world's first fully repairable GORE-TEX hiking boot) and the ReBoot repair/used-purchase program. Won contracts for Norwegian Armed Forces army boots and NATO polar ski boots.
• Aarsverk Aars' shared toolbox for labor inclusion and competence center supporting portfolio companies in inclusion work. Manages Aars' collaboration agreement with Nav (Norwegian Labour and Welfare Administration) offering methodology, courses and guidance for workforce integration. Formerly known as Medvind Utvikling.
• Northcom Leading Nordic supplier of critical communications products and infrastructure. Develops, delivers and maintains products and services ensuring reliable and secure communications for emergency services, defense, maritime and other critical societal actors across Norway, Sweden, Denmark and Finland.
• Capital Management (Kapitalforvaltning) Internal capital management function managing approximately 6.4 billion NOK across three portfolios: a liquidity portfolio (bonds and money market instruments), a Nordic equity portfolio, and a risk portfolio (credit, interest instruments, equities and hedge instruments). Returns contribute to group results.
• Møllersamlingen One of Scandinavia's largest private photography collections owned by Aars, consisting of approximately 1,200 black-and-white and color photographs from the mid-1800s to present. Includes works by both young and established Norwegian and international photographers, accessible via the digital platform. Curated by Nina Sørlie, who also leads the Oslo Negativ photography festival.

Quantifiable outcome

• Revenue growth from 45.9 billion NOK (2023) to 58.9 billion NOK (2025)
• +3 more outcomes

Named customers5 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• TRUST – The Norwegian Centre for Trustworthy AIminorStrategic or Co-development Partner · 1 January 2025Aars became a partner in TRUST, Norway's new research center for trustworthy AI led by University of Oslo, Norsk Regnesentral and SINTEF. Aars contributes 1 million NOK annually (5 million NOK total commitment) and gains insight into AI's impact on mobility, integrity and trust.
• Nav (Norwegian Labour and Welfare Administration)coreStrategic or Co-development Partner · 1 January 2025Aars signed a mutual obligation agreement with Nav Oslo for recruitment, qualification and inclusion to get more people into permanent jobs. The agreement is the first of its kind between Nav and a private sector company. The goal is to make the agreement national. Aarsverk manages the agreement on behalf of Aars.
• Northcom (Hagen Stomperud family)coreStrategic or Co-development Partner · 1 January 2025Aars acquired 70% of Northcom from the Hagen Stomperud family in Q2 2025. The remaining ~30% is retained by the family. Two families with long ownership traditions established a new long-term partnership.
• VandreminorStrategic or Co-development Partner · 1 January 2024Alfa Sko entered a partnership with Vandre, a repair portal, to simplify customers' access to shoe repair services. Vandre provides repair services for all ALFA models as part of the ALFA For Life sustainability initiative.
• Henie Onstad KunstsentercoreStrategic or Co-development Partner · 1 January 2023Aars financially supports Henie Onstad Kunstsenter's photography initiative. Møllersamlingen's exhibition 'Eksponert' (2021–2022) at Henie Onstad attracted nearly 30,000 visitors. Aars also supports the triennial 'New Visions' and 'The Aars Commission'.
• Tom Sandberg FoundationminorStrategic or Co-development Partner · 1 January 2023Møllersamlingen collaborates with the Tom Sandberg Foundation, supporting photographic arts and exhibitions.
• Deich (Fotografiska Oslo)coreStrategic or Co-development Partner · 1 January 2023Møller Eiendom is developing the old Deichmanske library building into 'Fotohuset Deich' (opening 2028), in partnership with Fotografiska Oslo. Møllersamlingen will have a central role in the new cultural center. The project aims to become one of Oslo's top 10 most visited places.
• Visma (Visma Exso, Visma EssCom, Value Retail Consulting)coreTechnology or Integration · 1 January 2022Aars acquired Visma's Cloud Infrastructure Services division (Visma Exso, Visma EssCom, and 50.1% of Value Retail Consulting) to strengthen its IT services platform. The acquisition brought ~420 employees and broadened geographic coverage with 27 offices and 23 partner offices in Norway and Sweden.
• Preus MuseumcoreStrategic or Co-development Partner · 1 January 2021Preus museum collaborates with Møllersamlingen and Oslo's photo community on the annual Oslo Negativ photography festival. Preus museum organizes international Open Call photography competitions as part of the festival and serves as co-organizer.
• Stiftelsen Oslo NegativcoreStrategic or Co-development Partner · 1 January 2021Oslo Negativ is a foundation established by Preus museum, Møllersamlingen, and Oslo's photography community to organize the annual photography festival. Nina Sørlie serves as festival director and board chair.

Scale indicators10 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Ferd AS: Norwegian family-owned investment company controlled by the Andresen family; runs a diversified portfolio of operating companies and financial investments, structurally very similar to Aars' family office + direct investments model.
• Investor AB: Swedish family-controlled holding company owned by the Wallenberg family; manages a mix of wholly-owned operating companies and listed equity stakes with a long-term ownership horizon analogous to Aars.
• Kinnevik AB: Swedish family-influenced investment company with a diversified portfolio across consumer, communications and financial services; comparable to Aars as a Nordic long-duration family-led investment vehicle.
• Lundbeck Foundation: Danish commercial foundation that owns and develops industrial companies (e.g., Lundbeck, ALK, Falck) while reinvesting returns; similar 'values-driven long-term owner of operating businesses' model as Aars.
• Stena AB: Swedish family-owned conglomerate with diversified operations across real estate, shipping, energy and finance; a structurally comparable Nordic family-controlled multi-business platform.
• Kistefos AS: Norwegian family investment company that combines a diversified operating business (Kistefos Museum, Kistefos Skog) with private equity investments; closely comparable to Aars' family-office-plus-direct-investment model.
• Wilh. Wilhelmsen Holding ASA: Norwegian family-controlled listed holding company combining shipping, offshore and real estate; comparable as a Norwegian family-led holding with operating businesses and an investment portfolio.

Broad incumbents

• A.P. Møller-Mærsk A/S: Danish family-founded conglomerate across logistics, energy and other holdings; comparable to Aars as a Nordic family-controlled diversified business platform, but at much larger scale and with a public listing.

Regional players

• Norvestor Equity AS: Norwegian private equity firm focused on mid-market Nordic buyouts; relevant as a regional capital allocator whose deal universe and exit horizons overlap with Aars' direct-investment team.
• Schibsted ASA: Norwegian family-influenced media and online classifieds group with significant investment portfolio activity (e.g., Adevinta); a comparable Norwegian long-term family-led holding, though tilted toward media/internet assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aars