What Lovenskiold does

Løvenskiold-Vækerø AS is a privately-held Norwegian family conglomerate founded in 1649 and now in its 13th generation of ownership under Carl Otto Løvenskiold (owner-CEO since 1994, Board Chairman since 2024). The group operates across four principal divisions: Handel (commerce, anchored by the Maxbo building materials chain of 63 stores and Maxbo Stormarkeder big-box outlets in Southern Norway, including Maxbo Proff for professional contractors and Maxbo Teknikk for formwork and concrete solutions); Eiendom (real estate management of 125,000 sqm of commercial property and co-development of residential projects with OBOS, Backe Prosjekt, Trysilhus and others); Skog (forestry management over approximately 432,000 dekar in Nordmarka, agricultural operations across 4,500 dekar, plus hunting, fishing, and cabin rentals serving over 1 million recreational visitors annually); and a high-technology segment centred on Argos Solutions, which develops automated visual inspection and robotic repair systems for global wood panel manufacturers.

The business generates revenue through diversified streams: retail sales of building materials to consumers and professionals (the largest division by revenue, ~5,900 MNOK total group revenue in 2022); recurring rental income and property development fees from Løvenskiold Eiendom; timber (~63,000 m³ annually), firewood, Christmas trees, and agricultural products; transaction-based hunting and fishing permits (NOK 5,250–6,450 per season); and international hardware sales of Argos Solutions inspection systems. Distribution relies on physical retail dominance, the 21,000 sqm Fossum logistics hub serving 400+ external customers, the maxbo.no e-commerce platform, and direct enterprise sales for technology and real estate development. The group holds a 46% stake in Norway's Bergene Holm AS (timber industry) and operates ancillary retail/lifestyle subsidiaries at the historic Bærums Verk destination (Verket Interiør, Miin, Smelters Mathus, Pannekakehuset, Skulpturparken). Certifications include FSC, PEFC, and ISO 14001 across forestry operations.

Group revenue grew from NOK 4,783 million in 2018 to NOK 5,905 million in 2022 (~5.4% CAGR), while EBITDA trended from NOK 235 million to NOK 207 million, indicating margin pressure despite top-line expansion. Capital allocation has remained internal — no external funding rounds, no PE/VC involvement, and the 13th-generation family ownership structure is committed to long-term stewardship over short-term exits.

Name

Lovenskiold

Legal name

Løvenskiold-Vækerø AS

Website

https://lovenskiold.no

Company type

Private

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Løvenskiold-Vækerø is a 375-year-old Norwegian family-owned conglomerate operating four divisions: the Maxbo building materials retail chain (63 stores), Løvenskiold Eiendom real estate development, forestry and agriculture on 432,000 dekar, and Argos Solutions industrial computer vision technology.

Ownership category

akta.pro rank

Product category

Diversified Conglomerate (Building Materials Retail, Real Estate, Forestry, Agriculture)

NAICS

Timber Tract Operations (11311), Building Material and Garden Equipment and Supplies Dealers (444), Real Estate Property Managers (53131), Residential Property Managers (531311), Home Furnishing Merchant Wholesalers (423220)

SIC

Operators Of Nonresidential Buildings (6512), Real Estate Agents & Managers (For Others) (6531), Wholesale-Lumber & Other Construction Materials (5030), Wholesale-Lumber, Plywood, Millwork & Wood Panels (5031), Wholesale-Furniture & Home Furnishings (5020)

akta.pro primary industry

Timber Tract Operations & Forest Ownership (Timberland) (IMAMAAAA)

akta.pro secondary industries

Vacation Rental Maintenance & Vendor Management (BPAJAIAM), Full-Service Vacation Rental Property Management (BPAJAIAA), Timber Procurement & Wood Dealer/Timber Buying Services (IMAMAAAF), Veneer & Specialty Wood Products Trading (IMAMAIAL), Home Décor, Housewares & Gifts Distribution (CRAOAFAB)

Keywords

• Building materials retail
• Real estate development
• Forestry management
• Agricultural operations
• Construction supply

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Retail Sales - Maxbo Building Materials: Maxbo generates revenue through retail sales of building materials, hardware, and interior products across its chain of over 60 stores in Southern Norway. Revenue comes from both consumer (DIY) and professional (contractor, builder) customers.
2. Real Estate Development and Management: Løvenskiold Eiendom generates revenue through property management (125,000 sqm of commercial, warehouse, and industrial buildings) and residential development projects. Revenue comes from property sales, rental income, and development fees.
3. Forestry Products and Timber: Løvenskiold Skog sells timber (approximately 63,000 m3 annually), firewood (round timber, minimum 20 m3), Christmas trees (4-8 meters, delivered in Oslo area), and agricultural products including Simmental cattle and grain.
4. Outdoor Recreation Permits and Rentals: Revenue from hunting permits (small game, moose, roe deer), fishing permits (administered via Oslomarkas Fiskeadministrasjon), crayfish permits, and rental of approximately 200 cabins/huts and 100 houses/apartments.
5. Technology Sales - Argos Solutions: Argos Solutions (100% owned subsidiary) generates revenue from selling automated visual inspection systems and high-capacity repair systems for wood panels to leading wood panel producers worldwide.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels6 records

Core offering

Løvenskiold-Vækerø is a diversified family-owned conglomerate that primarily sells building materials and home improvement products through its Maxbo retail chain (over 60 stores in Southern Norway). Beyond commerce, the company manages and develops real estate (Løvenskiold Eiendom manages 125,000 sqm of commercial property and develops residential projects) and operates forestry and agriculture operations (Løvenskiold Skog manages 432,000 decares of forest and 4,500 decares of cultivated land, producing timber and offering hunting, fishing, and cabin rentals). It also owns Argos Solutions, which manufactures automated visual inspection systems for global wood panel producers, and operates the Bærums Verk historic destination with shops, galleries, and restaurants.

Product overview

Løvenskiold-Vækerø is a diversified Norwegian family-owned conglomerate established in 1649, operating across four main business areas: Commerce, Real Estate, Forestry, and Agriculture. The Commerce division is anchored by the Maxbo brand—a nationwide building materials retail chain comprising Maxbo Varehus, Maxbo Stormarked, Maxbo Proff (professional customers), Maxbo Teknikk (formwork and concrete solutions), and Maxbo Logistikk (logistics). The Real Estate division (Løvenskiold Eiendom) manages and develops commercial properties (125,000 sqm) and residential projects including Saga Ås, Glimt Hage, Fossum Bruk, Brekketunet, Jessheim Park, and others. The Forestry and Agriculture division manages 432,000 decares of forest and 4,500 decares of cultivated land, offering recreational activities including hunting, fishing, and cabin rentals. Additionally, the company operates several subsidiaries including Argos Solutions (high-tech visual inspection systems for wood panel manufacturing), Bærums Verk (historic shopping destination), Verket Interiør and Et Hjem (furniture stores), Smelters Mathus (specialty food), Miin (fashion boutique), Pannekakehuset (restaurant), and Skulpturparken (sculpture park).

Differentiator

Problem solved

Functional benefit

Brands

• Maxbo: Full-range building materials retail chain with over 60 stores serving both consumer and professional markets in Southern Norway. Slogan: 'Klart du kan!' (Of course you can!)
• Maxbo Proff
• Løvenskiold Eiendom
• Argos Solutions
• Maxbo-skolen

Products and services

• Maxbo Building Materials Retail Chain The group's largest business area and core trading strategy. Over 60 Maxbo, Maxbo Stormarked, and Maxbo Proff building materials warehouses in Southern Norway, serving consumer and professional markets with a complete assortment.
• Maxbo Proff (Professional Customer Segment) Professional customer segment of Maxbo serving contractors, builders, and tradespeople with dedicated product ranges, dedicated sales staff, and logistics solutions through 'Min Bedrift' e-commerce.
• Maxbo Teknikk (Formwork and Concrete Solutions) Complete formwork solutions and concrete building materials supplier for construction and infrastructure projects, from mapping and planning through assembly to project completion. Offices in Bærum, Bergen, and Trondheim.
• Maxbo Logistikk (Distribution Services) Modern 21,000 sqm logistics center at Fossum in Bærum with advanced warehouse management and IT systems. Handles approximately 11,000 articles from about 200 suppliers, serving more than 400 customers across Norway.
• Løvenskiold Eiendom (Real Estate) Real estate management and development company managing 125,000 sqm of commercial, warehouse, and industrial buildings, and developing residential projects independently and with partner developers.
• Løvenskiold Skog (Forestry and Agriculture) Forestry and agriculture division managing 432,000 decares of forest and 4,500 decares of cultivated land. Produces approximately 63,000 m3 of timber annually, manages recreational areas for over one million people in Nordmarka, and leases approximately 200 cabins and 100 houses/apartments.
• Argos Solutions (Automated Visual Inspection Systems) High-technology company developing and producing advanced systems for automatic visual inspection of wood panel products, plus high-capacity robotic repair systems for veneer panels and parquet using intelligent camera systems.
• Skogbruk (Sustainable Forestry) Sustainable forestry management with PEFC and FSC certification, producing approximately 63,000 m3 of timber annually while maintaining recreational areas and 1,200 km of marked trails for outdoor activities.
• Jordbruk (Agriculture Operations) Agricultural operations across 4,500 decares in Lommedalen, Bærums Verk, Sørkedalen, Fossum, and Hakadal, cultivating wheat, barley, oats, rye, oilseeds, and grass; maintaining a purebred Simmental cattle herd.
• Jakt og Fiske (Hunting and Fishing Permits) Hunting permits for small game, elk, and roe deer, and fishing permits for trout, char, perch, pike, and whitefish in Nordmarka's lakes and ponds. Prices range from NOK 5,250 to NOK 6,450 per season depending on terrain.
• Juletresalg (Christmas Tree Sales) Sale of large Christmas trees sized 4-8 meters for shopping centers, housing cooperatives, and businesses in the Oslo area.
• Vedsalg (Firewood Sales) Sale of firewood as round timber with minimum quantity of 20 m3 delivered by timber truck.
• Cabin and Housing Rentals Rental of approximately 200 cabins/huts for leisure use and approximately 100 houses/apartments for permanent residents, listed through finn.no and the company website.
• Fossum Bruk (Residential Development Project) Large-scale residential development project transforming the historic Fossum industrial area in Bærum, with up to 1,800 residential units on the former industrial site.
• Maxbo E-Handel (Online Building Materials Shopping) Online shopping capability on maxbo.no enabling consumer and professional customers to purchase building materials and home improvement products online, including 'Min Bedrift' e-commerce solution for B2B customers.
• Bærums Verk (Historic Shopping and Cultural Destination) Historic industrial site transformed into a modern trading place with restored 350-year-old buildings featuring craftsmen, artists, galleries, restaurants, museum, and shops. Includes a modern shopping center with over 45 shops and eateries.

Quantifiable outcome

• Timber harvested: approximately 63,000 m3 per year from 432,000 dekar of forest
• +4 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

16 partnerships are on record, tiered core and minor.

• VeidekkecoreStrategic or Co-development Partner · 1 January 2023Løvenskiold supplies 150-year-old timber from Nordmarka forest to Veidekke for use as facade cladding on Veidekke's new headquarters at Ulven, Oslo. The project has high sustainability ambitions (BREEAM-NOR Excellent, 50%+ GHG reduction) with a total contract value of NOK 403 million.
• OBOS Nye HjemcoreStrategic or Co-development Partner · 1 January 2022Løvenskiold Eiendom and OBOS Nye Hjem co-develop multiple residential projects including Jessheim Park (400 apartments on Jessheim), Brekketunet (146 apartments in Ås, completed), and Glimt Hage (200 apartments in Ås, pre-sale). Each partner owns 50% of the projects.
• Bergene Holm ASminorStrategic or Co-development Partner · 1 January 2004Løvenskiold-Vækerø holds a 46% stake in Bergene Holm AS, a timber industry company. In June 2004, Løvenskiold-Vækerø continued its engagement in the timber industry by merging with Bergene Holm AS, creating one of Norway's largest timber companies.
• Backe ProsjektcoreStrategic or Co-development PartnerBacke Prosjekt is co-developer on multiple Løvenskiold Eiendom residential projects including Jessheim Park (with Mallin), Risørholmen (with Olav Lindstøl Entreprenør), and Elnes in Asker (with ABBL).
• MallinminorStrategic or Co-development PartnerMallin is co-developer with Backe Prosjekt on the Jessheim Park project (400 apartments) together with Løvenskiold Eiendom.
• Olav Lindstøl EntreprenørminorImplementation/ SI/ Consulting PartnerOlav Lindstøl Entreprenør is co-developer on the Risørholmen project in Risør together with Backe Prosjekt and Løvenskiold Eiendom.
• ABBLminorStrategic or Co-development PartnerABBL (Backe Labs) is co-developer on the Elnes residential project in Asker (approximately 200 apartments) together with Backe Prosjekt and Løvenskiold Eiendom.
• TrysilhusminorStrategic or Co-development PartnerTrysilhus is co-developer on the Hellerudhaugen project in Nittedal (140 total units: detached houses, duplexes, terraced houses, and apartments) together with Løvenskiold Eiendom. Last phase of 8 terraced houses is for sale.
• Saga Ås Utvikling ASminorStrategic or Co-development PartnerSaga Ås Utvikling AS is a project company involved in the Saga Ås residential development in Ås municipality. The project targets families with children with approximately 200 housing units planned.
• Ulven B1 Næringstomt AScoreStrategic or Co-development PartnerUlven B1 Næringstomt AS (50/50 owned by OBOS and Veidekke ASA) commissioned Veidekke to build a new headquarters at Ulven in Oslo. Løvenskiold supplies timber from Nordmarka for this project.
• Oslomarkas Fiskeadministrasjon (OFA)minorStrategic or Co-development PartnerOFA has administered fishing in Nordmarka since 1943 under agreement with Løvenskiold-Vækerø and Oslo Municipality. OFA sells fishing permits and manages cultivation of approximately 500 lakes and ponds.
• Asker Jeger og FiskerforeningminorStrategic or Co-development PartnerAsker Jeger- og Fiskerforening administers crayfish fishing in Store Sandungen in Rustan Skog (Asker municipality) on Løvenskiold Skog's land.
• Fair Play ByggminorStrategic or Co-development PartnerLøvenskiold Eiendom cooperates with Fair Play Bygg, an organization working to uncover labor market crime in the construction industry by delivering reports to public authorities.
• Fredensborg BoligminorImplementation/ SI/ Consulting PartnerFredensborg Bolig engages specialized building owner advisors who follow up contractors and subcontractors regarding health, safety, and environment (HSE) on construction sites. Fredensborg Bolig also operates whistle-blowing channels for reporting questionable conditions.
• Norsk Skogsertifisering / Nortømmers (FSC)minorOthersLøvenskiold Skog participates in group certification through Norsk Skogsertifisering, certified to ISO 14001, PEFC, and FSC (through Nortømmers group certification).
• Deloitte Norway (Technology Fast 50)minorOthersArgos Solutions was nominated to Deloitte Norway Technology Fast 50 in 2019, a ranking of Norway's 50 fastest-growing technology companies based on revenue growth over four years.

Scale indicators14 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Stora Enso: Major Nordic forest products company with significant timber, pulp, paper, and packaging operations. Comparable to Løvenskiold Skog's forestry segment at scale, though with a much broader downstream portfolio.
• Veidekke: One of Scandinavia's largest construction and property development companies. Comparable to Løvenskiold Eiendom's property development activities and a current key customer/partner (Ulven HQ timber supply).

Direct peers

• Mestergruppen: Norwegian building materials cooperative serving both DIY and professional contractor segments through affiliated chains. Direct competitor to Maxbo Varehus and Maxbo Proff in the Norwegian market, with similar multi-format retail strategy.
• OBOS: Norway's largest housing cooperative and residential developer. Directly comparable to Løvenskiold Eiendom's residential development activities and a current co-development partner (Brekketunet, Glimt Hage).
• XL-BYGG: Nordic building materials retail chain with strong professional contractor focus. Comparable to Maxbo Proff's professional segment, with overlapping customer base of Norwegian builders and tradespeople.
• Byggmax: Nordic building materials retail chain focused on DIY consumers with competitive pricing. Directly comparable to Maxbo's consumer-facing retail format, though Byggmax has a broader Nordic footprint while Maxbo is concentrated in Southern Norway.
• Optimera: Norwegian building materials wholesaler and retailer serving both consumers and professional contractors. Directly comparable to Maxbo's combined retail/wholesale strategy, owned by the French Saint-Gobain group.
• Selvaag Bolig: Norwegian residential property developer focused on Greater Oslo. Directly comparable to Løvenskiold Eiendom's residential development pipeline in similar geographies and customer segments.
• Bergene Holm AS: One of Norway's largest timber companies; Løvenskiold owns 46% of Bergene Holm following the 2004 merger. Directly comparable for the timber/forestry business segment and a partial subsidiary of the parent group.
• Microtec: European supplier of wood-scanning and optimization technology for sawmills and panel producers. Direct competitor and peer to Løvenskiold's Argos Solutions subsidiary in industrial image processing for wood products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lovenskiold-handel-as

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Lovenskiold