Cappelen Holding

What Cappelen Holding does

Cappelen Holding AS (trading as Cappelen Gruppen) is a privately held, family-owned Norwegian diversified holding company headquartered at Jernværksvn 12 in Ulefoss, Telemark, with continuous family ownership dating to 1729. The group operates through wholly-owned subsidiaries and one jointly controlled facility across four core business areas: forestry (S.D. Cappelen Skoger and Silvi Montana manage ~190,000 daa of forestland, of which ~130,000 daa is productive, with ~25,000 m³ of annual timber harvest); hydroelectric power (Ulefoss Kraftverk DA, a jointly controlled 40 GWh-per-year Kaplan-turbine hydropower plant on the Eidselven, operated by Statkraft Energi AS under a long-standing arrangement); real estate (Brennebu AS manages ~40 residential and vacation rental units at Ulefoss); and agriculture (Holla Gård ANS, Telemark's largest farm at ~1,100 daa, leased to tenant operators since 2016). The current owners are Carl Diderik Cappelen (b. 1955) and Johan Diderik Cappelen (b. 1988), representing the 9th and 10th generations of family ownership.

The underlying technology stack is mature and asset-heavy: hydroelectric generation uses a single Kaplan turbine with 80 m³/s capacity and 11 meters of head, producing ~40 GWh/year on average; forestry operations are mechanized across multi-municipality holdings in Nome, Skien, Drangedal, Kviteseid, and Tokke. There is no software platform or digital product layer disclosed. Capital intensity is high across all business lines, and the group owns a small industrial-heritage subsidiary (Ulefos AS / Ulefoss Gruppen) that preserves the historical ironworks legacy.

Cappelen Holding generates revenue from four streams: recurring hydropower-related payments through its Statkraft-operated facility; transactional timber sales (~25,000 m³/year); recurring rental income from ~40 residential and vacation properties; and lease income from Holla Gård following the 2016 transition to a tenant-operator model. Go-to-market is direct and local: power is sold under a long-term arrangement with Statkraft; timber is sold into Norwegian commodity markets; real estate is rented directly through Brennebu AS. The group discloses no public pricing, no external investors, and no public financial statements, consistent with its profile as a closely held, multi-generational family enterprise.

Name

Cappelen Holding

Legal name

Cappelen Holding AS

Website

https://cho.no

Company type

Private

Founded year

1729

Operating status

Operating

Headcount range

11–50 employees

Short description

Cappelen Holding AS is a privately held Norwegian family-owned holding company (since 1729) managing ~190,000 daa of forest, a 40 GWh hydropower plant, ~40 rental properties, and Telemark's largest farm (leased out since 2016) through subsidiaries in Ulefoss, Telemark.

Ownership category

akta.pro rank

Product category

Diversified Natural Resources Holding

NAICS

Timber Tract Operations (11311), Support Activities for Forestry (1153), Real Estate Property Managers (53131)

SIC

Forestry (800)

akta.pro primary industry

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

akta.pro secondary industries

Silviculture & Reforestation Services (Nurseries, Planting, Tending) (IMAMAJAC), Timberland Asset Management (Institutional/Private) (AFAMAKAA), Timberland Leasing & Contract Administration (Hunting, Grazing, Recreation) (AFAMAKAD), Forest Management & Silviculture Services (Cruising, Planning, Compliance) (IMAMAAAD)

Keywords

• Forestry management
• Hydropower generation
• Timber harvesting
• Agricultural operations
• Real estate management

Headquarters

HQ city

Ulefoss

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain

Revenue model

1. Real Estate Rental: Rental of approximately 40 residential and vacation properties managed across the Ulefoss area through S.D. Cappelen Skoger and Brennebu AS
2. Forestry Operations: Timber harvesting and logging operations across approximately 190,000 daa of forest land, with annual harvest of approximately 25,000 m3. Includes hunting and wildlife management rights
3. Hydropower Production: Hydroelectric power generation through Ulefoss Kraftverk DA with average annual production of approximately 40 GWh, currently operated by Statkraft Energi AS
4. Agricultural Production: Grain, grass and oilseed crop production on approximately 1,100 daa of agricultural land at Holla Gård (Telemark's largest farm), now leased to tenant farmers since 2016

Distribution channels1 record

Marketing channels1 record

Core offering

Cappelen Holding AS is a privately held Norwegian family-owned holding company that manages a diversified portfolio of natural resource and real estate businesses centered in the Ulefoss/Telemark region. Through its subsidiaries, the company conducts forestry operations on approximately 190,000 daa of forestland (S.D. Cappelen Skoger and Silvi Montana), produces approximately 40 GWh of hydroelectric power annually (Ulefoss Kraftverk DA), operates Telemark's largest agricultural farm of approximately 1,100 daa (Holla Gård ANS), and manages approximately 40 residential and vacation rental properties (Brennebu AS). Revenue is generated from timber harvesting, hydropower generation, agricultural leasing, and property rentals.

Product overview

Cappelen Holding operates as a diversified family-owned holding company with two main business divisions: the Ulefoss Group (containing Ulefos AS) and a portfolio of managed businesses spanning real estate development and management, hydroelectric power production and sales, forestry operations, and agricultural operations. The core subsidiaries include S.D. Cappelen Skoger managing approximately 190,000 daa of forestland, Ulefoss Kraftwerk DA producing ~40 GWh annually via hydropower, Brennebu AS handling real estate property management, Holla Gård ANS as Telemark's largest agricultural operation, and Silvi Montana covering forestry in Tokke and Kviteseid.

Differentiator

Problem solved

Functional benefit

Products and services

• Holla Gård ANS Telemark's largest agricultural operation with approximately 1,100 daa of cultivated land, producing grain, grass, and oilseeds. The farm has belonged to the Cappelen family since 1835 and has been leased to tenant operators since 2016.
• Brennebu AS Real estate management entity that owns Cappelen Gruppens properties on Ulefoss. Since 2001, focused on real estate management and rental operations, including the management of residential and vacation rental properties.
• S.D. Cappelen Skoger Forestry management operations covering approximately 190,000 daa of forestland (of which approximately 130,000 daa is productive forest area) across Nome, Skien, and Drangedal municipalities. Activities include logging, silviculture, wildlife management, hunting rights, and rental of approximately 40 residential and holiday properties. Annual timber harvest of approximately 25,000 m3.
• Silvi Montana Forestry operations covering Cappelen family forest properties in Tokke and Kviteseid municipalities, associated with S.D. Cappelen Skoger division.
• Ulefoss Kraftverk DA

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Statkraft Energi AScoreImplementation/ SI/ Consulting Partner · 1 January 1960Statkraft Energi AS operates the Ulefoss Kraftverk DA hydroelectric power station on behalf of Cappelen Holding AS. Cappelen Holding remains responsible for development and business management of the facility.
• Ringeriks Kraft Aall-Ulefos AScoreStrategic or Co-development Partner · 1 January 1960Joint operation at Ulefossen utilizing shared water flow from Eidselven. Ringeriks Kraft Aall-Ulefos AS operates the adjacent Aall-Ulefos Kraftverk. The companies share a common regulation dam built in 1960 above Ulefossen. The joint infrastructure enables efficient utilization of water resources for both power stations.
• Silvi MontanacoreOthersSilvi Montana encompasses Cappelen's forest properties in Tokke and Kviteseid municipalities, operated as part of the broader S.D. Cappelen Skoger forestry division.

Scale indicators5 records

Recent moves6 records

Expansion highlights3 records

Broad incumbents

• Stora Enso Oyj: Nordic forest products major with substantial timberland holdings and integrated value chain. Comparable through ownership and active management of large Nordic forest estates and exposure to pulpwood/sawlog markets.
• UPM-Kymmene Corporation: Finnish forest products group with significant Nordic timberland holdings and active silviculture operations. Comparable through long-horizon timberland ownership, sustainable yield harvesting, and exposure to European timber commodity cycles.
• SCA (Svenska Cellulosa Aktiebolaget): Swedish forest products and timberland owner with one of Europe's largest private forest estates. Comparable through long-tenure institutional/private timberland ownership and sustainable yield forestry in the Nordic region.
• Norske Skog ASA: Major Norwegian-headquartered forest products company with significant historical timberland exposure in Telemark and surrounding regions. Comparable through its integrated forestry-to-product model, though at much larger scale and publicly listed.
• Statkraft Energi AS: Norway's largest renewable energy producer and the actual operator of Ulefoss Kraftverk DA on Cappelen Holding's behalf. Overlaps directly in hydropower asset management and water-right utilization across Norway.

Direct peers

• Mjøsen Skogeierforening: Norwegian forest owners' association managing timber harvesting, sales, and forest administration services for member landowners. Comparable through the same contract administration, timber-sale coordination, and silvicultural service layer that S.D. Cappelen Skoger requires.
• Ringeriks Kraft Aall-Ulefos AS: Joint operator of the hydropower station adjacent to Ulefoss Kraftverk DA, sharing the same regulation dam built in 1960 and the same water flow from Eidselven. Operates the same kind of small-scale Norwegian hydroelectric asset and is the most direct operational peer.
• Glommen Mjøsen Skog SA: Largest Norwegian forestry cooperative, managing timberland, harvesting, and timber sales. Directly comparable in active timberland management, annual harvest operations, and downstream wood-supply relationships in the Norwegian market.

Regional players

• Solør Kraftlag SA: Norwegian regional energy cooperative combining electricity distribution, hydropower generation, and forestry services in eastern Norway. Comparable as a diversified Norwegian owner-operator of small-scale hydropower and forestry assets.

Emerging players

• Billerud AB: Swedish sustainable packaging and forest products company with significant Nordic fiber sourcing operations. Comparable as a buyer-side counterpart in the Nordic pulpwood market where Cappelen's annual ~25,000 m3 harvest is sold.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cho-as

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries10 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 Cappelen Holding