Social services and infrastructure in the Nordic region

Informal and professional in the way we work - strategic in the way we invest

Our history

Hospitality Invest is a private investment company controlled by Roger Adolfsen and Kristian A. Adolfsen. From its headquarter in Oslo, the Company manages investments across a variety of sectors and geographies. Today, the Company’s investments are categorized into four main segments; Hotel Operations, Care Services, Staffing and Real Estate.
  • 1997
    Establishing Norlandia Omsorg
  • 2002
    Separation of real estates and operations. Establishment of Hospitality Invest
  • 2007
    FSN Capital invests and becomes 45% partner in Norlandia Omsorg
  • 2012
    Norlandia Care Group established together with Benn Eidissen and Even Carlsen through acquisition of FSN Capital’s shares in Norlandia Omsorg and merger with pre-school operations of Acea
  • 2013
    Acquisition of FSN Capital’s shares in Agito in end of 2013
  • 2014
    NOK 600 million bond issue. Acquisition of Hero Group. Acquisition of Personalhuset Staffing Group through management buyout and merger with Agito
  • 2015
    Acquisition of Kosmo and Kidsa
  • 2016
    Established Norlandia Health & Care Group to consolidate all of the holdings within the health and care segment Issued a SEK 1,100m and a NOK 750m bond issues in December 2016 as part of the reorganisation to refinance existing debt and restructure the group under the Norlandia Health & Care Group brand
  • 2016
    Acquisition of Norefjell Ski & Spa
  • 2017
    Refinanced the HOIN01 bond issue with a new NOK 850m Senior Unsecured Bond Issue
  • 2019
    Sale of ~170 preschool properties to Whitehelm Capital
  • 2020
    Listing of Rana Gruber on Euronext Growth
  • 2020
    Acquired ~37% of Winn Hotel Group
  • 2021
    NHC Group issued a 4-year senior secured sustainability linked bond of NOK 1,700m, equivalent to refinance existing debt in the Group
The origins of the Group date back to 1990 when Kristian and Roger Adolfsen started operating hotels on Andøya, Norway. Through acquisition of several independent hotels during the 1990’s, the brothers created the hotel chain Norlandia Hotels & Resorts.
Based on the idea that hotel operation expertise could be applied to other types of hospitality services, the company started operating patient hotels and nursing homes in 1997.
The activities within the care segment were spun off the same year, forming Norlandia Omsorg – the predecessor of Norlandia Care Group. The activities within care services grew steadily over the next years. At the same time, the Group continued to invest in hotel properties, ski resorts as well as various real estate projects. In late 2002, all properties were separated from the group and the operational activities gathered to form Hospitality Invest.


The Nest is a visualization of what we do and what we care for. It represents our mission to provide care through building strong and sustainable solutions within social services and infrastructure, providing assistance and shelter for the ones in need.

It is also a symbol of how we work to grow our group of companies, building branch by branch – stone by stone.

Investment principles

Being a private investment company, Hospitality Invest is not bound by any specific mandate and has full flexibility in terms of investment strategy. The flexibility enables us to be opportunistic; however, certain principles are used as guidelines in our approach to both ownership and new investments. 

New Investments

Our primary focus has been on Nordic companies providing services in markets with stable underlying drivers. A key theme for the group has been to enter market segments from an early stage, taking a pioneering role in developing and growing towards more mature and stable markets. Operational experience has led us to new and adjacent sectors with similar structures, drivers or characteristics, thus broadening our field of investments.
We invest in healthy companies or entities within large conglomerates that are not core business, companies seeking an industry consolidation, companies in need of a strategic refocus and family-owned businesses with succession challenges. We prefer to acquire controlling or influential stakes, often together with management of the respective companies or together with partners.


Hospitality Invest intends to be a long term and strategic owner of its subsidiaries. We are actively involved in our portfolio companies through board participation and interactive dialogue with management, offering strategic-, financial- and transaction support.
We normally follow a buy and build strategy, involving acquisitions as well as actively driving organic growth. Through growth and operational improvements, we develop larger and more sustainable businesses able to deliver high quality services and products at healthy margins.
In all our investment, we seek dedicated entrepreneurial spirit, creativity and operational excellence.
Hospitality Invest had consolidated revenues of NOK 8.6 billion in 2020 and about 11,000 employees per year end.

NOK 8.6 billion





Roger Adolfsen
Roger Adolfsen
Tel: +47 22 98 97 40Email:
Kristian A. Adolfsen
Kristian A. Adolfsen
Tel: +47 22 98 97 40Email:
Kristoffer Lorck
Kristoffer Lorck
Tel: +47 93 02 88 18Email:
Christer Johnsen
Christer Johnsen
Investment Director, Adolfsen Group
Tel: +47 90 88 94 55Email:
Ole-Kristofer Bragnes
Ole-Kristofer Bragnes
Investment Manager
Tel: +47 91 70 34 15Email:
Silje Hellestad
Silje Hellestad
Group Chief Accountant
Tel: +47 901 46 916Email:
Mads-Håkon Mørck
Mads-Håkon Mørck
Investment Associate
Tel: +47 99 45 84 02Email:
Henrik Nøkleby
Henrik Nøkleby
Investment Analyst
Tel: +47 97 73 47 02Email:
Trine Erdahl
Trine Erdahl
Administration & Web, Adolfsen Group
Tel: +47 98 22 25 07Email:

Investment Proposals

For investment proposals, please send email to: