Through its portfolio companies, Incus Investor has managed Nordic industrial history spanning several centuries.

Through its portfolio companies, Incus Investor manages several hundred years of Nordic industrial history.

Incus Investor’s predecessor, Scana Industrier, was established in 1987, when ScanArmatur AS and ScanPaint AS were acquired. In the period before its listing on the Oslo Stock Exchange in 1995, several companies were added to the portfolio. Examples include the actuator and valve control manufacturer Skarpenord, steelworks companies Stavanger Staal AS and Björneborg Järnverk AB, as well as Booforge AB. The latter company was established in Karlskoga, Sweden as early as 1646.

The company continued its expansion in the years following the public listing through investments in Norway, China, South Korea, USA, Brazil and Singapore.

The situation changed completely for several of the portfolio companies during the global financial crisis. As a result, many of the companies restructured their business and some were sold or closed down.

These are the main events since 2012:



Scana Property AS is established. The new company is made up of subsidiaries Scana Eiendom Jørpeland and Scana Eiendom SSA. Partly-owned Fjordbris was also included in the Scana Porperty portfolio. Scana Property owns 50.1% of Fjordbris.

Scana Propulsion AS is established, consisting of Scana Volda, Scana Mar-El, Scana Singapore, Scana Shanghai Trading, Scana Zamech and Scana Propulsion USA.


A new board and management team starts the process towards becoming a more focused investment company.

This year Scana completes the sale of its 80 percent share in Leshan Scana Machinery to a local entity in China. The roadcut depertment of Scana Steel Stavanger is spun out as a separate company named Scana Industrial products AS and subsequently sold to employees and local investors in the fourth quarter. Scana’s property portfolio in Strand municipality is demerged into two new property companies to increase the focus on property development

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Scana Energy Holding is set up and becomes the owner of all Swedish subsidiaries, except Scana Property AB.

Scana sells parts of the business area Offshore through the sale of Scana Offshore Technology AS, Scana Offshore Services Inc in Houston and the service department of Scana Offshore Vestby AS. All three companies are sold to HitecVision. Scana’s property in Volda is transferred to a newly established property company.


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The company strategy is changed from being an industrial enterprise to a holding company with portfolio companies. The vision behind the restructuring is to be a profitable industrial investment company.

Private equity company Garden Growth AB acquires Scana Steel Söderfors. Scana Steel Stavanger and Scana Zamech in Poland declares bankruptcy.



To make the newly adopted strategy more visible, the new board decides to change the name from Scana Industrier to Incus Investor.

The restructured company aims to be a good, active and long-term owner for Nordic industrial companies. The new strategy gives the portfolio companies more freedom, but also more responsibility for operations and results. This year Scana Machining is sold to Motala, and parts of the steel plant property at Jørpeland is sold to MT Eiendom. Scana Property also divests of assets in Karlskoga in 2016.


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The work of expanding and strengthen the portfolio continues.

Scana Steel establishes Scana Steel USA Ltd in Illinois together with National Tool Manufacturing Inc. Brunvoll buys Scana Propulsion along with its subsidiaries Scana Volda, Scana Mar-El, Scana Singapore, Scana Shanghai Trading and Scana Propulsion USA. Scana Valve Control establishes Scana Hudong Co. Ltd. in Shanghai together with Shanghai Hudong Marine Valve Manufacture and Hoi Tung Marine Machinery Suppliers. Scana Valve Control is set up to as a holding company for Scana Skarpenord, Scana Korera Hydraulics and Scana Hudong in China.