Longship Fund I exits Norwegian Travel’s gondola and rail operations to leading European infrastructure investor

Norwegian Travel, one of Scandinavia’s leading adventure-based travel companies, has entered into an agreement to sell its gondola and rail operations to a European Infrastructure Fund managed by DWS. DWS is a leading European asset manager with EUR 1,054bn of total assets under management.

The transaction includes the iconic Fjellheisen in Tromsø, Romsdalsgondola in Åndalsnes, as well as rail experiences The Arctic Train (Ofoten Line) and The Golden Train (Rauma Line) – among Norway’s most well-known and visited tourist attractions.

DWS is a long-term investor with extensive experience in developing companies within the infrastructure sector. DWS is committed to maintaining and strengthening the strong local roots of these iconic gondola and rail operations.

A leading adventure-based travel group

Founded in 2019, Norwegian Travel has in a short time developed into Scandinavia’s leading adventure-based tourism group, with the Norwegian private equity fund Longship as its majority owner. The group offers activity-based experiences in Kirkenes, Tromsø, Narvik and Åndalsnes, and also owns unique Arctic resorts such as Snow Resort Kirkenes and Sommarøy Arctic Hotel. The remaining operations will be carved out from Norwegian Travel into a new company and will remain under Longship ownership.

Built in the North, staying in the North

Norwegian Travel, including the gondola and rail operations will continue to be led by Norwegian Travel’s current CEO, Kristian Høydal. The remaining business will be led by Lena Slåtto, currently CCO in the group. Both companies will be headquartered in Tromsø, with the same local teams leading daily operations.

“Through Norwegian Travel, we have built a professional and sustainable tourism group with a leading market position. Moving forward, both companies will be even better positioned for continued development and growth. At the same time, our local commitment remains unchanged. With headquarters in Tromsø and a strong presence in the regions where we operate, we will continue to contribute to local value creation, employment and year-round activity. This is an essential part of who we are as a company,” says Kristian Høydal.

“With this transaction, some of Norway’s most iconic attractions get an investor with the experience, resources and expertise to support their continued development into world class tourist attractions, while keeping strong local management and roots where they belong. This is also an important factor for DWS who are committed to the further development of our attractions”, adds Høydal

A starting point for what comes next

“We are very pleased to attract such highly competent investors to continue the cooperation with management and the local communities, and look forward for this next chapter for these iconic attractions.

At the same time, Longship and the remaining businesses of Norwegian Travel will continue building and developing companies, experiences and destinations with clear growth potential. We have strong conviction in the long-term growth of tourism, particularly in the Arctic, and are already exploring new opportunities both domestically and internationally,” says Bernt Østhus, Partner at Longship.

Norwegian Travel currently comprises 35 companies, with many of the original founders still having ownership stakes in the group.

“Longship has been part of an exceptional journey with Norwegian Travel. When we started, the tourism sector was highly fragmented, with many small operators. Together with local entrepreneurs and fantastic employees, our ambition has consistently been to build high-quality experiences and attractive destinations, while contributing to the professionalization of the industry. This has positioned Norwegian Travel as a leading player in Scandinavia. It is also rewarding to see several of the founders now realizing value from the work they have put in,” Østhus adds.

DWS sees long-term potential in Norwegian tourism

“Tourism volumes to the Arctic have been steadily increasing over the last decades and proved to be highly resilient following economic shocks. While Tromsø is already a well-established hub of Northern Light tourism there remains a lot of potential to develop the market and improve the existing service offering. We are excited to continue Norwegian Travel’s success story and invest in the future development of the business under the leadership of the existing management team,” says Walter Manara, Partner at DWS.

DWS has a long-term track-record of managing tourism and travel related infrastructure assets across Europe, including SAVE (operator of Venice, Treviso, Verona and Brescia airports), Global Ports Holding (world’s largest independent cruise port operator), Tank & Rast (operating the majority of Germany’ motorway service stations), and Grandi Stazioni Retail (managing the commercial areas of Italy’s 14 largest train stations). The long-term perspective of an infrastructure fund provides continuity for the business and allows DWS to continue to invest in and develop operations.

For more information, please contact:

Nick Bone, Head of International Media Relations
+44 207 547 2603
nick.bone@dws.com

Bernt Østhus, Partner, Longship
+47 934 49 910
bernt.osthus@longship.no

About Norwegian Travel

Norwegian Travel is Scandinavia’s leading adventure-based tourism company. In 2025, the group welcomed more than 700,000 guests from all over the world.

The company operates across four destinations in Norway: Tromsø (Fjellheisen, Sommarøy Arctic Hotel and year-round activities), Romsdalen (Romsdalsgondola and The Golden Train on the Rauma Line), Kirkenes (Snow Resort Kirkenes and Arctic experiences), and Narvik (The Arctic Train on the Ofoten Line).

About DWS

DWS Group (DWS), with EUR 1,054bn of total assets under management (as of 30 September 2025), is a leading European asset manager with global reach. With approximately 4,900 employees in offices around the world, DWS offers individuals, institutions and large corporations access to comprehensive investment solutions and bespoke portfolios across the full spectrum of investment disciplines. Its diverse expertise in Active, Passive and Alternative asset management enables DWS to deliver targeted solutions for clients across all major liquid and illiquid asset classes.
www.dws.com

About Longship

Longship is a Norwegian private equity investor established in 2015. Longship invests in companies with significant growth potential in the Norwegian lower mid-market, and is applying a transformational growth approach, organically and through M&A. Longship pursue a thematic investment strategy, supporting long-term sustainable businesses within Technology Adoption, Sustainability, Quality of Life, and Resilient Societies. The investment team consists of thirteen professionals, making Longship the leading player in the Norwegian lower mid-market. Longship manages three buyout funds and has approximately NOK 5.2 billion of assets under management.