Stein Erik Hagen, one of Norway’s most prominent business figures, died on Monday at the age of 69 after suffering a cardiac arrest. His death was confirmed by family members and close associates, who stated he passed away peacefully at his home. Hagen had long battled health issues, though his condition had not been publicly disclosed in recent months.
Hagen built a business empire spanning retail, real estate, and investment sectors. His most recognizable venture was RIMI, the discount grocery chain he founded in 1977, which grew from a single store in Oslo to a nationwide network of over 500 locations. Under his leadership, RIMI became a household name in Norway, known for its no-frills approach and competitive pricing. The company was later sold to Coop Norge in 2004, though Hagen retained influence in the sector through other investments.
Beyond retail, Hagen’s business footprint extended into real estate through company Canica, which he established in 1992. Canica became one of Norway’s largest private real estate firms, managing assets valued in the billions. The company owns and operates commercial properties across Scandinavia, including office buildings, shopping centers, and logistics facilities. Hagen also held significant stakes in several publicly traded companies, including a long-standing involvement with investment firm Aker ASA.
His influence extended beyond business. Hagen was a major philanthropist, particularly in the field of healthcare. He donated millions to Oslo University Hospital and supported research initiatives focused on cardiac health, a cause tied to his own medical struggles. In 2018, he established the Hagen Foundation, which funds medical research and patient support programs across Norway.
Colleagues and industry leaders described Hagen as a visionary with an unmatched ability to identify undervalued assets and turn them into profitable enterprises. Petter Stordalen, a fellow Norwegian businessman and frequent collaborator, called Hagen a mentor and a cornerstone of Norway’s business community. "He was not just a leader; he shaped industries," Stordalen said in a statement on Monday.
Hagen’s funeral will be held privately, with a memorial service planned for later this month. Flags at RIMI stores nationwide flew at half-mast on Tuesday in his honor.
Source: e24.no