BYKO LAT timber processing company in Latvia is one of the largest of its kind in Europe. The focus is on drying, grading, planning, and the vacuum pressure treatment of wood. BYKO LAT also produces wooden doors and windows, prefabricated wooden houses, garden furniture and pellets. In 2018, BYKO LAT was acquired by Bergs Timber in Sweden.



From the time it opened its doors, the chain of electronic retail stores has been a leading provider of white goods, electronics, and personal computers in Iceland. ELKO was acquired by Festi in 2014.



To streamline the operations of a few different companies, BYKO, Smáragarður, ELKO, and BYKO-LAT were moved as wholly-owned subsidiaries into Norvik, which was established as a holding company.



At the time, Kaupás consisted of supermarket chain Krónan, grocery store chains Nóatún and 11/11, in addition to furniture retailer Húsgangahöllin, the sporting goods retailer Intersport, and a substantial number of real estate properties. A major effort was devoted to the development of Krónan as a leading, higher quality supermarket concept and brand. In 2014, all of the Kaupás assets, along with ELKO, a real estate portfolio, and the EXPO advertising agency, were acquired by Festi.



The foundation of Norwood was a first step onto Russian soil where a new sawmill located in Syktyvkar, Komi, started operation in 2013. Norvik also holds a 67% stake in Komiles Business in Puzla, Komi, running a sawmill, foresting, and wood pellet manufacturing.



Continental Wood Ltd runs a port in Creeksea on the river Crouch in the UK and is responsible for selling and distributing timber and wood products into the UK market. The port and all its facilities were leased until it was fully acquired in 2015. Continental Wood Ltd was acquired by Bergs Timber in Sweden in 2018.



The Continental Wood acquisition included partly the EWP sawmill in Pärnu/Savi in Estonia, later rebranded as Laesti. A new sawmill in Pärnu/Sauga was added to its operation in  2012. Laesti was acquired by Bergs Timber in 2018.



The operation in Talsi, Latvia, makes Vika Wood the largest sawmill operated in the Baltics. Vika Wood was acquired by Bergs Timber in 2018.



The sawmill in Sweden was acquired to supply the UK operations of Continental Wood with sawn and planned pine and spruce. Jarl Timber was acquired by Bergs Timber in 2016.



BYKO-LAT, Vika Wood, Continental Wood and, Laesti were acquired by Bergs Timber, a Swedish company listed on the NASDAQ Stockholm. In this transaction, Norvik became the largest shareholder in Bergs Timber with approximately 65% of the shares.



Smáragarður was established as a sister company to BYKO, but later became a wholly-owned subsidiary of Norvik. The company currently managing 70.000 square meters of real estate, mostly commercial facilities in the Reykjavik capital area.



In the beginning, BYKO was a humble provider of building material and timber, but has in the last six decades developed into a successful multi-outlet, leading building material wholesaler and retailer in Iceland.

Board of directors


Jón Helgi Guðmundsson

Chairman of the board

Jón Helgi Gudmundsson is the Chairman of the Board of Norvik. He has led the developement and growth of the company over the past decades building up the diversity and portfolio of Norvik. He received a Cand. Oecon in Business Administration from University of Iceland in 1973, and finished further education in business from Penn State University. Jón Helgi has been on the board of numerous companies through the years and is currently on the board of Bergs Timber AB in Sweden, BYKO-Lat and Vika Wood in Latvia, Laesti in Estonia, and BYKO hf., Smáragardur ehf. and Eyrir Invest ehf. in Iceland.


Steinunn Jónsdóttir

Steinunn Jónsdóttir is a shareholder in Norvik and has been on the company's board since 2004. She holds a BFA degree in Interior Design from NESAD/Suffolk University in Boston, and a Postbaccalauriate degree in Fine Arts from SMFA/Tufts University in Boston. She received an MBA degree from Reykjavik University in 2006. Steinunn has been involved in different investment in Iceland through the years and has sat on the board of various companies and funds. She is the founder and director of Baer Art Center, an artist residency center in Northern Iceland.


Iðunn Jónsdóttir

Idunn Jónsdóttir is a shareholder in Norvik and has been on the company's board since 2004. She received a business degree from Taekniskolinn in 1993, and a BS degree in Business Administration from Bifröst University in 2001. Idunn managed the BYKO retail stores in 2004-2007, and has been involved in various other operations within the Norvik companies. She led the foundation and development of EXPO, an in-house marketing office, and she is the founder and board member of Modulus ehf., which imports and sells modular housing units to domestic customers.


Guðmundur H. Jónsson

Gudmundur H. Jónsson is a shareholder in Norvik and has been on the company's board since 2004. He received a BS degree in Business Administration in 2001. Gudmundur is the Chairman of the Board of BYKO hf. and Smaragardur ehf. and has been a board member of numerous companies through the years. He is currently a board member of Bergs Timber AB in Sweden, GreenGold AB in Sweden, Steinull hf., Sterna ehf. and Deili taeknithjonusta ehf.


Þórður Magnússon

Þórdur Magnússon is the founder and chairman of Eyrir Invest ehf. He has been on the board of Norvik since 2003. Þórdur was the CFO of Eimskip hf. 1980-2000, and has been on the board of numerous companies, including the startup companies Etactica and SagaMedica where he is the chairman. He sat on the board of the international company Össur hf. and Stork Techincal Services in The Netherlands.

Executive board


Gísli Jón Magnússon


Gísli Jón Magnússon joined Norvik as CEO in May 2021, having been a board member of its real estate subsidiary, Smáragardur, since 2018. Gísli Jón operated an independent consultancy between 2016 and 2021, acted as CFO of Festi from 2013 and 2016, and CFO of Norvik's retail subsidiary Kaupás between 2004 and 2013. He holds an M.Sc. degree in finance and international business from Aarhus Business University in Denmark.


Harpa Vífilsdóttir


Harpa Vífilsdóttir received a degree in Business from Copenhagen Business School in 2006 and a MSc. in Accounting from Reykjavík University in 2009. She was the CFO of Valitor 2020-2022, director of accounting at Valitor 2016-2020, before that in acconting at Fjárvakur 2015-2016 and at KPMG 2006-2015 where she focused on corporate accounting. Harpa joined Norvik as CFO in May 2022.