Kinnevik invests in – the leading online grocery store in Norway


Kinnevik AB (publ) (“Kinnevik”) today announced that it has invested NOK 300m in AS for a 15% stake in the Norwegian online grocery retailer.

Kinnevik invested NOK 200m in primary capital and a further NOK 100m in secondary shares. was founded in 2013 and offers grocery delivery to approximately 40% of Norwegian households, a share that they expect to expand over time. The company grew revenues by 88% to approximately NOK 800m in 2017.

Andreas Bernström, Kinnevik Investment Director, commented:

“We are excited to lead the funding round in, a company that fits squarely into our investment thesis of using technology to offer consumers more and better choice. We have been impressed by the founding team and what they have achieved in a relatively short period of time. Kinnevik is well placed to support the team in scaling the business and we look forward to working with to reach their goals.”

Karl Munthe-Kaas, CEO commented:

“Kinnevik is a dream partner for us. We feel there is a great fit in both the strategic vision and the values of our companies. Our ambition is to make grocery shopping an effortless and inspiring activity for everyone and bring freedom in their everyday lives. Kinnevik has the right expertise and the right mindset to help us in this journey and we are very excited to work with them.”

For further information, visit or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build digital businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, develop and invest in fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

Categories: News


Ploeger Oxbo strengthens shareholder base through investment NPM Capital

NPM Capital

Ploeger Oxbo Group has attracted a new major shareholder. NPM Capital is the strong financial partner that the manufacturer of specialty agricultural equipment has been looking for to support its long-term growth strategy. This strategy is aimed at bolstering innovation and product development to further strengthen Ploeger Oxbo’s leading position in its worldwide niche markets. The transaction file has also been submitted to the required Competition Authorities.

Ploeger Oxbo’s roots go back to the 1950’s. The group was formed in 2011 in a merger between Netherlands-based Ploeger and US-based Oxbo. Over the past decades, the companies have expanded rapidly as a result of autonomous growth and acquisitions. From a strong position in harvesters for corn, beans and peas the product range has been expanded to equipment for crops like potatoes, berries, coffee, olives and grapes and to self-propelled windrow mergers, sprayers and fertilizer applicators. Ploeger Oxbo has a leading position in these niche markets and operates in forty countries on all continents. Over the past months both Ploeger Oxbo and NPM Capital have developed a shared vision on the strategic direction of the company.

“This company has a strong entrepreneurial spirit”, say Gary Stich and Niels Havermans, both Board members at Ploeger Oxbo. “The fact that the founders of the group in 2011, both private as well as three Dutch investment companies (Synergia Capital Partners, VDL Participatie and via Bolster Investment Partners), will participate in the future shows a great level of confidence in the markets we are in as well as the strategic direction of the company. Together we have decided to sell 40 percent of our holdings to a powerful financial partner who shares our values and focus on long-term development and can support add-on acquisitions.”

The participation in Ploeger Oxbo Group fits NPM Capital’s focus on the agri-tech sector, says Rutger Ruigrok, managing partner of the investment company. “Ploeger Oxbo creates innovative solutions for the agricultural sector that needs new technologies to be able to feed a fast-growing world population. It is a company with both great social value and strong growth potential – exactly what we are looking for.”

Ploeger Oxbo was advised by Nielen Schuman (financial) and DLA Piper (legal). NPM Capital was advised by Rabobank and Vondel Finance (financial) and Nauta Dutilh (legal).

Categories: News


Bergfalk & Co and Johan i Hallen form a leading specialist in fresh food products in Sweden


Through a partnership between Bergfalk & Co and Johan i Hallen one of the leading specialists with focus on meat, delicatessen meat, fish and seafood is formed. The new group will have a strong market position in Stockholm and Gothenburg with good coverage in the rest of the country and a turnover of approximately SEK 1.2 billion. Johan i Hallen’s former major shareholders and senior management remain as significant shareholders in the new group along with former major shareholders and senior management of Bergfalk & Co and Litorina.

Earlier this year, Litorina acquired a majority in Bergfalk & Co together with the former major shareholders and senior management. In order to establish a more competitive participant in the market, a partnership with Johan i Hallen has been formed.

Johan i Hallen was founded in 1916 and has since then grown its revenues to approximately SEK 640 million. The company has a significant market position in Sweden, with clear history from Gothenburg. Johan i Hallen offers high quality fresh foods with focus on meat and delicatessen meat, primarily to restaurants and hotels which account for most of the turnover. The company has built its strong market position and well-reputed, brand by offering competence, product quality and own production combined with a local presence, speed, flexibility and a high level of service.

“We have a vision to become the Nordic region’s best protein specialist, and to us, this deal feels very exciting. The fit between Bergfalk & Co and Johan i Hallen is very good, as Bergfalk & Co primarily has its focus in Stockholm, while Johan i Hallen is strong in western Sweden albeit with a nationwide profile. Together, we obtain a broader and more powerful customer offering and the new group will be the natural choice for professional restaurant owners and chefs concerning the protein in the middle of the plate,” says Lars Bengtsson, CEO of Bergfalk.

“By means of the partnership between Bergfalk & Co and Johan i Hallen, a leading specialist in the distribution of meat and fish to restaurants is formed. There are extensive similarities in how Bergfalk & Co and Johan i Hallen work with their customers, and via this deal together we can establish an even stronger customer offering” says Johan Andersson, Partner in Johan i Hallen.

“We are exceptionally enthusiastic about the formation of this group and believe that this transaction has a clear industrial logic. Bergfalk & Co and Johan i Hallen complement each other in terms of customers, geographical presence and product lines. In addition, the companies have strong similarities in the way they work with their customers. We look forward to supporting the new group and its key people on the path to further development and growth,” says Lars Verneholt, Partner at Litorina V Advisor AB, Investment Advisor to Litorina V AB.

For further information, please contact:
Lars Verneholt, +46 73 386 92 07, Partner, Litorina V Advisor AB
Lars Bengtsson, +46 70 523 30 02, CEO, Bergfalk & Co
Per Erik Engström, +46 70 752 55 83, CEO, Johan i Hallen
Johan Andersson +46 70 884 44 04, Partner, Johan i Hallen


Bergfalk & Co was founded in 1840 and is a leading Swedish specialist in fresh products with a focus on meat, fish and seafood. The company offers high quality products, primarily to restaurants in Sweden and Finland. as well as to the grocery trade. Bergfalk has an annual turnover of approx. SEK 550 million, and has over 140 employees, with headquarters in Älvsjö, just outside Stockholm. For more information, please visit

Johan i Hallen was founded in 1916 and is a leading Swedish specialist in fresh products with a focus on fresh meat and processed meats. The company offers high quality products primarily for restaurants and hotels in Sweden. Johan i Hallen has an annual turnover of approx. 640 million, and has over 125 employees, with headquarters in Partille, near Gothenburg. For more information, please visit

Litorina was founded in 1998 and focuses on acquiring and industrially developing primarily Swedish companies together with their management teams. Litorina offers broad and deep expertise via both its own organisation and through its network of industrial advisors. Litorina V Advisor AB acts as an investment advisor to the Swedish private equity fund Litorina V AB. For more information, please visit

Categories: News


AURELIUS subsidiary Conaxess Trade partners with Spreads

Aurelius Capital

  • Partnership with former Unilever BCS business to start August 1, 201
  • Conaxess to take over Field Sales activities in three Nordic coutries

June 11, 2018 – Conaxess Trade is happy to officially announce a partnership with the new stand-alone Spreads business (formerly Unilever BCS) beginning August 1, 2018 where Conaxess Trade proudly will take responsibility for the Field Sales activities. The partnership applies to the three Nordic countries Denmark, Sweden and Finland. In the Nordic region the Spreads business includes the brands Flora, Becel, Milda, Lätta, Crème Bonjour, Crème Fine and Oma. In total the consumer sales of the brands is app. EUR 220mn.

The background is that Unilever in December 2017 received a binding offer for the Spreads business (includes *BCS Europe and North America, Rest of World Spreads and UFS Spreads) from leading global investment firm KKR. The transfer will take place gradually and the first stage is planned from Q3 2018 – when the Spreads business will begin operating as a stand-alone organization.

Conaxess Trade will be significantly increasing their muscles in the market, providing best in class FMCG services by further strengthening the sales force coverage, and not to mention the higher relevance and access to consumers.

Uwe Thellmann, CEO Conaxess Trade Group comments: “Today’s announcement is another important step in our journey to build on our foundation in Fast Moving Consumer Goods and become the leader in outsourcing for Marketing and Sales Services. This cooperation will help us to fully deliver on our “Outsourcing Partner Strategy” by giving us strong capabilities and business foundation to further develop in the Nordics. The relationship with the former Unilever BCS portfolio represents a powerful opportunity for Conaxess Trade to expand our services and build stronger relationships with our customers”.

Ola Pettersson, Interim General Manager Unilever BCS Sverige AB comments: “We have a strong commitment to grow our plant based food category and believe Conaxess Trade with their set-up, coverage of the trade and capabilities will be a great partner for delivering Field Sales in Sweden, Finland and Denmark. This is an important step in building a best-in-class route to market for our new Company. We believe that we together will sustain the high standards set by Unilever and further develop our business.

“Conaxess Trade has significantly changed over time and is developing from a traditional distributor to become a vibrant leading FMCG Outsourcing Company with best in class services in Marketing, Category Management, Sales, Reporting, Business Development. It clearly demonstrates its ability to apply its resources and expertise not only to enter new businesses, but to lead major FMCG market segments. We’re excited to cooperate with the stand-alone Spreads business as we focus our combined energies serving our customers and developing the business”, says Uwe Thellmann, CEO Conaxess Trade Group.

Categories: News


Nordic Capital divests AniCura, a leading European provider of vet care, to Mars Petcare in one of the largest transactions in its sector

Nordic Capital

June 11 2018
Nordic Capital divests AniCura, a leading European provider of vet care, to Mars Petcare in one of the largest transactions in its sector Image 

  • AniCura has grown fourfold during Nordic Capital’s four year ownership, shaping the European vet care market
  • The sale of AniCura to Mars Petcare represents one of the largest vet care deals globally
  • Natural next step in AniCura’s mission to increase the quality of specialised and advanced vet care in Europe


Nordic Capital Fund VIII has agreed to divest AniCura, one of Europe’s leading providers of high quality veterinary care for companion animals to Mars Petcare, a diverse and growing pet health and nutrition business. Since becoming the majority owner just four years ago, Nordic Capital and AniCura’s management team have succeeded in shaping the European vet care landscape by creating a specialised clinic business with high quality pet care at its heart.

Mars Petcare is ideally placed to support AniCura’s continued journey as a leading provider of high quality specialised and advanced vet care in Europe and the deal marks one of the best ever exits for Nordic Capital, a leading investor in global healthcare, which closed its ninth fund at EUR 4.3 bn last month.

Born out of the premise that sharing resources creates opportunities for better veterinary care, AniCura was established in 2011 by Fidelio Capital and The Animal Hospital Foundation in Greater Stockholm as the first merger of companion animal hospitals in the Nordic region. Nordic Capital became the majority owner in 2014 alongside the previous owners. With Nordic Capital’s support and extensive experience from a 25-year track record of building high quality, sustainable healthcare businesses across Europe and the USA, AniCura has developed from a Nordic vet care operator to become a pan-European leader in its space. This was achieved through a dedicated focus on providing the highest quality of care and an active acquisition strategy that has expanded AniCura’s presence across Northern Europe, with 150 clinics acquired in three years. Simultaneously, significant investments have been made in the company to meet future veterinary healthcare needs, improving and professionalising veterinary medical care.

AniCura has grown fourfold since Nordic Capital’s acquisition in 2014. It has increased its number of clinics from 50 to 200, its employees from 1,000 to 4,000 people and its pro forma revenues have grown from approx. SEK 0.9 bn to SEK 3.3 bn. Today, the company cares for 2 million companion animals per year (up from 500,000 in 2014), and AniCura is a valued partner for pet owners and referring veterinarians across Europe, including Scandinavia, Germany, Austria, Switzerland and the Netherlands.

AniCura offers a wide range of high quality medical services covering preventive and basic health care as well as advanced diagnostics, internal medicine, intensive care, surgery and orthopaedics. The company also provides rehabilitation, physiotherapy and dietary advice and offers selected pet food and care products.

AniCura is an excellent example of entrepreneurial business innovation that puts compassion for patients and pet owners at its heart. AniCura is unique in Europe due to its strong and differentiated corporate culture focused on ensuring the highest possible care quality as well as nurturing a sense of teamwork. Together with Peter and his team, Nordic Capital has focused on building a strong pan-European network of clinics that offers consistently high standards of pet care and shares a commitment to best in class quality and service. AniCura has created a platform for further growth and is very well placed to meet the increasing demands that apply to the provision of advanced vet care,” says Thomas Vetander, Principal at the Advisor to the Nordic Capital Funds.

“We have thoroughly enjoyed partnering up with Nordic Capital to continue our relentless efforts on building an international champion, renowned for high quality standards, high levels of specialisation and a unique corporate culture. Nordic Capital’s supportive approach coupled with their deep insights in building industry leading healthcare businesses has ensured the right long-term focus on strategic growth and development. We are now taking the next step in our vision to shape the future of veterinary care. We believe this is the right next home for AniCura and look forward to a long and fruitful relationship with our new owner,” says Peter Dahlberg, CEO of AniCura.

“Mars Petcare has a long history of providing nutrition, veterinary care and science for pets across the globe. Our veterinary business until now has been in the United States and Canada. Europe is the second largest region in the world for pet care, and European pet care is expected to grow significantly over the coming years. There is a great opportunity to address growing demand by providing high quality, consistent veterinary care across Europe. Together, Mars Petcare and AniCura will both benefit from each other’s best practices and competencies, improving clinical practice and continuing to advance the veterinary profession in both North America and Europe. This will support us in our purpose to create a better world for pets,” says Poul Weihrauch, President, Mars Petcare.

The parties have agreed not to disclose financial details. The transaction is subject to customary regulatory approvals.

Media contact:

Nordic Capital
Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50


About Nordic Capital

Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 12 billion in 100 investments. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital, please visit  

About AniCura

AniCura is a family of well-known animal hospitals and clinics specialised in veterinary care for companion animals. Born out of the idea that sharing resources creates opportunities for better veterinary care, the company was established in 2011 by Fidelio Capital and The Animal Hospital Foundation in Greater Stockholm as the first merger of companion animal hospitals in the Nordic region. Today, AniCura is a role model within specialised veterinary care and a valued partner for pet owners and referring veterinarians across Europe. AniCura offers a wide range of high quality medical services covering preventive and basic health care as well as advanced diagnostics, internal medicine, intensive care, surgery and orthopaedics. AniCura also provides rehabilitation, physiotherapy and dietary advice and offers selected pet food and care products. AniCura provides modern, high-quality veterinary care for pets at 200 European locations and creates peace of mind for pet owners through excellent access and patient safety. Every year, AniCura’s 4,000 passionate veterinary professionals attend to more than two million companion animal patients. AniCura is a trusted training and referral body. For information on how AniCura is working to shape the future of veterinary care, please visit

About Mars Petcare

Mars Petcare is a diverse and growing business with 75,000 Associates across 50+ countries dedicated to one purpose: A BETTER WORLD FOR PETS. With 75 years of experience, our portfolio of almost 50 brands serves the health and nutrition needs of the world’s pets – including brands PEDIGREE®, WHISKAS®, ROYAL CANIN®, NUTRO™, GREENIES™, SHEBA®, CESAR®, IAMS™ and EUKANUBA™ as well as The WALTHAM Centre for Pet Nutrition which has advanced research in the nutrition and health of pets for over 50 years. Mars Petcare is also a leading veterinary health provider through a network of over 2,000 pet hospitals including BANFIELD™, BLUEPEARL™, PET PARTNERS™, and VCA™. We’re also active in innovation and technology for pets, with WISDOM PANEL™ genetic health screening and DNA testing for dogs, the WHISTLE™ GPS dog tracker, and LEAP VENTURE STUDIO accelerator and COMPANION FUND™ programs that drive innovation and disruption in the pet care industry. As a family business and guided by our principles, we are privileged with the flexibility to fight for what we believe in – and we choose to fight for: A BETTER WORLD FOR PETS. For further information about Mars Petcare, please visit

Categories: News


Gimv and Top Brands are investing in Ellis Gourmet Burger – Ambition to further roll out this unique and high-quality restaurant concept in Belgium and abroad

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08/06/2018 – 07:30 | 

Gimv and Top Brands have together acquired a majority stake in fast-growing Ellis Gourmet Burger, the trendy restaurant chain for premium hamburger meals. The ambition is to further professionalise and expand in Belgium, the Netherlands and France, backed by a strong brand concept. Co-founder and CEO Thierry Canetta will continue in his role as CEO.  He reinvests significantly, thereby retaining a minority stake.

Ellis ( was established in 2011 with the mission to serve the perfect hamburger in a strong service oriented environment. Ellis Gourmet Burger uses premium products, sourced from well-known mostly local food suppliers, and collaborates with renowned Michelin-starred chefs to create its signature dishes. Its trendy restaurants at highstreet locations, table service, multicultural teams and little extras such as local speciality beers and the Ellis Gazette all contribute to the creation of a unique and high-quality dining experience. By offering a restaurant experience at affordable prices, Ellis Gourmet Burger has played a leading role in the fast casual dining wave in Belgium and its neighbouring countries. Behind the scenes, Ellis focuses on operational efficiency with rigorous quality checks, while safeguarding the consistency of the quality and the dining experience in all of its restaurants.

Driven by this strong concept, Ellis has become the reference gourmet burger chain in Belgium, with a total portfolio of 25 restaurants in Belgium, the Netherlands and France. Competitors usually only have a local presence and/or a different concept. As such, Ellis is the only sizeable Belgian gourmet burger chain with a presence across the border. The company generates a turnover of EUR 24 million (2017) with a workforce of 270 employees.

In the coming years, Ellis wants to capitalise on its unique brand positioning to become the leading player in Belgium, the Netherlands and France. In Belgium, Ellis Gourmet Burger already benefits from significant brand awareness, with a clear plan for further expansion. In the Netherlands and France, there is plenty of untapped potential for a strong concept like Ellis Gourmet Burger, albeit with local accents. Further professionalization of the organisation, amongst others in the fields of sales and marketing, is also part of the company’s growth strategy.

With Gimv and Top Brands, management has attracted two Belgian investors with complementary expertise. Top Brands is known for its portfolio of strong brands. The group has the master franchise for Pizza Hut and Boulangerie Paul in Belgium, and owns the trendy Wasbar concept. Top Brands has a proven track record in rolling out fast casual concepts in Belgium and its neighbouring countries. The group has 125 restaurants and is one of the largest players in fast casual in Belgium. Gimv’s complementary expertise in changing consumer habits, innovation and digitization, especially in the food sector, also offers tremendous added value. But especially its proven track record in transforming SMEs into international players is a true asset in this deal constellation.

Thierry Canetta, CEO of Ellis Gourmet Burger, about the transaction: “This cooperation is the perfect opportunity for Ellis Gourmet Burger to pursue its quest to serve the perfect hamburger even more passionately. The combination of Top Brands’ expertise in rolling out concepts and Gimv’s strategic insight and experience will help transform Ellis Gourmet Burger into an even stronger brand and a leading Belgian export product.”

Dirk Dewals, Head of Gimv’s Connected Consumer team, adds: “Ellis Gourmet Burger is an excellent example of the successful roll-out of a fast casual concept, capitalising on the growing trend towards indulgence. We are convinced that the knowledge and experience of Gimv, Top Brands and Ellis are very complementary, offering the best guarantee for achieving our joint growth ambitions.”

Stef Meulemans, CEO Top Brands, concludes: “Ellis Gourmet Burger perfectly fits our strategy of developing a portfolio of strong brands. Ellis has tremendous potential, and together we possess the required know-how and capabilities to continue the further rollout, both nationally and on international level.”

The transaction is subject to the usual conditions, including the approval of the antithrust authorities. No further financial details will be disclosed about this transaction.

Read all press releases

Categories: News


Ardian sells its stake in Piz’Wich after supporting its international expansion


Paris, 25 April 2018 – Ardian, a world-leading private investment house, today announces the sale of its minority holding in Piz’Wich, a specialist manufacturer of on-the-go frozen snack products, to frostkrone, one of Europe’s leading manufacturers of frozen convenience food and snack products.

Ardian Growth is a key partner for profitable growth companies generating sales of between 10 and 100 million euros annually. This success is reflected in the team’s recent fundraise of 230 million euros for its second generation Growth fund.

Ardian Growth purchased a stake in Piz’Wich in December 2016 in order to support the group’s organic growth and accelerate its international expansion, particularly through a global industry partnership strategy. These objectives were quickly achieved, thanks to further product range development and the establishment of strategy agreements with industrial groups. In fact, negotiations initially focused on forming an industry partnership in Germany have eventually led to the frostkrone acquisition. frostkrone, which now holds all shares in Piz’Wich, was itself an Ardian Expansion investment until February 2017, when its shares were sold to its current backer, Emeram Capital Partners.

Piz’Wich was founded in 2001 and has enjoyed continued growth in an evolving and expanding market. Under the direction of Stéphane Delahaye, Piz’Wich rapidly adapted its business model to focus on on-the-go frozen snack products, a niche, high-growth market. As part of this pivot, it created the “Pizza Pocket”, a successful and innovative product. With a strong focus on quality and traceability of ingredients, Piz’Wich has responded to the ever-increasing demand for these types of products, and the evolving range of consumer habits while at the same time complying with stringent certification and control requirements.

Stéphane Delahaye, CEO of Piz’Wich, said: “We have seen an intense and productive period since the beginning of our partnership with Ardian, through its investment in Piz’Wich. We have continued to develop our product range, and with the support of Ardian’s extensive network, have identified a number of industry partners worldwide as well as other external expansion targets. We would like to extend our thanks to the Ardian Growth team for their support. We now look forward to benefiting from the synergies with frostkrone and to pursuing further development in the future.”

Frédéric Quéru, Director at Ardian Growth, added: “Piz’Wich has experienced rapid development over the 16 months since our investment. Through our initial investment, we, alongside Stéphane Delahaye, were able to successfully enable Piz’Wich to roll out its strategy. The company generated strong interest from a number of players, but frostkrone, a recognized industry leader, made it clear early on they were willing to take Piz’Wich to the next level.”

Alexis Saada, Managing Director at Ardian Growth, added: “This operation, which is a testament to the high quality of products offered by Piz’Wich, places the company in an optimum position to continue its development. It also reflects our team’s comprehensive approach to high-growth companies and our partnership ethos with entrepreneurs looking for a new stage of development.”


Ardian is a world-leading private investment house with assets of US$67bn managed or advised in Europe, North America and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 490 employees working from thirteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of c.700 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Follow Ardian on Twitter @Ardian


Created in 2001 and taken over by Stéphane Delahaye in 2011, Piz’Wich is a manufacturer of white-label frozen snack products targeting supermarkets and hypermarkets, airline caterers and food service providers.
The company, located in Bulgnéville near Nancy and managed by Stéphane Delahaye, established strategic partnerships with largely international players.


frostkrone, and its subsidiary Bornholter, specializes in the development and production of frozen finger food and snack products. Since its foundation in 1997, the company has become an innovative trendsetter in the field of frozen finger food. frostkrone boasts a highly diverse portfolio of products made with cheese, fish, vegetables and meat, selling its products in grocery stores and in the food service sector.



Piz’Wich: Stéphane Delahaye
Ardian: Frédéric Quéru, Alexis Saada

  • Legal advisor: McDermott, Will & Emery (Diana Hund, Louis Leroy)
  • Tax advisor:Arsene Taxand (Franck Chaminade, Charles Dalarun)
  • M&A advisor: Invest Corporate Finance (Marc O’Neill, Maxime Bazin)

frostkrone: Frédéric Dervieux
Emeram Capital Partners: Matthias Obermeyr, Kaili Shen

  • Legal
    • GLNS: Ludger Schult and Andreas Scheidle
    • Aramis: Raphaël Mellerio and Aliénor Harel
  • Financial, tax and structure
    • PWC financial: Richard Siedek, Philippe Chavane and Olivier Lorang
    • PWC tax: Fabien Radisic
  • Structure
    • Flick Gocke Schaumburg: Christian Pitzal and Martin Oltmanns
  • Acquisition financing
    • Shearman & Sterling: Winfried Carli



Tel: +44 020 3805 4827


Categories: News


IK Investment Partners in exclusive negotiations with Equistone for the acquisition of Mademoiselle Desserts


IK Investment Partners in exclusive negotiations with Equistone for the acquisition of Mademoiselle Desserts

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK VIII Fund (“the Fund”) has entered into exclusive negotiations with Equistone Partners Europe (“Equistone”), Céréa Partenaire, Azulis Capital and the management team to acquire a majority stake in Mademoiselle Desserts (or “the Group”), a French leader in the frozen bakery industry. The management team will reinvest alongside the Fund.

Established in 1984, Mademoiselle Desserts has grown to become the leading manufacturer of premium frozen industrial finished and semi-finished pastry in Europe. Through its manufacturing sites in France, the UK and the Netherlands and highly experienced teams, the Group works closely with its customers to develop bespoke desserts to the highest food standards.

“IK’s unrivalled experience investing in European food businesses makes them an ideal partner. With their support, Mademoiselle Desserts will be well-positioned to capture market share and continue its active build-up strategy, for which we were actively backed by Equistone over these last years”, said Didier Boudy, CEO of Mademoiselle Desserts.

Arnaud Thomas, Partner at Equistone Partners Europe, added:
“We are proud of our support for the teams at Mademoiselle Desserts during nearly five years, both to develop original business lines and to pursue its international external growth strategy, particularly in the UK”.

“This investment opportunity fits perfectly into IK’s investment strategy. We are impressed by the Group’s development in the UK, France and the Netherlands. Together with the management team, we will strive to broaden the product portfolio via targeted acquisition opportunities”, said Rémi Buttiaux, Partner at IK Investment Partners and advisor to the IK VIII Fund.

Mademoiselle Desserts marks the Fund’s second acquisition in France in the past month and reasserts IK’s expertise in the food sector, developed through successful previous investments across Europe: Linxis Group (2017), Salad Signature (2016), Cérélia Group (2015), Løgismose Meyers (2015), Solina Group (2011), Europe Snacks (2010) and Labeyrie (2002) amongst others.

The transaction is subject to consultation with employee representatives and to regulatory approvals.

Parties involved

IK Investment Partners:
IK Investment Partners: Rémi Buttiaux, Dan Soudry, Diki Korniloff, Thibaut Richard, Guillaume Veber
Buyer Financial advisor: Lazard (François Guichot-Pérère, Nicolas Constant, Jean- Philippe Bescond)
Buyer Strategic DD: Bain (Jean-Marc Le Roux, Doris Galan, Daphne Vattier, Jean- Charles Redon)
Buyer Financial DD: PwC (Martin Naquet-Radiguet)
Buyer Legal advisor: Willkie Farr & Gallagher LLP (Eduardo Fernandez, Grégory de Saxcé, Paul Lombard

Equistone Partners Europe:
Equistone Partners Europe: Guillaume Jacqueau, Arnaud Thomas, Thierry Lardinois Seller Financial advisor: BNP Paribas (Marc Walbaum, Alban Bouley)
Seller Legal advisor: Goodwin (Thomas Maitrejean, Benjamin Garçon)

Mademoiselle Desserts:
Management Legal advisor: LLBerg (Olivier Abergel, Gaëlle Quillivic)
Management Financial advisor: The Silver Company (Stéphane Argyropoulos)
Audit: Eight Advisory (Stéphane Vanbergue, Benoît Bestion)

For further questions, please contact:

Mademoiselle Desserts
Barbara Bosquette
Phone : 05 53 02 32 77

IK Investment Partners
Rémi Buttiaux, Partner
Phone: +33 1 44 43 06 60

Mikaela Hedborg, Director Communications & ESG
Phone: +44 77 87 573 566

Agnès Catineau / Aurélia de Lapeyrouse
Phone: +33 (0) 1 53 96 83 83

About Mademoiselle Desserts
Mademoiselle Desserts is a leading frozen bakery player in Europe. Founded in 1984, the Group has grown through an active build-up strategy in France, the UK and Netherlands. It operates 9 production sites and employs approximately 1,300 people. For more information, visit

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan- European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9.5 billion of capital and invested in over 115 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit

About Equistone
Equistone is an independent investment firm wholly-owned and managed by its executives. The company is one of Europe’s leading investors in mid-market buyouts with a strong, consistent track record spanning over 30 years, with more than 350 transactions completed in this period. The company has a team of 37 investment professionals operating across France, Germany, Switzerland and the UK, investing as a strategic partner alongside management teams.

Categories: News


Cinven to acquire Partner in Pet Food


International private equity firm, Cinven, today announces that it has signed an agreement to acquire Partner in Pet Food (‘PPF’), a leading European pet food manufacturer, for an undisclosed amount.

Headquartered in Hungary, PPF is a market-leading pet food manufacturer with nine manufacturing operations across Europe. PPF supplies pet food to more than 250 customers in Europe, including traditional retailers, discounters, speciality pet retailers and online specialists. Its product range covers the main categories of dog and cat food including wet and dry food including single serve products. Established in 1999, the company employs more than 1,400 people and produces more than 450,000 tons of pet food per annum, distributed across 38 countries in Europe.

Cinven’s Consumer team identified PPF as an attractive investment opportunity given:

  • Pet food represents a large and resilient market, with growth underpinned by long-term trends such as the rise in pet ownership; owners buying specialist pet food; and a shift towards more premium products. The €23 billion European pet food market is forecast to continue growing at a sustained pace over the coming years;
  • PPF is a market-leading player with well-invested, pan-European production capabilities and a strong reputation for quality, reliability and innovation;
  • Attractive growth opportunities exist for PPF across its core markets throughout Europe, working together with its retail partners to deliver innovative and quality products across offline and online channels;
  • PPF has a proven track record of strong financial performance and cash-flow generation through the economic cycle, and dynamic revenue growth over the past five years;
  • A fragmented European market for pet food manufacturers represents an opportunity for PPF to participate in consolidation and capitalise on Cinven’s strong buy and build expertise, building on PPF’s existing operations; and
  • The business is managed by an exceptional team, led by Chairman and CEO Attila Balogh, together with his team, since 2009.

Maxim Crewe, Partner at Cinven, commented:

“PPF represents an opportunity to acquire one of the leading pet food manufacturers in Europe, which has demonstrated sustained growth through the cycle under its management team, led by Attila Balogh. The Cinven Consumer team has been reviewing the fast-growing pet care market for some time and we believe that PPF is well placed to continue supporting its retail partners in capitalising on this growth across both traditional retail channels as well as online.”

Matteo Corà, Senior Principal at Cinven, added:

“The European pet food market is one of the most attractive spaces in the wider consumer sector. Strong demand for pet food products – and premium products in particular – is being driven by the increased ‘humanisation’ of pets; owners want to give their pets healthier foods in a more convenient way. PPF is a highly successful business with further opportunities for growth organically, leveraging its production capabilities and track record for product innovation, and through acquisition.”

Chairman and CEO of PPF, Attila Balogh, said:

“Our mission at PPF is to provide a full range of high quality pet food products and to be the number one pet food producer in Europe. We have a great business model and are very proud of our customer relationships, the quality of our products, our European production network and innovation track record. We now have an opportunity to grow the business further and are delighted to partner with the team at Cinven to drive further organic growth, as well as focus on buy and build opportunities, in order to offer new products and reach a wider range of customers.”

Within the Consumer sector, Cinven recently acquired Planasa, a leading plant variety and nursery operators for berries worldwide to capitalise on the growth in the health and wellness consumer segment.

In addition to PPF and Planasa, Cinven’s other current Consumer sector investments are:

  • Allegro, a leading online marketplace in Poland (January 2017); and
  • Kurt Geiger, a retailer of footwear and accessories in Europe (February 2016).

Completion of the acquisition of PPF is subject to Workers Council and customary regulatory approvals.

Categories: News


FSN CAPITAL V acquires a majority stake in MØRENOT

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Fsn Capital

FSN Capital V (“FSN Capital”) has signed an agreement to acquire a majority stake in Mørenot (“Mørenot”, the “Company”), a world leading supplier of equipment and services to the world’s fishery- and aquaculture industries.

Current owners are 3rd and 4th generation descendants of the founders, and will re-invest alongside FSN Capital and continue to own a material stake in the Company.

The Company has shown strong performance in recent years and established a global platform for continued expansion.  Mørenot holds a reputation for leading quality and servicing capabilities based on innovation and local presence. The company is driving innovation within the industry, with several recent and ongoing successful projects. Global population growth and increased living standards are driving the demand for protein, and fish is a more efficient source of protein compared to e.g. chicken, pork and beef, with additional health benefits from high content of fatty acids such as Omega 3. As a global leader in this industry, Mørenot contributes to feeding the world in a healthy and sustainable manner.

With roots back to 1913, Mørenot is a Norway based, global leader in the fast-growing market for equipment and services to the fishery and aquaculture industries. The company has a strong Norwegian heritage founded on quality products, excellent service and close relationships with its customers. In 2017, Mørenot reported sales of approximately NOK 870m and the Company has generated an organic sales CAGR of 8% between 2009 and 2017. In partnership with FSN Capital, the founder families will take part in the future journey and aspire to reinforce Mørenot’s strong market position and further consolidate the market both in Norway and internationally.

FSN Capital is excited about the opportunity to play a leading part in providing the world’s growing population with a healthy source of protein in an environmentally sustainable manner. We are eager to partner with the founding family in realizing the Company’s next growth journey”, says Ulrik Smith, Partner at FSN Capital Partners AS, acting as investment adviser to FSN Capital.

“The family and the board are very proud of what the management team has achieved with the Company. The family is excited to have entered into a partnership with FSN, which will support the Company in its next phase of growth. We are optimistic about the future and look forward to the partnership.” says Sveinung Flem, Chairman of the Board of Mørenot.

The transaction is subject to approval from the competition authorities.

FSN Capital was advised by Advokatfirmaet Haavind, PwC, Bain & Company, Rambøll, White & Case, JLT, and Implement Consulting Group.

For more information please contact:

Ulrik Smith, Partner /+47 974 15 569

Morten Welo, COO & Investor Relations / +47 924 48 555


Categories: News