ALLIANCE ETIQUETTES ANNOUNCES ITS 4TH ACQUISITION WITH APPLIC’ETAINS Paris

Activa Capital

Paris and Bordeaux, 4 October 2017 – Alliance Etiquettes is actively pursuing its consolidation strategy in the wine, spirits and agri-food high-end labeling sector by announcing the acquisition of Applic’Etains, its 4th build-up since Activa Capital’s investment in July 2015.
Applic’Etains is a French company based in Nontron (Dordogne) and is specialized in the design and production of high-end pewter labels for the wine & spirits industry. The firm, which continues to grow strongly, is managed by its founder, Thierry Vandenbosch.

It is the 4th company to join the Alliance Etiquettes Group since its creation in July 2015; Alliance Etiquettes has tripled in size since Activa Capital invested. For Olivier Laulan, President of Alliance Etiquettes: “Applic’Etains is a firm with a unique positioning in the printed pewter labels’ market. This 4th acquisition reinforces our know-how and our production capacity, enabling us to bring ever more value and satisfaction to our customers. We are delighted and proud to welcome the Applic’Etains team to the Alliance Etiquettes Group”.

For Alexandre Masson, Partner at Activa Capital: “We were particularly impressed by the company’s unique expertise and privileged relationships with its prestigious clients. This operation demonstrates, once again, Alliance Etiquettes’ ability to unite the best label printing professionals around its project. For this acquisition, all the shareholders of Alliance Etiquettes as well as the manager of Applic’Etains have reinvested alongside Activa Capital. We will continue to actively pursue our strategy in France and internationally”.

Participants
Buy side
Alliance Etiquettes: Olivier Laulan
Activa Capital: Christophe Parier, Alexandre Masson, David Quatrepoint
Financial due diligence: 8 Advisory (Bertrand Perrette, Damien Petillon)
Legal due diligence: Brunswick (Sébastien Peronne, Aude Idris)
Strategic due diligence: Indefi (Julien Berger, Adam Laissaoui)
Corporate law firm: Mayer Brown (Olivier Aubouin, Marine Ollive)

Sell side
Applic’Etains: Thierry Vandenbosch
Legal advice: Lexcap (Ronan Minier)
Financing
Bank: Société Générale (Caroline Marquaille, Viktor Mamotyuk)
Bank legal advice: Herbert Smith & Freehills (Laure Bonin)
About Alliance Etiquettes
Alliance Etiquettes is a French company specialized in the design and production of premium labels for the wine and food industries. Managed by Olivier Laulan, the group generates a turnover of approximately 30 million euros in France and abroad. Learn more about Alliance Etiquettes at allianceetiquettes.com

About Activa Capital
Activa Capital is a leading French mid-market private equity firm. Activa Capital manages over €500m of private equity funds on behalf of a wide range of institutional investors. Activa Capital partners with ambitious mid-sized French companies, valued at €20m to €200m, seeking to accelerate their growth and their international footprint. Learn more about Activa Capital at activacapital.com

Activa Capital Press Contacts Steele & Holt Press Contacts
Alexandre Masson Daphné Claude
Partner
+33 1 43 12 50 12 +33 6 66 58 81 92 alexandre.masson@activacapital.com daphne@steeleandholt.com
Christelle Piatto Claire Guermond
Responsable Communication
+33 1 43 12 50 12 +33 6 31 92 22 82
christelle.piatto@activacapital.com claire@steeleandholt.com

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EQT Mid Market to sell food franchise concept BackWerk to Valora Group

eqt

  • EQT Mid Market sells food franchise concept BackWerk to Swiss-listed convenience retail and food service conglomerate Valora Group
  • During EQT Mid Market ownership, BackWerk has transformed from a bakery chain to a quick-service convenience food franchise concept, broadened its geographical footprint and strengthened the corporate governance structure

The EQT Mid Market fund (“EQT Mid Market”) today announced that it has entered into an agreement to sell German quick-service convenience food franchise concept BackWerk (or the “Company”) to the Swiss-listed convenience retail and food service conglomerate Valora Group. The transaction has an enterprise value of around EUR 190 million.

Founded 2001, BackWerk has approximately 350 stores in Germany, Austria and the Netherlands. All are franchised owned and operated by over 2250 franchise partners. The Company generated external sales of around EUR 2109 million in 2016 and has some 115 employees.

EQT Mid Market invested in BackWerk in January 2014 by acquiring a majority stake from the founders Dr. Schneider and Dr. Limmer who kept a minority stake. Since then, BackWerk has transformed from being founder-led to having a strong corporate governance model with a formal management team leading the business. The Company has expanded its number of stores from some 300 to 350, which has been much driven by a successful expansion in the Netherlands. A new brand strategy has also been launched, including a revitalization of the store concept, as well as a strengthened product offering focusing on out-of-home products.

Karl Brauckmann, CEO of BackWerk, explains: “Valora is the ideal partner for us to maintain our strong growth of the past few years. We are pleased that we can, from now, be part of this dynamic and innovative company and thus make a significant contribution to Valora’s continued growth. We believe Valora will be the ideal partner to continue BackWerk’s growth path over the next years. We are happy to become a part of this dynamic and innovative company and look forward to contributing our share to the continued success and growth of Valora.”

Dr. Andreas Fischer, Partner at EQT Partners and Investment Advisor to EQT Mid Market, adds: “We are pleased to have found a long-term home for BackWerk and are convinced that the Company will continue to thrive as part of the Valora Groupportfolio. During EQT Mid Market’s investment, BackWerk has transformed from a bakery chain to a leading German quick-service convenience concept, now spurred for future growth. It has been an exciting journey and we want to thank the management team as well as the founders for a trustful collaboration.”

The agreement is subject to customary anti-trust clearance and the transaction is expected to close in the fourth quarter of 2017. EQT Mid Market was advised by William Blair and Orrick, Herrington & Sutcliffe.

Contact Information
Dr. Andreas Fischer, Partner at EQT Partners, Investment Advisor to EQT Mid Market +49 1 517 29 15 751
EQT Press Office, +46 8 506 55 334

About EQT
EQT is a leading alternative investments firm with approximately EUR 37 billion in raised capital across 24 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About Valora
Valora Group runs a retail network of approximately 2,500 convenience and food-service outlets in Switzerland, Germany, Austria, Luxembourg and France, servicing more than one million customers per day. Valora Group owns brands such as k kiosk, Brezelkönig, Ditsch, Press & Books, avec, Caffè Spettacolo or ok.- and generates external sales of approximately CHF 2.5 billion per year with more than 4 000 employees. The Group is headquartered in Muttenz, Switzerland, and traded on the SIX Swiss Exchange.

More info: www.valora.com

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Majority Share of Blue Bottle Coffee Acquired by Nestlé

Index Ventures

Blue Bottle Coffee today announced that it has reached an agreement to sell a majority stake to Nestlé SA.

Management will hold 32% of the business in a signal that heralds a successful partnership. Blue Bottle Coffee will continue to operate as a stand-alone entity which, founded in 2002, has been committed to sourcing and roasting the world’s best, most sustainable coffees and serving them in their cafes in North America and Japan. Current Blue Bottle leadership stays the same with Bryan Meehan as CEO and James Freeman, Founder, continuing in his role as Chief Product Officer. The company will continue to operate out of its Oakland, California headquarters.

“My goal as CEO has been to secure a sustainable future for Blue Bottle Coffee that would enable it to flourish for many years to come. I’m excited to work with Nestlé to take a long-term approach to becoming a global leader in specialty coffee. We felt a real kinship with the team and knew it was the right move for us,” said Blue Bottle Coffee CEO Bryan Meehan. Blue Bottle Coffee started as a home delivery business, with James Freeman roasting coffee out of a 183-square-foot potting shed. Over its fifteen years in business, the
company experienced a meteoric ascent, growing beyond the Bay Area to New York, Los Angeles, and Tokyo, and putting the concept of third-wave coffee on the map. It distinguished itself in the early days of craft coffee by treating coffee as a seasonal product with a shelf life.

Blue Bottle has a strong track record of growth with 25 new cafes slated for 2017, including cafes in iconic sites like the World Trade Center (forthcoming), and entry into three new markets of Washington, D.C., Miami, and Boston. The company will grow by 70% this year.

The deal enables Blue Bottle to:

  • Grow coffee technologies and continue to break ground in the quest for superlative coffee
  • Expand career opportunities and benefits for its people and cafe teams
  • Open new cafes and roasteries, nationally and internationally
  • Build a robust digital program serving international guests in more countries
  • Expand the product line of consumer packaged goods (currently NOLA cartons,
  • Cold Brew cans, and Blue Bottle’s groundbreaking Perfectly Ground pre-ground coffee) and widen distribution to a global audience

“This move underlines Nestlé’s focus on investing in high-growth categories and acting on consumer trends,” said Nestlé CEO Mark Schneider. “Blue Bottle’s passion for quality coffee and mission-based outlook make for a highly successful brand. Their path to scale is clearly defined and benefits from increasing consumer appreciation for delicious and sustainable coffee.”

Blue Bottle’s commitment to its core values has led to the establishment of the Blue Bottle Coffee Foundation, a donor-advised fund that promotes the values of deliciousness, hospitality, and sustainability through charitable giving. Blue Bottle has consistently given back to communities via employee volunteer programs and donations from new cafe proceeds and the Foundation will now allow for greater giving and participation. Most recently Blue Bottle donated the entirety of proceeds from the opening day of the Georgetown D.C. cafe to the Natural Resources Defense Council (NRDC).

“Fifteen years ago I started this company with the goal of roasting, brewing, and selling superlative coffee,” said founder James Freeman. “Nestlé’s belief in our coffee, our process, and, most importantly, our people, assured us that this is a deal that will enable us to dream longer and further into the future than I previously imagined possible.”

Blue Bottle Coffee is advised by J.P. Morgan Securities LLC and Koenig, Oelsner, Taylor, Schoenfeld & Gaddis PC.

About Blue Bottle
Blue Bottle Coffee was founded by James Freeman in Oakland, California, in 2002. A self-declared coffee lunatic, James hand-roasted beans in a 183 square-foot potting shed and then delivered them to friends from his Peugeot wagon. Blue Bottle is now a small but mighty network of cafes in the Bay Area, Los Angeles, New York, D.C., and
Tokyo. Improbably and delightfully, the company continues to grow, but remains united by the simple purpose of sourcing and roasting the world’s best, most sustainable coffees and serving them at peak deliciousness. To find out more, visit bluebottlecoffee.com.

About Nestlé

Nestlé is the world’s largest food and beverage company. It is present in 191 countries around the world, and its 328,000 employees are committed to Nestlé’s purpose of enhancing quality of life and contributing to a healthier future. Nestlé offers a wide portfolio of products and services for people and their pets throughout their lives. Its more than 2000 brands range from global icons like Nescafé or Nespresso to local favorites like Lean Cuisine. Company performance is driven by its Nutrition, Health and Wellness strategy. Nestlé is based in the Swiss town of Vevey where it was founded more than 150 years ago.

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Investment in Middle eastern bakery business

Mizuho logo

Investment in the Middle Eastern bakery business via the Gulf Japan Food Fund, a Private Equity fund set up to promote exports to that region -Supporting expansion of Japanese food and agricultural exports-

 

In July 2017, the Gulf Japan Food Fund (below: “GJFF”), owned by investors including Mizuho Bank, Ltd. (President & CEO: Koji Fujiwara) and The Norinchukin Bank (President & CEO:Yoshio Kono), invested in Yamanote Atelier Restaurant LLC (below: “Yamanote”; owners: Sheikh Suhail Al Maktoum, Mrs Hamda Al Thani), a firm developing a Japanese bakery business in Dubai, U.A.E.

The GJFF is a private equity fund set up to promote export growth of Japan’s agricultural, forestry and fisheries products and the food security of the six Gulf Cooperation Council countries (below: “GCC”), mainly in financial terms. The fund began investment operations on 3 March, 2016. Fund stakeholders on the Japanese side, apart from Mizuho Bank and Norinchukin Bank, also include the Cool Japan Fund, a public/private fund. Those on the Middle Eastern side include the Gulf Investment Corporation (GIC), and sovereign wealth funds. Together, all these organizations have collectively invested USD 390 million.

Yamanote is a bakery chain established by Dubai’s Ruling Family, based on the concept of “Japanese Bakery”. It emphasizes high quality and food safety, and imports most of the ingredients from Japan. The firm plans to benefit from this time’s investment round by constructing central kitchen facilities and expanding its branch network mainly in the GCC countries.

By supporting Yamanote’s business expansion through investment, the GJFF intends to promote further export growth not only of Japan’s agricultural products like dairy goods, wheat, rice and azuki beans but also the country’s other food and agricultural products like confectionery goods and beverages.

Going forward, Mizuho Bank and Norinchukin Bank plan to continue contributing to the creation of added value and new markets in the agricultural and food business, via the GJFF.

Mizuho Bank, Ltd.

The Norinchukin Bank

 

 

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JAB Completes Acquisition of Panera Bread Company

  1. JAB Holding
  2. LOUIS, MO-July 18, 2017–

Panera Bread Company (“Panera” or the “Company”) (NASDAQ: PNRA) and JAB today announced the successful completion of the acquisition of Panera by an investment vehicle of JAB Consumer Fund and JAB Holding Company.

The acquisition was announced on April 5, 2017, and the transaction closed and became effective today.Under the terms of the transaction, Company shareholders will receive $315 per share in cash for each share they own. As a result of the completion of the acquisition, Panera’s common stock will cease trading as of today on the NASDAQ Global Select Market.

About Panera

Thirty years ago, at a time when quick service meant low quality, Panera set out to challenge this expectation. We believed that food that was good and that you could feel good about, served in a warm and welcoming environment by people who cared, could bring out the best in all of us. To us, that is food as it should be and that is why we exist. So we began with a simple commitment: to bake fresh bread every day in our bakery – cafes. No short cuts, just bakers with simple ingredients and hot ovens. Each night, any unsold bread and baked goods were shared with neighbors in need.

These traditions carry on today, as we have continued to find ways to be an ally to our guests. That means crafting a menu of soups, salads and sandwiches that we are proud to feed our families. Like poultry and pork raised without antibiotics on our salads and sandwiches. A commitment to transparency and options that empower our guests to eat the way they want. Seasonal flavors and whole grains. And a commitment to removing artificial additives (flavors, sweeteners, preservatives and colors from artificial sources) from the food in our bakery – cafes. Why? Because we think that simpler is better and we believe in serving food as it should be. Because when you don’t have to compromise to eat well, all that is left is the joy of eating. We’re also focused on improving quality and convenience. With investments in technology and operations, we now offer new ways to enjoy your Panera favorites — like mobile ordering and Rapid PickUp for to- go orders — all designed to make things easier for our guests.

As of June 27, 2017, there were 2,043 bakery – cafes in 46 states and in Ontario, Canada operating under the Panera Bread(R), Saint Louis Bread Co. (R) or Paradise Bakery & Cafe(R) names. For more information, visit panerabread.com or find us on Twitter (@panerabread), Facebook (facebook.com/panerabread) or Instagram (@panerabread).

About JAB

JAB Holding Company and JAB Consumer Fund invest in companies with premium brands, attractive growth and strong margin dynamics in the Consumer Goods category. Both JAB Holding Company and JAB Consumer Fund are overseen by its three Senior Partners, Peter Harf, Bart Becht (Chairman) and Olivier Goudet (CEO). Together, JAB Holding Company and JAB Consumer Fund have controlling stakes in Keurig Green Mountain, a leader in single – serve coffee and beverage technologies, Jacobs Douwe Egberts (JDE), the largest pure – play FMCG coffee company in the world, Peet’s Coffee & Tea, a premier specialty coffee and tea company, Caribou Coffee Company, a specialty retailer of high-quality premium coffee products, instein Noah Restaurant Group, Inc., a leading company in the quick-casual segment of the restaurant industry, Krispy Kreme Doughnuts, a global specialty retailer and wholesaler of premium – quality sweet treats, and in Espresso House, the largest branded coffee shop chain in Scandinavia.

 

JAB Holding Company is also the largest shareholder in Coty Inc., a global leader in beauty, and owns a controlling stake in luxury goods companies including Jimmy Choo, Bally and Belstaff as well as a minority stake in Reckitt Benckiser PLC, a global leader in health, hygiene and home products. For more information, please visit the company’s website at: http://www.jabholco.com.

Contacts Panera:

Mike Bufano

Senior Vice President & CFO

mike.bufano@panerabread.com

Steve West

Vice President of Investor Relations

steve.west@panerabread.com

 

JAB:

Abernathy MacGregor Group

Tom Johnson/Pat Tucker

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Swander Pace Capital Sells Lavo to KIK Custom Products

Swander Pace logo

Swander Pace Capital Sells Lavo to KIK Custom Products

ONTARIO, CANADA (July 6, 2017) – Swander Pace Capital, a leading private equity firm specializing in consumer products companies, has sold Lavo Inc., a leading manufacturer and marketer of laundry detergent, household cleaners, fabric softeners and bleach in Canada, to KIK Custom Products Inc.

Lavo has been selling high-quality products for more than a century. The company’s brands include La Parisienne, Hertel, Springtime, Old Dutch, Arctic Power and ABC.

“The strong heritage of these brands and world class capabilities served as the foundation of our growth strategy,” said Roger Dickhout, Chief Executive Officer of Lavo. “Our ability to leverage best practices from other Swander Pace companies, continue to build the company’s core competencies, capitalize on growth opportunities, and successfully integrate the Arctic Power and ABC brand acquisitions were critical drivers of value creation. We are pleased that KIK can help create future opportunities for the company.”

“We are grateful to the Lavo team and all of our employees for their hard work and contributions during our ownership,” said Andrew Richards, managing director of Swander Pace. “We look forward to watching the team continue to grow and flourish as part of the KIK organization.”

Sawaya Segalas & Co., LLC served as exclusive financial advisor to Lavo and Swander Pace Capital, and Stikeman Elliott LLP acted as legal counsel to Lavo and Swander Pace Capital on the transaction.

About Swander Pace Capital 

Swander Pace Capital (SPC) is a private equity firm that invests in companies that are integral to consumers’ lives. SPC’s consumer industry expertise informs the firm’s strategic approach and adds value through access to its proven SPC Playbook, senior team and extensive network. The firm partners with management teams to help build companies to their full potential. SPC invests in businesses across three domains of consumer lifestyles: Food & Beverage, Body & Wellness and Home & Family. With offices in San Francisco, New Jersey and Toronto, SPC has invested in more than 45 companies and raised cumulative equity commitments of approximately $1.8 billion since 1996. For more information, visit www.spcap.com.

About Lavo

Lavo is the leading independent manufacturer and marketer of laundry and cleaning products in Canada. Lavo distributes and markets under owned brands La Parisienne, Hertel, Springtime, Old Dutch, Arctic Power, and ABC. These brands carry a strong reputation among Canadian consumers, and are sold in grocery stores, pharmacies, mass retailers, and warehouse clubs. Lavo is also a leading private label laundry product supplier, and markets bulk bleach to the industrial sector.

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Gimv invests in Snack Connection, a leading nut supplier

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Gimv

Gimv invests in Snack Connection, a leading nut supplier

Today, Gimv is announcing its investment in Snack Connection (www.snack-connection.nl). This Dutch company is purchasing, processing, mixing and packaging nuts and similar products.

Established in 2010 by Managing Director Perry van Otterloo and CFO Rens van Oostrum, Snack Connection provides private label solutions for the European retail and B2B markets. Snack Connection has two modern production sites based in Giessen and Bergschenhoek, in the Netherlands, and employs over 100 people. It provides a solution to the growing demand for convenience and healthy food, thanks to its wide range of nuts and seeds. The company acts as a flexible partner, thinking along with retailers, from a value-added viewpoint. This approach leads to innovative packaging materials, tailor-made designs and joint management of the product offering.

Building on its unique position and strong customer base in the Netherlands, Snack Connection is aiming to continue its expansion across the European market in the coming years. This will happen by developing existing customer relationships as well as entering into new partnerships, both at home and abroad. Gimv’s expertise, that was built up at the occasion of previous investments in the food sector, is certainly of added value.

Perry van Otterloo, Managing Director of Snack Connection, on this partnership: “With Gimv by our side, we hope to become an even better partner for our customers and suppliers. We are relying on Gimv’s knowledge and network to become an active player on the European market. The nut market can look forward to increased interest, also due to its health benefits. In addition, we can accelerate our further plans.”

Arie Hooimeijer, Partner in Gimv’s Connected Consumer Team, adds: “Snack Connection is a unique organisation in an attractive and fast-growing segment. Together with Snack Connection’s founders, we are proud that Gimv can co-shape the future growth of the company. We will use the years of experience in previous partnerships with food companies, such as Vandemoortele and Greenyard, to further enhance Snack Connection’s growth and to further strengthen the customer relationships.”

One key outcome of this investment is Gimv’s acquisition of the current major shareholder Trophas’ share.

The transaction is subject to the customary closing conditions, including approval by the competition authorities. No further financial details of the transaction have been announced.

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FSN Capital III exits Lagkagehuset

FSN Capital III exits Lagkagehuset

FSN Capital III has signed an agreement to sell its majority shareholding in Lagkagehuset.

Lagkagehuset is the leading premium bakery chain with 66 stores in Denmark and a presence in the UK. The company operates a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee. Its attractive quality products and proven concept is based on a business model with own bakery production and a scalable roll-out strategy. The stores in the UK under the “Ole & Steen” brand are the first phase of an international roll out, proving that the business model is highly scalable.

After several years of significant growth in the Danish market, and a recent launch in London, Lagkagehuset is now well positioned for further internationalisation with Nordic Capital as the new owner of the company. Nordic Capital will acquire the entire FSN Capital’s majority shareholding in Lagkagehuset A/S. At the same time, Nordic Capital will also acquire the two founders, Ole Kristoffersen’s and Steen Skallebæk’s shares in Lagkagehuset.

“Nordic Capital has in recent years made several investments in the food industry and sees great potential in supporting Lagkagehuset in its further expansion. Lagkagehuset has a great customer-oriented concept that delivers quality products every day and has created strong preferences for consumers in Denmark. Following a recent launch in London, the next step is now to evaluate and develop a plan for further internationalisation where we will level further with Nordic Capitals industry expertise within the retail sector. Nordic Capital is looking forward to support Lagkagehuset’s continued development and expansion in partnership with the the company’s strong management team,” says Michael Haaning, Partner at NC Advisory A/S, advisor to the Nordic Capital Funds.

“We started with Ole and Steen and two stores. Today, eight years later, there are 68 stores in Denmark and two in London. Lagkagehuset is above all a fantastic company with a unique culture and quality products. The two stores in London are the first expansion beyond Denmark’s borders. There will be 200 employees in London before this year’s end, so it’s gone far beyond our expectations. Against this background, I can proudly look back on our ownership period,” says Thomas Broe-Andersen, Partner at FSN Capital, advisor to the FSN Capital Funds.

“We have had a really great cooperation with our owners FSN. We are looking forward to the new ownership and we are exited to have found a strong partner in Nordic Capital with both the experience, industry knowledge and capital to support us in our continued growth journey to bring Lagkagehuset to the rest of the world. We have amazing employees and products and we expect continued high growth in the coming years”, says Jesper Friis, CEO of Lagkagehuset

Lagkagehuset has over the last couple of years professionalised the fresh bakery industry and has taken its concept international as a response to the increasing public focus on healthy quality food products. The Lagkagehuset chain has a high degree of flexibility of concept, ranging from large traditional bakery to smaller urban food-to-go outlets. Lagkagehuset’s business model which enables high quality at scale, has along with its strong brand and modern retail concept, been highly successful in the Danish market where the company now has 68 stores. The company reported revenues of DKK 665 million in 2016 and a total of 1,800 employees. The company grew by 20 per cent in 2016.

FSN Capital was advised by FIH Partners, Accura, PwC, and BCG.

The parties have agreed not to disclose the financial terms of the transaction.

The investment is subject to approval by the relevant authorities.

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Nordic Capital acquires leading bakery and food-service chain Lagkagehuset

Nordic Capital Fund VIII “Nordic Capital” acquires Lagkagehuset, a leading premium Danish bakery and food-service chain from FSN Capital who is selling its majority shareholding in the company after eight years of ownership. Lagkagehuset has stores throughout Denmark and a newly established presence in London. Nordic Capital sees great potential in supporting the acceleration of Lagkagehuset’s continued growth in Denmark as well as internationally.

Lagkagehuset is a leading premium bakery and food-service chain in Denmark with 67 stores, and a newly established presence in the UK. The company operates a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee. Its unique offering, quality products and proven concept are based on a business model with in-house bakery production and a scalable roll-out strategy. The stores in the UK, trading under the “Ole & Steen” brand, are the first phase of an international roll out and prove that the business model is highly scalable.

After several years of significant growth in the Danish market and a recent launch in London, Lagkagehuset is now well positioned for further internationalisation with Nordic Capital as the new owner of the company. Nordic Capital will acquire FSN Capital’s entire majority shareholding in Lagkagehuset A/S, as well as the stakes held by the two founders, Ole Kristoffersen and Steen Skallebæk.

“Nordic Capital has a track record of investments in the food industry and sees great potential in supporting Lagkagehuset in its further expansion. Lagkagehuset has a great customer-oriented concept that delivers high quality products every day and is a preferred brand for consumers in Denmark. Nordic Capital’s will leverage its industry expertise within the retail sector to further develop the company internationally supporting Lagkagehuset’s continued progress and expansion in partnership with the company’s strong management team,” says Michael Haaning, Partner, NC Advisory A/S, advisor to the Nordic Capital Funds.

“We started with Ole and Steen and two stores. Today, eight years later, there are 67 stores in Denmark and 2 in London. Lagkagehuset is above all a fantastic company with a unique culture and quality products. The 2 stores in London are the first expansion beyond Denmark’s borders. There will be 200 employees in London before year end, so it’s it has gone far beyond our expectations. I can proudly look back on our ownership period,” says Thomas Broe-Andersen, Partner at FSN Capital.

“We have had a really great cooperation with our owners FSN. We are excited to have found a strong partner in Nordic Capital, which has the experience, industry knowledge and capital to support us bringing Lagkagehuset to the rest of the world and we are looking forward to the new ownership. We have amazing employees and products and expect continued high growth in the coming years” says Jesper Friis, CEO of Lagkagehuset.

Lagkagehuset has professionalised the fresh bakery industry responding to the increasing public focus on healthy quality food products, a concept that resonates internationally. The Lagkagehuset chain has a high degree of flexibility of concept, ranging from large traditional bakeries to smaller urban food-to-go outlets. Lagkagehuset’s business model enables high quality at scale, and its strong brand and modern retail concept has been highly successful in the Danish market where the company now has 67 stores. The company has a total of 1,800 employees, reported revenues of DKK 665 million and growth of 20% in 2016.

The parties have agreed not to disclose the financial terms of the transaction.

The investment is subject to approval by the relevant authority.

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Conclusion of share sale: Greenyard food group, global player in vegetables and fruit

Gimv

Conclusion of share sale: Greenyard food group, global player in vegetables and fruit

Gimv was recently able to conclude the reduction of its participation in Greenyard, global market leader in vegetables and fruit, on Euronext Brussels (GREEN) with the sale of shares on the stock market.

In 2011, Gimv became a minority shareholder in PinguinLutosa via the Gimv-XL fund. With the objective of stimulating the further growth of successful Flemish companies to the next level and giving them the opportunity to achieve their ambitious plans, we were able, together with entrepreneur Hein Deprez and the Management, to realise the further expansion and growth of the company, first with the takeover of Scana-Noliko and later via the fusion with Univeg as well as many other investments in modern technology, capacity and other takeovers.

Today, the Greenyard group (www.greenyard.group) is the global market leader in vegetables and fruit with a client base comprised of the most important retailers in Europe. As a specialist in the processing and commercialisation of harvest-fresh vegetables, fruit and ready-made meals, the group is active in over 25 countries worldwide. With 9,000 employees and an annual turnover of approximately EUR 4.25 billion, it is, on an annual basis, one of the largest vegetable processors in Europe.

Over the entire 6 year investment period, this investment has resulted in returns that have exceeded the long-term average of Gimv. No further details about this transaction will be disclosed.

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