European mid-market private equity firm CapVest said it had purchased Nordic consumer food and beverage company Scandza. No financial terms about the deal were disclosed. Scandza's founders Jan Bodd and Stig Sunde will still head the business they started in 2007. As part of the agreement, they have also increased their shareholding in the company.
Headquartered in London, CapVest said its investment strategy is to look for and manage investments firms and sectors where "revenues are underpinned by non-discretionary demand," information on its website revealed.
Scandza, meanwhile, has successfully established a scalable consumer goods platform by capitalizing on consolidation opportunities in the fragmented Nordic food and beverage market. Known for promoting innovation in the market segments where it holds a portfolio of brands, Scandza owns leading brands in snacking, chilled foods and baked goods. Some of the brands in its portfolio incude Sorlandschips, the second biggest potato chip producer in Norway, dairy brand Synnove Finden and Danish branded biscuit and cakes business Bisca.
Scandza posted a turnover of €236 million or NOK 1.8 billion last year, a statement about the acquisition showed.
The statement also said that countries in the Nordic region have been the core geographical target market of CapVest, with its team having extensive experience operating in the area. Its present and former investments in the region include poultry producer Sandi Standard, frozen food maker Findus and pan-Nordic bakery business Vaasan. Its portfolio also includes household waste collection services RenoNorden.
In a statement, CapVest's Christopher Campbell who will also be the incoming Chairman of Scandza, said "Scandza is an ideal fit with CapVest's investment strategy. It represents a buy and build opportunity in the Nordics, one of our key investment geographies, in the food and drink sector, one of our focus industries. Most importantly, we have exceptional partners in this project in the company's two co founders, Jan Bodd and Stig Sunde. We look forward to helping them build the company through the exciting next phase of its development."
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