CapVest acquires Nordic food and beverage business Scandza
CapVest, a European mid-market private equity firm, has acquired Scandza, a Nordic consumer food and beverage business.
Jan Bodd and Stig Sunde, who established Scandza in 2007 and will continue to lead the business, have significantly increased their shareholding as part of the deal.
Scandza, which recorded a turnover of EUR236m (NOK1.8bn) in 2012, has created a fast moving consumer goods platform by taking advantage of consolidation opportunities in what continues to be a fragmented Nordic food and beverage market.
Scandza holds a portfolio of market leading brands in chilled foods, snacking and baked goods. Its portfolio includes Norway’s second largest potato chip producer, Sorlandschips; Synnove Finden, one of Norway’s leading dairy brands; and Bisca, a Danish branded biscuit and cakes business.
CapVest’s current and past Nordic investments in the food sector include Scandi Standard, a poultry producer, Findus, a frozen food manufacturer, and Vaasan, a pan-Nordic bakery business. Other CapVest portfolio companies in the region include RenoNorden, a Nordic provider of household waste collection services to municipalities in the Nordic region.
Christopher Campbell of CapVest and incoming chairman of Scandza says: “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.”
Bodd and Sunde, say: “We look forward to working with the CapVest team who have a deep understanding of our business and our markets. We have ambitious plans for growth and with CapVest’s support and commitment, we will be strongly positioned to up-scale our current platform through innovation, organic growth and further acquisitions.”
The transaction is subject to regulatory approval.
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