AXA Private Equity has acquired the entire share capital of frostkrone Holding alongside the company’s management, which is reinvesting.
The previous majority shareholder, Argantis Beteiligungs, a private equity firm focused on German SMEs, now fully exits from the company.
frostkrone and its subsidiary, Bornholter, produce and market frozen finger food and snack products such as mozzarella sticks, cream cheese jalapeños, chilli cheese nuggets and sushi. The company markets its products in food retail outlets and the food service sector. With its workforce of 102 employees, the frostkrone Group generated sales of approximately EUR36m in 2011.
AXA Private Equity and the frostkrone management intend to boost the company’s international business activities, both by expanding its sales organisation and by means of selective acquisitions in a fragmented market environment. The frostkrone Group will benefit from AXA Private Equity’s European network and from its expertise, particularly in relation to the food industry. There are also plans to further strengthen the company’s product development capability. No changes will be made to the frostkrone management team.
Dirk Wittneben, managing director, AXA Private Equity, says: “Changes in lifestyle and eating habits has led to an increasing demand for finger food and snack products. frostkrone is in an excellent position to benefit from this and to further strengthen its market position in Europe. We look forward to working with the frostkrone management in the coming years and to supporting them in the implementation of the group’s growth strategy.”
Jörg Schilling, managing director, the frostkrone Group, adds: “AXA Private Equity is the ideal partner for continuing and advancing frostkrone’s existing programme of internationalisation. We look forward to working with them and we are very confident that we will succeed in achieving our ambitious growth targets.”
