EQT has sold its minority stake in Candyking to Accent Equity. No financial terms were disclosed. Candyking is a Swedish candy company.
14 May 2014
In 2008, EQT Expansion Capital I Limited (“EQT Expansion Capital”) issued a mezzanine loan to Candyking and simultaneously did a minority investment corresponding to approximately 15% of the shares in the company. In January 2014 a successful refinancing of Candyking was closed, whereby the mezzanine investment was repaid in full. Following the refinancing, EQT Expansion Capital has signed an agreement with Accent to sell its remaining investment in Candyking to the Accent Equity 2008 Fund.
During the years as a lender and minority owner, EQT Expansion Capital has seen Candyking grow and improve profitability. Several strategic initiatives have been launched to improve Candyking’s business model. This has been completed by focusing on operational efficiency and the establishment of a competitive cost profile that, in turn, has facilitated organic and acquisition-driven growth and extension of Candyking’s geographical reach into several European markets. Candyking has also expanded its concept offering with Parrot’s, Premiyum and Candyking Favourites.
Closing of the transaction took place in combination with signing whereby EQT Expansion Capital has exited the Candyking investment in full.
EQT is the leading private equity group in Northern Europe, with portfolio companies in Northern and Eastern Europe, Asia and the US with total sales of more than EUR 25 billion and over 500,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
For further information please visit www.eqt.se