EQT gobbles up Findus

EQT Scandinavia, the investment manager of the EQT Scandinavia II private equity fund, has successfully completed its negotiations with Nestle regarding the purchase of the Findus brand worldwide, excluding Switzerland and Italy, and parts of Nestle’s frozen food business in Europe. The agreement is subject to regulatory approval and consultation procedures with the workforce in certain countries.

Findus is an international frozen food brand which has its origins in the Nordic region. The acquired business encompasses Nestle’s full line of frozen food activities in the Nordic region and the UK, including prepared meals, pizzas, recipe dishes, crpes, vegetables and fish. The transaction also includes parts of Nestle’s frozen food activities in France, Spain, Belgium, the Netherlands and Portugal – mainly vegetables, potatoes, seafood, raw fish and coated fish, including fish fingers under the Croustibat brand.

Harald Einsmann, former head of Procter & Gamble Europe and Middle East, and adviser to EQT, becomes chairman of the board of directors of Findus. Total 1998 sales amounted to approximately Skr5 billion and the business being acquired employs around 3,500.