CapVest, a European middle market firm, has acquired Scandza, a Nordic consumer food and beverage business. Jan Bodd and Stig Sunde, who launched Scandza in 2007, will continue to lead the business and have increased their shareholding as part of the deal.
CapVest, an established European mid-market private equity firm, has acquired Scandza AS (“Scandza”), a leading 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 €236 million (NOK 1.8 billion) in 2012, has been very successful in creating a scalable 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 and has an established reputation for driving innovation within these market segments. Its portfolio includes Norway’s second largest potato chip producer, Sorlandschips AS; Synnove Finden AS, one of Norway’s leading dairy brands; and Bisca, a leading Danish branded biscuit and cakes business.
For CapVest, the Nordic countries have long been core geographical target markets and the CapVest team has extensive experience of operating across the region.
CapVest’s current and past Nordic investments in the food sector include Scandi Standard, Scandinavia’s leading poultry producer, Findus, the leading frozen food manufacturer and Vaasan, a pan-Nordic bakery business. Other CapVest portfolio companies in the region include RenoNorden, the leading Nordic provider of household waste collection services to municipalities in the Nordic region.
Commenting on the transaction, Christopher Campbell of CapVest and 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.”
In a joint statement, Jan Bodd and Stig Sunde said:
”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.