Them Andelsmejeri, the Danish dairy cooperative, is being sold to local private-equity firm Erhvervsinvest.
The activities of Them Andelsmejeri are being transferred to a newly established entity, Them Mejeri, the private equity fund said on Friday (5 June).
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All 12 cooperative members will continue supplying raw milk for cheese manufacturing at this entity.
The deal is subject to regulatory approvals. Financial terms were not revealed.
The sale follows the termination of Arla’s planned takeover of Them Andelsmejeri in April due to competition concerns.
At the time, Christian Schultz, the chairman of the Danish Competition Council, said: “Our research indicates that a merger between Arla and Them Andelsmejeri would harm competition with the risk of higher prices for firm and hard cheese, which accounts for around half of cheese consumption in Denmark.”
Them Andelsmejeri produces over 5,500 tonnes of organic and conventional yellow cheeses annually, including Danbo and speciality options.
It has 90 employees across dairy production, packing, warehouse, and administration teams, alongside its on-site cheese shop.
Sourcing raw milk locally, the company supplies retail, foodservice, and wholesale markets, primarily Denmark.
“With Erhvervsinvest’s ownership, we gain additional competencies that can help grow and further develop the company, strengthen our presence with our customers and at the same time open up new export markets and business areas,” noted Søren Hansen, the CEO of Them Andelsmejeri.
The acquisition of Them Andelsmejeri marks Erhvervsinvest’s fourth investment.
Thomas Marstrand, the managing partner at Erhvervsinvest, said: “We look forward to developing the company further in close partnership with the management and the dedicated Them employees, going forward under the company name Them Mejeri A/S. In addition to a continued focus on the Danish market, we also hope to create growth in selected export markets.”
It follows the fund’s October investment in another dairy in Denmark – Fayrefield Ingredients Holding.
Erhvervsinvest acquired majority of shares in Fayrefield, a supplier of milk-based ingredients, functional blends, cheese, butter and nutritional products for the food sector. Fayrefield operates production facilities in Denmark and has offices in the US, China, Poland, France, and the UAE.
Meanwhile, in March 2024, the fund acquired biscuits brand Bisca from Norwegian food group Scandza.
