Denmark's Givesco Bakery has snapped up Swedish peer Almondy.
Givesco – a family-owned company – manufactures baked goods, chocolate and confectionery. It has a presence across Europe.
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The group said the acquisition provides "strategic benefits for both parties". Givesco will gain a stronger foothold not just in the Nordic countries but in other European countries where Almondy has a presence, which the Danish business said provides it an opportunity to move into new markets.
The acquisition also adds a bakery to Givesco's portfolio as well as access to Almondy's gluten-free cake portfolio.
Kenneth Eskildsen, CEO at Givesco Bakery, said: "The acquisition of Almondy is strategically important to us. The corporation complements our other businesses in a good way, thanks to its strong position in the Nordic countries and with its unique concept, which is just right in time. In addition to this, Almondy has many valuable partners who we will continue to develop businesses with. With this acquisition we are adding an entrepreneurial driven company, with a totally unique concept and a first class bakery plant, to our portfolio."
The move allows Almondy access to future investment allowing the brand to innovate faster and address new market opportunities in Sweden and around the world, the statement read.
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By GlobalDataAndrew Ely, Almondy MD, said: "Givesco Bakery shares our strong foodservice focus and our passion for baking, so we are delighted to be part of its business. Givesco Bakery has historically made long-term investments and has successfully developed its many business entities. Its clear strategy is to develop Almondy further and so with its expertise we look forward to being able to expand the Almondy brand into new markets while also extending our product offering."
