London-based private equity group Lion Capital has announced that it has agreed to acquire the Scandinavian bakery goods producer Vaasan & Vaasan from funds advised by CapVest. The deal is expected to be completed in July 2007.
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Lyndon Lea, founding partner of Lion Capital, described the move as a “compelling” investment for the group.
“Vaasan & Vaasan represents a compelling opportunity to invest in a range of well-recognised and trusted brands that enjoy strong market positions and are on-trend with consumer preferences for healthier eating,” Lea said. “Similar to our investments in Weetabix and Kettle Foods, two market-leading food businesses owned by Lion Capital, we intend to leverage Vaasan & Vaasan’s portfolio of strong brands and its compelling health credentials to accelerate growth through innovation, investment in new markets and the pursuit of value accretive and synergistic acquisitions.”
Matti Lappalainen, CEO of Vaasan & Vaasan, which is headquartered in Finland but also operates in Sweden and the Baltic region, said: “We are excited to be joining the Lion Capital stable of food businesses alongside such well-known brands as Weetabix and Kettle Foods. Lion’s deep understanding of consumer businesses, and their commitment to growing Vaasan & Vaasan organically and through acquisitions, makes them a value-added strategic investor. There is tremendous potential within our company for further value creation and we look forward to unlocking that potential in the coming years with the support of the Lion team.”
Vaasan & Vaasan is the leading producer of fresh bread, bake-off, crispbread and other bakery products in Finland and the Baltic States. It is also the number two producer of bake-off products in the Nordic region and the second largest producer of crispbread in the world.
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By GlobalDataThe company has enjoyed continuous sales growth over the past six years, with revenues reaching EUR334m (US$448.8m) in 2006. Vaasan & Vaasan employs around 3,450 people in units in Finland, Sweden and the Baltics.
