Exista announced on Friday (11 August) that it has acquired an additional 87.88m shares in Icelandic food company Bakkavor, cementing the Icelandic investment company’s position as Bakkavor’s largest shareholder. The transaction totalled ISK4.5bn (US$63.5m).

The deal raised Exista’s stake from 26.71% of the company to 30.83%. In total, the investment firm holds 662.25m shares at a market value of ISK33.8bn.

The Reykjavik-based food company specialises in fresh prepared foods. With a pro-forma turnover of GBP1bn (US$1.89bn) posted last year, Bakkavor operates 43 factories and employs 16,000 staff.