Geia Food, a poultry-to-dairy producer in Denmark, is about to get a new majority owner as Credo Partners has entered an agreement to sell its stake to another investor.
Norway-based investment firm Credo acquired a 55% share in Geia in 2017 for an undisclosed sum, and that holding will now transfer to European private-equity firm Triton Partners, headquartered in London, subject to clearance from competition authorities. Financial details have again not been revealed.
The rest of Geia’s shares remain in the hands of its management team and the company’s founders.
Geia is a private-label supplier of dairy products such as butter, yogurt and cheese. The company also offers ice cream, seafood, poultry, ready meals, fruit and vegetables. It also produces soft drinks and alcoholic beverages.
The group serves major retailers and foodservice establishments in the Nordic countries of Denmark, Sweden, Finland and Norway.
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Claus Ravnsbo, Geia's CEO, said in a statement: "The partnership with Credo has given Geia an incredibly good starting point for continuing the growth journey that the company has experienced in recent years."
Geia was created in 2014 by the merger of A-Frost and Mortensen Food. It has a turnover equivalent to NOK2bn (US$241.2m), according to the statement. The company employs 120 people across Denmark, Sweden, Norway and Finland.
Per Frankling, an investment adviser at Triton, added: "Geia Food is active in a stable Nordic market, and their model of cooperation with customers as well as customers' new needs and strategies contribute to creating really good underlying growth. Together with the company's skilled employees and management, we look forward to supporting their continued growth both organically and through acquisitions."
Gudmund Killi, a managing partner of Credo, said: "Geia Food has been a very satisfactory investment for Credo Partners, and we see the company as a highly attractive platform for further growth in the Nordic markets. I will also say that we're very pleased that we've been able to apply our core expertise in scaling businesses with an unmet strategic potential."
Triton's current portfolio includes Germany-based All4Labels, which supplies food manufacturers, and Spain-based Fertiberia, which produces agricultural chemicals used for crop fertilisation.