Private equity firm CapVest Equity Partners has partnered with Lantmännen in a deal that, it said, will create the Nordics “premier poultry producer” with a turnover of more than SEK5bn (US$776m).

CapVest acquired Kronfågel Group in Sweden and Denmark from Lantmännen and Cardinal Foods in Norway from CapMan. The new company will consist of Kronfågel, SweHatch and Skånefågel in Sweden, Danpo in Denmark and Cardinal Foods in Norway, CapVest said in a statement.

The terms of the transaction were not disclosed. CapVest will be the controlling shareholder in the newly-created company, holding a 52% stake, while Lantmännen will hold a significant minority stake.

The new business will be lead by a combination of managers from Kronfågel Group and Cardinal Foods. It will focus on developing the business internationally as well as expanding through product development and innovation.

“This transaction combines market leading businesses with an exceptional management team, creating a platform from which to grow and expand both locally and further afield,” Kate Briant, partner at CapVest and incoming chairman said.