Findus, the Sweden-based frozen food manufacturer, is interested in opening talks to acquire all the shares in Gro Industrier, Norway’s leading frozen vegetable producer.
“We want Findus and Gro Industrier to be one company in the future. We feel the inclusion of Gro Industrier would add real value to Fundus’ frozen foods international operations,” said Oivind Moan, Findus CEO.
Gro Industrier is owned by Norway-based A.L. Gartnerhallen (25%) and Bama Gruppen (75%). Gro Industrier posted an operating profit of EUR6.3m (US$8.3m) on revenues of EUR66m in 2005. Findus had sales in 2005 of EUR120m.
CapVest Equity Partners, the US based private equity firm, agreed to acquire Findus from EQT Partners for an undisclosed consideration in January 2006. Industry analysts valued the transaction at around EUR550m. EQT had acquired Findus from Nestlé in January 2000.
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