Nordic baker Almondy has been sold to a Swedish private equity firm, it was announced today (25 June).

Segulah III, part of the Segulah private equity partnership, said it had snapped up the Gothenburg-based business from London-based private equity firm Smedvig Capital. Financial details were not disclosed.

”Almondy is an exciting and well run company with high quality products well aligned with modern consumer preferences,” said Peter Elving, the future chairman of the business. “The growth has been impressive and together with the management team I look forward to develop the company further through expansion in the Nordic region as well as in the rest of Europe.”

Elving, a former executive for Kraft Foods in the Nordic region, advised Segulah on the deal, alongside Svante Nilsson, the ex-CEO of Swedish retailer Ica. Nilsson will join Almondy as a board member.

Almondy CEO Marius Jerndahl said the change of ownership would help the company expand further into Europe. “We are barely scratching the surface of the great potential we have in Europe, so there is plenty of growth still to come,” Jerndahl said.

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Segulah already owns natural snacks firm Nilssons Gott.