Swedish ice cream maker Alvestaglass plans to offer SEK10m (US$1m) in new shares to support its expansion into new product categories.
Since April this year, the company, based in the city of Vaxjo, has been manufacturing protein bars and what it calls “functional” chewing gum and drinks, which now form 20% of Alvestaglass’s total revenues, a spokesperson told just-food.
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As well as its own brands, the firm also has distribution agreements with “several” other ice cream manufacturers. During the summer, Alvestaglass acquired Nordic Mochi, a local European distributor of the mochi ice-cream brand Bubbies.
A so-called book building process is underway for the new share sale, which is expected to be completed in October, as the company seeks to diversify its shareholder base ahead of a separate stock listing. Alvestaglass is seeking to list on a multilateral trading facility (MTF), an EU regulatory term for a trading platform offering an alternative to a traditional stock exchange.
The spokesperson could not provide any further information about the listing but did say it hopes to bring it to fruition during the first six months of next year.
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Chief executive Richard Hertvig and Dan Isaksson hold a majority stake in the business of a touch under 71%, while Alvestaglass Partners Sweden owns the remainder. The latter is open to participate in the SEK10m share sale, the spokesperson confirmed.
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By GlobalDataAlvestaglass’s products are sold in 2,500 supermarkets across Sweden as well as via its own online channel, while it also exports overseas, the spokesperson said.
