Hiestand, the Switzerland-based baker, said today (22 February) that hedge fund Focus Capital had sold its 32% stake in the business – a day after the company saw a new investor buy an identical holding.
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Yesterday afternoon, UK-based private equity group Lion Capital said it had bought a 32% stake in the Swiss bakery group.
The private equity firm, which owns UK cereal business Weetabix and US firm Kettle Foods, said it had bought 170,000 shares in the business for an undisclosed sum.
Lion refused to comment on who had sold it the stake when contacted by just-food.
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