Norway’s Scandza to hand off baked goods brand to Danish investors

The transaction is expected to be completed by the second quarter of 2024.

Fiona Holland March 04 2024

Norwegian food group Scandza is selling its biscuits brand Bisca to Danish private-equity group Erhvervsinvest Management.

Financial details of the deal were not disclosed.

According to a filing on the Oslo stock exchange, the transaction will be finalised by the second quarter of this year.

This is “subject to customary closing conditions”, as well as receiving the green light from Denmark’s competition watchdog.

Scandza, a subsidiary of Oslo-based private equity investors Jordanes Investments, acquired Bisca in 2011 for an unknown sum.

When asked whether the current sale would affect employees at Bisca, a spokesperson for Scandza told Just Food: "Jordanes is selling the entire company, including all employees and assets, excluding the ownership stake in Skagerak Holding."

Bisca produces a range of sweet baked goods under the label Karens Bakery, including Danish butter cookies, brownie bites, digestives and oat biscuits.

The group also manufactures biscuits under the Karen Volf label, Snøfler cakes, Møn rye and wholegrain biscuits, as well as the All-in-one better-for-you crackers.

Its goods are produced at a facility in Stege, on the island of Møn in south-eastern Denmark.

Scandza's portfolio includes meat brands Brödernas, Lindvalls, Leiv Vidar and Finsbråten, cheese and yogurts maker Synnøve, potato crisps processors Sørlandschips and Poppa, as well as the Norwegian restaurant chain Peppes Pizza.

Erhvervsinvest has made 29 acquisitions since it was founded in 2004. The group supports both small and medium-sized enterprises across a range of industries.

Other food businesses in its portfolio include cold cuts and sausages producer Delika Food Group, pickles, relish and chutneys maker Samsø Syltefabrik, and European Freeze Dry, which supplies freeze-dried ready meals as well as fruit, vegetable, meat and dairy ingredients across Europe.

Jordanes booked a 12.6% increase in annual revenue for the full year in 2023, at Nkr6.3bn ($5.9bn). Operating profits were also up 27.2% year-on-year for the same period, at Nkr428m.

Selling the Bisca business resulted in an impairment loss of around Nkr35m in 2023.

Total revenue for FY 2023 for the investor's Branded Foods segment sat at Nkr3.6bn, which is close to a 10% hike compared to the previous period in 2022.

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