Finnish food and beverage group Paulig has sold its Risenta brand to Swedish consumer goods company Midsona for Skr45m ($4.7m).

In a statement today (31 March), Paulig said the sale is part of its “strategy to sharpen focus” on world foods and Tex Mex.

Lenita Ingelin, the SVP of Paulig's branded business area, said: “Paulig’s growth and results are primarily driven by world foods and Tex Mex and this is where our ambition lies going forward.”

The disposal covers Risenta’s brand, intellectual property, the associated business and connected production lines, according to the statement.

Paulig added the deal does not involve transferring any staff to Midsona.

The Risenta business sells products in Sweden, including seeds and kernels, flours and breakfast items. The brand has been owned by Paulig since 2015.

In a separate statement, Midsona said it “views the acquisition as an opportunity to further strengthen its position as one of Sweden’s leading companies within healthy foods”.

Henrik Hjalmarsson, Midsona president and CEO, added: “Risenta is a brand that fits well into our platform of well-established brands with strong positions within healthy foods on the Nordic market.”

Midsona said the deal is forecast to lift its EBIT margin and earnings per share, while adding around Skr130m in annual revenue.

The companies are targeting 1 June to close the transaction, which remains subject to regulatory review.

Paulig has recently been reshaping parts of its manufacturing footprint.

In January, Paulig said it planned to end production at a spices plant in Mölndal, south of Gothenburg, and shift operations to Estonia, citing higher input costs. 

In July, it announced plans to invest €12m (then $14.1m) to expand capacity at its Berga facility in Barcelona, including the installation of a new flour tortilla line, which the group said “responds to the growing global demand” for Tex-Mex products.