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Bakery firm acquired by Nordic Capital

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By James Ridler+

Last updated on 04-Jul-2017 at 14:49 GMT2017-07-04T14:49:56Z

Bakery chain Lagkagehuset has been acquired by Nordic Capital
Bakery chain Lagkagehuset has been acquired by Nordic Capital

Artisan bakery and foodservice chain Lagkagehuset has been acquired by holding company Nordic Capital from its majority shareholder FSN Capital for an undisclosed sum.

Nordic will take control of the Danish firm’s two bakeries in London, which trade under the brand Ole & Steen, as well as its 67 stores across Denmark.

The London bakeries were the first phase of Lagkagehuset’s international roll out, said Nordic, with plans to open a further two in Canary Wharf and Victoria. It planned to increase the number of its UK employees to 200 before the end of this year.

Nordic Capital partner Michael Haaning said: “Nordic Capital has a track record of investments in the food industry and sees great potential in supporting Lagkagehuset in its further expansion.

‘Further develop the company internationally’

“Nordic Capital will leverage its industry expertise within the retail sector to further develop the company internationally, supporting Lagkagehuset’s continued progress and expansion in partnership with the company’s strong management team.”

Lagkagehuset ceo Jesper Friis said the Nordic buyout would help boost the company’s international expansion plans.

“We are excited to have found a strong partner in Nordic Capital, which has the experience, industry knowledge and capital to support us bringing Lagkagehuset to the rest of the world and we are looking forward to the new ownership,” said Friis.

“We have amazing employees and products and expect continued high growth in the coming years.”

The Lagkagehuset chain ranges from large traditional bakeries to smaller urban food-to-go outlets. The company currently employs 1,800 people and has sales of £78.5M.

‘Unique culture and quality products’

FSN Capital partner Thomas Broe-Anderson added: “We started with Ole & Steen and two stores. Today, eight years later, there are 67 stores in Denmark and two in London. Lagkagehuset is above all a fantastic company with a unique culture and quality products.

“The two stores in London are the first expansion beyond Denmark's borders. I can proudly look back on our ownership period.”

There have been a number of acquisitions made by food and drink firms over the past month.

Last month, Northern Ireland food-to-go manufacturer Around Noon acquire premium sandwich and snack maker Chef in a Box for an undisclosed sum.

Meanwhile, film star George Clooney sold his US tequila brand Casamigos to drinks giant Diageo in a deal worth £790M ($1bn).

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