Funds advised by CapVest
Limited sells the Vaasan & Vaasan Group to an international private equity
investment firm, Lion Capital LLP. The acquisition
agreement was signed on May 30th, 2007, and is subject to competition authority
approval. The transaction applies to all running Group companies including
Vaasan & Vaasan Oy in Finland, its Baltic subsidiaries AS Leibur, A/S
Hanzas Maiznicas and UAB Vilniaus Duona, as well as the Swedish
subsidiary Nordic Bake Off AB.
Vaasan & Vaasan is the leading producer of fresh bread, bake-off,
crispbread and other bakery products in Finland and the Baltic States. It is also the number two producer of
bake-off products in the Nordic region and the second largest producer of
crispbread in the world. The company
has enjoyed an impressive track record of continuous sales growth over the past
six years, with net sales having grown to €334 million in 2006. Vaasan &
Vaasan employs 3,450 people and operates facilities in Finland, Sweden,
Estonia, Latvia and Lithuania.
Lion Capital is the recognised leader in investing in consumer businesses. The firm’s investment strategy is
underpinned by exceptional experience within its senior team in investing in
and operating within the consumer sector.
Lion Capital is headquartered in London and its portfolio of
market-leading food businesses includes such well-known brands as Weetabix, the UK’s number one cereal
brand and the iconic Schweppes and Orangina beverage brands in Europe.
”We are excited to be joining the Lion Capital stable of food businesses
alongside such well-known brands as Weetabix and Kettle Foods. Lion’s deep understanding of consumer
businesses, and their commitment to growing Vaasan & Vaasan organically and
through acquisitions, makes them a value-added strategic investor. There is tremendous potential within our
company for further value creation and we look forward to unlocking that
potential in the coming years with the support of the Lion team”, says Matti
Lappalainen, Chief Executive Officer of the Vaasan & Vaasan Group.
Funds advised by CapVest Limited bought Vaasan & Vaasan in 2004. The
turnover and the profitability of the company have developed favourably during
the last years. Operational models have been reformed and developed in Finland
and the Baltics. Also the Bake Off Operations of the company have been notably
broadened in Sweden. The Group has made considerable investments for example in
Sweden and the Baltics. Also export operations have grown significantly.
“Vaasan
& Vaasan represents a compelling opportunity to invest in a range of
well-recognised and trusted brands that enjoy strong market positions and are
on-trend with consumer preferences for healthier eating. Similar to our investments in Weetabix and
Kettle Foods, two market-leading food businesses owned by Lion Capital, we
intend to leverage Vaasan & Vaasan’s portfolio of strong brands and its
compelling health credentials to accelerate growth through innovation,
investment in new markets and the pursuit of value accretive and synergistic
acquisitions”, said Lyndon Lea, Founding Partner of Lion
Capital.
For further information, please contact:
Matti Lappalainen
Chief Executive Officer, the Vaasan & Vaasan Group
Tel. +358 204 46 2001
e-mail: matti.lappalainen@vaasan.com
For
Lion Capital, please contact:
Shona Prendergast/Mani Pillai
Penrose Financial
Tel. +44 (0) 20 7786 4888
Kelly Mayer
Lion Capital
Tel. +44 (0) 20 7201 2200
For CapVest, please contact:
John Keilthy/Ian O’Doherty
ReputationInc
Tel. +353 (0) 1 4786240
The Vaasan & Vaasan Group:
The Vaasan & Vaasan Group is the leading bakery business in Finland and
the Baltic region, and the second-largest Nordic operator in bake-off products. Vaasan & Vaasan is also the
second-largest crisp bread producer in the world. The Group consists of
Vaasan & Vaasan Oy in Finland, A/S Leibur in Estonia, A/S Hanzas Maiznicas
in Latvia, UAB Vilniaus Duona in Lithuania and Nordic Bake Off AB in Sweden.
Each Baltic subsidiary is the market leader in its own country, while Nordic
Bake Off AB is the second-largest producer of bake-off products in Sweden.
In 2006 the Group had a turnover of approximately EUR 334 million and it
employed some 3,450 people.
www.vaasan.com
Lion Capital:
Lion Capital is the
recognised leader in investing in consumer businesses. Headquartered in London,
the firm’s principals have been investing private equity capital since the
early 1990s and have invested approximately €2.5 billion of equity in
transactions totalling over €12 billion in value. The firm works in partnership with the management of its
companies to strategically transform the businesses in which it invests. For more information please visit: www.lioncapital.com.
CapVest
CapVest, established in 1999, is a
UK-based specialist private equity firm focussed on European mid market
buy outs. CapVest has completed over €2.3 billion of transactions since
January 2007. The current CapVest portfolio includes leading food brands,
Findus and Young’s, and CapVest recently acquired the Mater Private Hospital,
Ireland's leading specialist private hospital.
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