Fidelio increases its ownership in Greenfood

Greenfood today announces that Fidelio is increasing its ownership in the group. Fidelio, which has been a long-standing minority shareholder for almost 15 years, now becomes the majority owner. The transaction marks the culmination of a productive partnership with Nordic Capital and paves the way for Greenfood’s accelerated international expansion together with Fidelio.

Fidelio is increasing its ownership in Greenfood by acquiring Nordic Capital’s stake in the group. This marks the beginning of an exciting new phase for Greenfood, a company that has delivered record financial results in 2024 and established a leading position in the healthy food space in Europe and the U.S.

"As a long-standing shareholder, Fidelio has deep conviction in Greenfood’s platform and leadership team. We are excited to build on their strong foundation and to further support Greenfood’s international expansion," said Theodor Bonnier, Head of Value Creation at Fidelio.

Greenfood has established itself as a leader in healthy, affordable, and sustainable foods across Europe and the US. Since 2016, Greenfood has nearly doubled its revenues to SEK 5.6 billion and, through its foodtech company Picadeli, expanded its presence to ten international markets and 2,100 locations.

Nordic Capital, which became the majority shareholder in 2016, has played a key role in accelerating Greenfood’s expansion, alongside Fidelio. The partnership has enabled Greenfood to strengthen its platform and operations, even in challenging periods such as the pandemic, when certain business areas, like Picadeli, were temporarily impacted by large-scale lockdowns and reduced footfall. 

Picadeli has since rebounded strongly, driving rapid growth across Europe and expanding into the U.S. market, where it has established around 150 salad bars through partnerships with major grocery chains, marking a significant step in bringing tech-enabled, healthy fast food to American consumers.

“Together with Nordic Capital and Fidelio, we have created a robust and scalable platform, achieved our best-ever results in 2024, and set new industry standards in digitalisation and sustainability. As we turn this exciting page together with Fidelio, we are confident in our ability to further accelerate growth, foster innovation, and strengthen our positive impact," said David von Laskowski, CEO of Greenfood Group & Picadeli.

"Greenfood has been transformed into a highly digital and innovative foodtech company that demonstrates how sustainability and profitability can go hand-in-hand. The transformation and growth achieved reflects the best of our operational expertise. Nordic Capital is proud to pass the torch to Fidelio and confident in Greenfood’s continued success,” said Robert Furuhjelm, Partner, Nordic Capital Advisors.

The terms of the transaction were not disclosed. Completion of the transaction is expected in H2 2025, and is subject to customary closing conditions, including relevant regulatory approvals.

The transaction has no impact on Greenfood’s senior secured sustainability-linked bond or its terms and conditions. The company’s capital structure, financial commitments and obligations remain unchanged.

Media contacts:

Greenfood
Magnus Holtinger Wallin
Head of Communications, Greenfood Group
magnus.wallin@greenfood.se

Fidelio
media@fideliocapital.com

Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
+46 8 440 50 50
katarina.janerud@nordiccapital.com

About Greenfood
Greenfood is a leading European player creating healthy and sustainable food that is tasty, affordable, and easily accessible. From Picadeli’s self-service salads and ready-made meals to fruits and vegetables directly from farms spread across a large part of the world. Through our three business areas, Greenfood provides fresh, healthy, plant-based food at various stages of processing to customers in convenience and retail, as well as hotels, restaurants, and catering.

About Fidelio
Fidelio combines the professional and active ownership model of traditional private equity, with an entrepreneurial, flexible, and long-term approach to investing. Since inception in 2010, the team has invested in almost 200 companies in more than 20 countries, and the success is built from partnering with entrepreneurs, management teams and fellow co-owners to create global niche market leaders. Together with its partners, Fidelio builds outstanding businesses through the possibilities that come from not having a predetermined investment horizon or geographical restrictions. In addition to the team at Fidelio, capital is provided by a supportive group of successful entrepreneurs and families from Europe and North America. For more information, please visit: www.fideliocapital.com

About Nordic Capital
Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Services & Industrial Tech. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested c. EUR 28 billion in 150 investments. Nordic Capital’s most recent funds are Nordic Capital XI with EUR 9 billion in committed capital and Nordic Capital Evolution II with EUR 2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. www.nordiccapital.com

"Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.