February 26 2010
Brakes Group will become the new principal owner of Menigo. Brakes is one of Europe's leading suppliers of food, drinks and equipment to the foodservice sector with a turnover of GBP 2.2 billion. Menigo will continue to operate as an independent company in the Swedish market while benefiting from being a part of a larger group, from the Brake Group's 50 years experience as a focused food service supplier and its innovation capabilities. Menigo's customers will be able to select from the combined group's range of quality products.
- As part of Europe's most successful group in the foodservice industry, Menigo can contribute even more to the development of our industry in Sweden. The organisation and structure that we have built and strengthened over the last years will remain intact, but we will also have access to great business experience, new products and international customer relations. We can also continue to expand our range of locally produced products and in addition, help to bring Swedish food products to Europe, said Fredrik Gren, CEO of Menigo.
- Menigo has carried out an intensive change and development programme within logistics, IT and purchasing in recent years. With our strong base, we are now part of a larger group and have greater opportunities to strengthen Menigo's customer offer and market position in Sweden, said Jörgen Johansson, Chairman of Menigo.
- We are delighted to be able to expand Brakes geographical reach to Sweden through our investment into Menigo. We believe that we will be able to contribute with our extensive experience and advantages of scale to develop the business going forward together with Menigo's management team. We look forward to welcoming Menigo and its employees to the Brakes Group, said Ian Goldsmith, Brakes Chief Operating Officer.
Like Menigo, Brakes supplies all product categories, including fresh produce, frozen foods, dry goods and non-food products and restaurant equipment. The company currently has operations in the United Kingdom, Ireland and France. Brakes continually invests in product development and introduces over 200 unique value-added products and innovations annually. In 2009, Brakes won 39 industry awards for its new products.
Nordic Capital Fund VI will remain with 33 per cent ownership in Menigo.
The transaction is subject to approval by the European Union competition authorities.
For more information, contact
Fredrik Gren, CEO
Menigo Foodservice Phone: +46 70 511 6499 email@example.com
Menigo is a full service wholesaler for restaurants, caterers and convenience stores in Sweden. As one of Sweden's leading suppliers, Menigo offers its customers a broad range of food and beverages and restaurant equipment. Menigo has a turnover of SEK 5bn, has over 900 employees and is located in four regions in Sweden - with presence in all metropolitan areas and throughout the north of Sweden. Menigo's store concepts are "Time" and "Nära Dej" - modern concepts of successful service retailers with profitable ranges of products and a high level of service.
About Brakes Group
With over 9000 committed staff based in over 70 locations, the Brakes Group is a leading UK, Eire and French supplier to the catering industry. The Brakes Group's thorough understanding of caterers' needs is underpinned by 50 years experience and a passion for innovation, quality and service. Customers can choose from the largest range of quality own-brand products available in foodservice as well as a comprehensive portfolio of manufacturer brands. Customers also benefit from the extensive offerings and expertise available from Brakes Group specialist businesses: M&J Seafood (the fresh fish specialist), Pauleys (fresh produce), Country Choice (bakery products and bake-off systems to retailers), Prime Meats (meat and poultry), Catering Equipment, Wild Harvest (fine dining produce supplier), La Boulangerie (bread and patisserie), Woodward Foodservice, Freshfayre, O'Kane Foodservice, Brake France and Rault.
Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. The Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory entities in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com