Nordic Capital has sold its remaining holding in Menigo

July 06 2016

Nordic Capital Fund VI ("Nordic Capital") has sold its remaining 33 per cent ownership in Menigo Foodservice AB ("Menigo"). During Nordic Capital's ownership, Menigo has been transformed into a strong and profitable company, leading the development of the Swedish food service market. Nordic Capital's final divestment is part of Sysco's acquisition of Menigo's majority owner Brakes Group, creating the world's largest food service group.

"During Nordic Capital's ownership, Menigo was transformed from a loss-making division to a strong and profitable stand-alone company with a leading role in the development of the Swedish food service market. Menigo underwent an extensive operational improvement program impacting many areas of its business, including optimising the logistical set-up, expanding the private label range and improving its customer interface. I would like to thank the management teams of both Menigo and the Brakes Group for a successful collaboration in taking Menigo to where the company is today," says Peter Hansson, board member of Menigo and Senior Advisor, NC Advisory AB, advisor to the Nordic Capital Funds.

"Over the last decade, Menigo has been on a journey where we have grown, developed our offering and increased profitability. Both Nordic Capital and Brakes are pleased with our development and now we are ready to take the next step together with Sysco as a new owner who has long experience in the industry," says Jonas Köhler, CEO of Menigo.

"It has been exiting being part of Menigo's development for almost a decade. Menigo is now stronger than ever with industry-leading margins and will soon be part of the world's largest food service group,"says Jörgen Johansson, Chairman of Menigo"

After Nordic Capital's acquisition of the division ICA Meny from the ICA Group in 2006, Menigo was rebranded as a stand-alone company and a leading company within the Swedish food service industry. Menigo's transformation included investments in operational improvement not least in new distribution hubs and a new IT system. Today, Menigo operates from seven warehouse locations in Sweden, serving 15,000 customers with daily deliveries of frozen and chilled foods, fresh meat, fruit and vegetables.

In February 2010, Nordic Capital sold a majority stake in Menigo to the Brakes Group, one of Europe's leading suppliers of food, drinks and catering equipment to the food service sector, which became the new principal owner of Menigo while Nordic Capital retained 33 per cent ownership in Menigo. Menigo has continued to operate as an independent company in the Swedish market while benefiting from being a part of a larger group.

Nordic Capital's current divestment is part of Sysco's acquisition of Brakes Group that was announced on February 22 and closed on July 5, 2016.

 

Contact information:
Katarina Janerud, Communication Manager
NC Advisory AB, advisor to the Nordic Capital Funds
tel. +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

  

About Menigo

Menigo is a full service wholesaler for restaurants, caterers and convenience stores in Sweden. As one of the leading suppliers in Sweden, Menigo offers its customers a broad range of food, beverages and restaurant equipment. Menigo is a fresh produce specialist and a full service wholesaler - with Menigo, the customer gets both. The annual turnover is SEK 5.5 billion and the company has about 1,000 employees. Menigo operates all over the country with a presence in all the metropolitan areas, and throughout the north of the country. Customers include high end restaurants as well as institutional caterers. The convenience store concepts "Time" and "Nära Dej" offer service retailers modern concepts with profitable ranges of products and a high level of service.

 

About Nordic Capital Private Equity Funds

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. 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. Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory companies in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com