Nordic Capital invests in Greenfood, a leading supplier of healthy food in the Nordic region
December 11 2015
Nordic Capital Fund VIII ("Nordic Capital") acquires the majority of Greenfood Group ("Greenfood"), a leading supplier in the attractive market for healthy foods (fruits, vegetables and salads) in the Nordic region. Nordic Capital's aim is to support Greenfood's continued growth and international expansion driven by a strong underlying trend of increased healthy eating and demand for convenient meal solutions within fruits and vegetables.
Greenfood has a very strong position in the Nordic region within healthy foods, exemplified by the market leading Picadeli salad bar concept which is highly appreciated by both retailers and consumers. The company has sales of SEK 3.9 bn (EUR 420 mn), c. 700 employees and is headquartered in Helsingborg, Sweden. In a growing market for healthy eating options, Greenfood is, with its strong and proven concepts, well positioned for a continued roll-out and further growth both in the Nordics as well as internationally.
Greenfood is currently owned by senior executives, the management team and the Swedish family owned investment firm Fidelio Capital. Following the transaction, these parties will remain as co-owners together with Nordic Capital as the majority owner.
"There is an obvious trend towards healthier eating, but also an increasing requirement for it to be easy and convenient. Greenfood is driving innovation and product development within convenient healthy foods in the Nordic region. In addition, the company has a very strong retail solution, Picadeli, which offers both retailers and consumers the opportunity to buy healthy salads in a very easy and personalised way. Nordic Capital looks forward to working with the very experienced Greenfood management team, and to adding Nordic Capital's expertise developed from retail investments, concept development and growth," says Michael Haaning, Partner, NC Advisory, advisor to the Nordic Capital Funds.
"This new partnership, with Nordic Capital as one of the most knowledgeable and experienced investors in the industry together with our current owner Fidelio Capital, will put Greenfood in a excellent position to continue and accelerate our growth over the coming years and also to expand geographically with our innovative concepts, both organically and also through acquisitions," says Lars Åström, CEO at Greenfood.
The Greenfood Group was established in 2015 through a combination of Picadeli and STC Greenfood. The two companies enjoy significant synergies which will further strengthen the customer and consumer offerings of convenient healthy food as well as innovation capabilities. Greenfood now covers all steps of the fruit and vegetable value chain, from farmer to peoples' everyday life, and comprises Picadeli, Fresh Cut and Sourcing.
Picadeli salad bars, is an innovative shop-in-shop concept enabling consumers to pick and mix their own salads in grocery and convenience stores. Picadeli was founded in 2010 and has since grown rapidly to offer its concept in more than 1,500 locations across Sweden, Finland and Estonia. Fresh Cut delivers processed and pre-packaged fruits and vegetables to customers such as retailers and wholesalers in Sweden, Finland, and Denmark, and Sourcing is a supplier of fruits and vegetables across the Nordic markets sourcing from both local and global growers.
The parties have agreed not to disclose the financial terms of the transaction.
The investment is subject to approval by the relevant authorities.
Katarina Janerud, Communication
NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 69
Lars Åström, CEO
Tel: +46 70 745 70 50
Greenfood is a leading supplier in the attractive market for healthy foods (fruits, vegetables, fresh cut and salad) in the Nordic region. The company has a leading position within convenient healthy food and comprises Picadeli, Fresh Cut and Sourcing. Greenfood has sales of SEK 3.9 bn, c. 700 employees and is headquartered in Helsingborg, Sweden. Greenfood was established in 2015 through a combination of Picadeli and STC Greenfood and covers all steps of the fruit and vegetable value chain from farmer to peoples' everyday life. Greenfood has strong and proven concepts in the Nordics and is driving innovation and product development within convenient healthy foods in the region. For more information, please see www.greenfood.se
About Nordic Capital
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