EQT II (“EQT”) has signed an agreement with FoodVest, a holding company controlled by private equity firm CapVest Equity Partners (“CapVest”), to sell Findus AB (“Findus”). EQT acquired Findus from Nestlé SA in January 2000 and since then has substantially restructured and reshaped the business and developed its leading positions within select categories of the branded frozen food market.
Findus develops, produces and markets a full range of branded frozen food products, focused on the ready meals, seafood, and vegetables segments. The company has its primary activities in the Nordic region and France with a growing market position in Eastern Europe. Findus operates 6 factories in Sweden, Norway, France and Thailand and employs approximately 1,900 full time employees. In 2005 net sales amounted to approximately EUR 450 million.
Christian Sinding, partner of EQT Partners, comments: ”Findus has developed under EQT's ownership to become a successful standalone business with a strong management team and an excellent position from which it can continue to grow.”
Per Harkjær, President and CEO of Findus, comments: "During the last 18 months we have focused the business on the Nordic area and France, divesting our subsidiaries in Australia, Germany, Spain and the UK. We have increased our efforts in product development and consumer marketing with good results. The repositioning of Findus leaves it ready for growth and with CapVest as our new owners I am confident we are in the best hands to take the business forward."
The sale is conditional upon approval by the relevant competition authorities.
Terms have not been disclosed.
Deutsche Bank, Vinge and E&Y acted as advisers to EQT and Findus on the transaction.
Christian Sinding, Partner,
+46 8 506 55 336, firstname.lastname@example.org
Johan Hähnel, Director Communications & PR,
+46 706 056 334, email@example.com
Per Harkjær, President and CEO,
+45 20 20 22 00