Press Releases
SMEDVIG SELLS ALMONDY TO SEGULAH
Smedvig sells its Nordic bakery business Almondy to Segulah
Smedvig Capital, the London-based private equity company active in
development capital for growth businesses, is pleased to announce that
it has sold Almondy, the Europe-wide bakery business, to Swedish private
equity company Segulah.
Almondy is a leading Nordic bakery company, based in Gothenburg, focused on frozen cakes, with revenues of SEK 323 million in 2007 (£27.2 million). Almondy currently bakes 75,000 cakes per day, sold principally in the Nordic markets, Germany and the UK. Since the year 2000, Almondy has enjoyed a compound revenue growth rate of 28% p.a.
Smedvig Capital originally took a minority stake in Almondy in 1994, and has subsequently provided further investment to enable the company to sustain impressive growth which has seen it become a market leader both at home and abroad. In recent years Smedvig has assisted the management team in the commercialisation process of their products, particularly in the UK and in Germany. As a result, in the UK, Almondy cakes are now sold in leading national retailers such as Tesco, Sainsburys and Morrisons as well as coffee shops and cash & carries.
Smedvig has achieved a 10x multiple on their original investment, and a blended return of over 20%.
Commenting on the sale Robert Toms, Managing Director at Smedvig said: “It has been a privilege working with Almondy and supporting the business through several stages of growth. We have seen the company transform and develop across Europe. The growth of Almondy illustrates what can be achieved when investors and management work as a team.”
Almondys CEO, Marius Jerndahl added: “Smedvig have been great partners and given us a lot of help thinking through international expansion, but we are delighted to have Segulah as new investors to assist us in the next phase of growth at Almondy. We are barely scratching the surface of the great potential we have in Europe, so there is plenty of growth still to come.”
For further information please visit www.smedvigcapital.com / www.almondy.com
Robert Toms
Smedvig Capital Ltd.
Tel: +44 (0)20 7451 2100
rt@smedvigcapital.com
Clemmie Carr / James Midmer (for Smedvig)
Tavistock Communications
Tel: +44 (0)20 7920 3150
ccarr@tavistock.co.uk
Marius Jemdahl
CEO Almondy
Tel: +46 (0)31 728 2000
marius@almondy.com
Notes to Editors
Smedvig Capital
Smedvig Capital is a London based private equity firm that has been instrumental in the growth of over 30 businesses since its founding in 1996. Smedvig believes that equity investing should incorporate high levels of involvement and support, working with management on strategy, finance, operational improvements and business development initiatives. The team shares a common background in strategy consulting, with additional experience in operations, start-ups and banking. Other portfolio companies include Streetcar Limited the UKs leading car club, and Selstor AB the Swedish self storage company.
Direct investments are usually development capital through to small buyouts, equity commitment typically £2 to £10 million. Smedvig Capital is authorised and regulated by the Financial Services Authority.
Advisers to Smedvig on the sale of Almondy were as follows:
| Corporate finance | PricewaterhouseCoopers | London: Neil Sutton, Graham Bell, Jeremy Bate Gothenburg: Jonas Ericson |
| Financial due diligence | KPMG | Gothenburg: (Taus Wolfsberg) Manchester: (Rob King) |
| Legals | Vinge Gothenburg | Malin Winbom, Fredrik Sonander |
Almondy
Almondy is a young and ambitious cake bakery founded in Gothenburg, Sweden in 1982, selling own brand cakes to both retail and foodservice customers. 75.000 cakes are baked every day and approximately 2/3 of the volume is exported to more than 30 countries, mainly in Europe but also to North America, Asia and Australia.
With an almond base as the principal ingredient and following a secret Swedish recipe from the 1890s, the award-winning cakes are baked with carefully selected ingredients with no artificial colourings or preservatives added. The fact that they do not contain flour also means they are gluten-free, enabling the growing number of gluten-intolerants to indulge as well. And the taste? Its an irresistible slice of Sweden.