FSN Capital III has signed an agreement to sell its majority shareholding in Lagkagehuset.

Lagkagehuset is the leading premium bakery chain with 66 stores in Denmark and a presence in the UK. The company operates a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee. Its attractive quality products and proven concept is based on a business model with own bakery production and a scalable roll-out strategy. The stores in the UK under the “Ole & Steen” brand are the first phase of an international roll out, proving that the business model is highly scalable.

After several years of significant growth in the Danish market, and a recent launch in London, Lagkagehuset is now well positioned for further internationalisation with Nordic Capital as the new owner of the company. Nordic Capital will acquire the entire FSN Capital’s majority shareholding in Lagkagehuset A/S. At the same time, Nordic Capital will also acquire the two founders, Ole Kristoffersen’s and Steen Skallebæk’s shares in Lagkagehuset.

“Nordic Capital has in recent years made several investments in the food industry and sees great potential in supporting Lagkagehuset in its further expansion. Lagkagehuset has a great customer-oriented concept that delivers quality products every day and has created strong preferences for consumers in Denmark. Following a recent launch in London, the next step is now to evaluate and develop a plan for further internationalisation where we will level further with Nordic Capitals industry expertise within the retail sector. Nordic Capital is looking forward to support Lagkagehuset’s continued development and expansion in partnership with the the company’s strong management team,” says Michael Haaning, Partner at NC Advisory A/S, advisor to the Nordic Capital Funds.

“We started with Ole and Steen and two stores. Today, eight years later, there are 68 stores in Denmark and two in London. Lagkagehuset is above all a fantastic company with a unique culture and quality products. The two stores in London are the first expansion beyond Denmark’s borders. There will be 200 employees in London before this year’s end, so it’s gone far beyond our expectations. Against this background, I can proudly look back on our ownership period,” says Thomas Broe-Andersen, Partner at FSN Capital, advisor to the FSN Capital Funds.

“We have had a really great cooperation with our owners FSN. We are looking forward to the new ownership and we are exited to have found a strong partner in Nordic Capital with both the experience, industry knowledge and capital to support us in our continued growth journey to bring Lagkagehuset to the rest of the world. We have amazing employees and products and we expect continued high growth in the coming years”, says Jesper Friis, CEO of Lagkagehuset

Lagkagehuset has over the last couple of years professionalised the fresh bakery industry and has taken its concept international as a response to the increasing public focus on healthy quality food products. The Lagkagehuset chain has a high degree of flexibility of concept, ranging from large traditional bakery to smaller urban food-to-go outlets. Lagkagehuset’s business model which enables high quality at scale, has along with its strong brand and modern retail concept, been highly successful in the Danish market where the company now has 68 stores. The company reported revenues of DKK 665 million in 2016 and a total of 1,800 employees. The company grew by 20 per cent in 2016.

FSN Capital was advised by FIH Partners, Accura, PwC, and BCG.

The parties have agreed not to disclose the financial terms of the transaction.

The investment is subject to approval by the relevant authorities.

Nordic Capital Fund VIII “Nordic Capital” acquires Lagkagehuset, a leading premium Danish bakery and food-service chain from FSN Capital who is selling its majority shareholding in the company after eight years of ownership. Lagkagehuset has stores throughout Denmark and a newly established presence in London. Nordic Capital sees great potential in supporting the acceleration of Lagkagehuset’s continued growth in Denmark as well as internationally.

Lagkagehuset is a leading premium bakery and food-service chain in Denmark with 67 stores, and a newly established presence in the UK. The company operates a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee. Its unique offering, quality products and proven concept are based on a business model with in-house bakery production and a scalable roll-out strategy. The stores in the UK, trading under the “Ole & Steen” brand, are the first phase of an international roll out and prove that the business model is highly scalable.

After several years of significant growth in the Danish market and a recent launch in London, Lagkagehuset is now well positioned for further internationalisation with Nordic Capital as the new owner of the company. Nordic Capital will acquire FSN Capital’s entire majority shareholding in Lagkagehuset A/S, as well as the stakes held by the two founders, Ole Kristoffersen and Steen Skallebæk.

“Nordic Capital has a track record of investments in the food industry and sees great potential in supporting Lagkagehuset in its further expansion. Lagkagehuset has a great customer-oriented concept that delivers high quality products every day and is a preferred brand for consumers in Denmark. Nordic Capital’s will leverage its industry expertise within the retail sector to further develop the company internationally supporting Lagkagehuset’s continued progress and expansion in partnership with the company’s strong management team,” says Michael Haaning, Partner, NC Advisory A/S, advisor to the Nordic Capital Funds.

“We started with Ole and Steen and two stores. Today, eight years later, there are 67 stores in Denmark and 2 in London. Lagkagehuset is above all a fantastic company with a unique culture and quality products. The 2 stores in London are the first expansion beyond Denmark’s borders. There will be 200 employees in London before year end, so it’s it has gone far beyond our expectations. I can proudly look back on our ownership period,” says Thomas Broe-Andersen, Partner at FSN Capital.

“We have had a really great cooperation with our owners FSN. We are excited to have found a strong partner in Nordic Capital, which has the experience, industry knowledge and capital to support us bringing Lagkagehuset to the rest of the world and we are looking forward to the new ownership. We have amazing employees and products and expect continued high growth in the coming years” says Jesper Friis, CEO of Lagkagehuset.

Lagkagehuset has professionalised the fresh bakery industry responding to the increasing public focus on healthy quality food products, a concept that resonates internationally. The Lagkagehuset chain has a high degree of flexibility of concept, ranging from large traditional bakeries to smaller urban food-to-go outlets. Lagkagehuset’s business model enables high quality at scale, and its strong brand and modern retail concept has been highly successful in the Danish market where the company now has 67 stores. The company has a total of 1,800 employees, reported revenues of DKK 665 million and growth of 20% in 2016.

The parties have agreed not to disclose the financial terms of the transaction.

The investment is subject to approval by the relevant authority.

Conclusion of share sale: Greenyard food group, global player in vegetables and fruit

Paris, 9th June 2017–

Ardian, the independent private investment company, today announces the signing of an agreement to sell its majority stake in IRCA Group to The Carlyle Group. IRCA Group is a leading Italian and European B2B manufacturer and seller of semi-finished products for the pastry, bakery and ice cream markets. With more 300 employees and three production plants near Varese, Lombardy, IRCA has a turnover of 250 million euros.

Ardian, IRCA Group’s majority stakeholder since 2015, has supported the company’s growth and strengthened its leading market position, both at a national and international level.

Nicolò Saidelli, Managing Director and Head of Ardian in Italy, said: “After a number of significant positive developments in recent years, we are pleased that IRCA, with a strong market position in the food sector, can now continue on its growth path with a new partner.”

Yann Chareton, Managing Director at Ardian in Italy , added: “We are very pleased to have supported the Nobili family and IRCA over the past two years, supporting its development and investments to further strengthen the Group’s expansion. We thank them for all their work and commitment, which has allowed us to strengthen the Group’s positioning and create further opportunities for the future.”

Roberto Nobili, IRCA Group CEO, declared: “I am proud to say that these two years together with Ardian have been rich in successes and satisfaction for IRCA. I thank Nicolò and his team for what the y did together”. The closing of the transaction is subject to the authorization by the Antitrust Authority.

ABOUT IRCA

Founded in 1919 by Nobili family, IRCA is a leadingItalian and European B2B manufacturer of semi-finished products for the pastry, bakery and horeca market thanks to a portfolio products composed by more a large variety of SKUs offered to industrial clients, internal bakeries of hypermarkets and pastry and bakery shops. In 2014, IRCA entered into the ice-cream ingredient mark et through the brand Joy Gelato.

The Group operates with three state of the art production sites located close to Varese (Lombardy) with about 306 employees recording a turnover of more than €250 million.

ABOUT ARDIAN

Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$62bn managed or advised in Europe, North America and Asia. The company, which is majority-owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship. Ardian maintains a truly global network, with more than 450

employees working through twelve offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey, Luxembourg. The company offers its 580 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America,

Ardian Expansion, Ardian Growth and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

www.ardian.com

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• EQT VI to sell Færch Plast, a leading provider of customized plastic packaging solutions for the food industry, to Advent International
• Færch Plast uses highly automated state-of-the-art production facilities and technology to provide customers with a uniquely tailored rigid plastic packaging offering
• During the ownership of EQT VI, Færch Plast has been transformed into a European leader within its target segments through organic growth, cost improvements, product expansions and increased scale from two add-on acquisitions

EQT VI Limited (“EQT VI”) has entered into an agreement to sell Færch Plast (or the “Company”) to Advent International (“Advent”). Færch Plast, headquartered in Holstebro, Denmark, was founded in 1969 and today offers leading plastic packaging solutions across Europe. The Company operates within three segments; Fresh Meat, Food-to-Go and Ready Meals, and today has leading positions within its target segments.

EQT VI acquired Færch Plast in 2014 with the ambition to drive continued organic growth across Europe, increase profitability through product optimization and explore M&A opportunities to gain immediate scale. During the ownership of EQT VI, Færch Plast successfully executed on these targets through:

• Strong continued organic growth through launches of new and innovative products
• Significant investments in the production platform, footprint optimization and sales force expansion
• Completion of two highly value accretive add-on acquisitions, and extracted significant cost and revenue synergies through implementation of best-practice production standards, an increased product offering and cross-selling
• Doubling the number of employees

As a result of the value creation initiatives driven under EQT VI’s ownership, Færch Plast has approximately doubled both revenue and EBITDA since the acquisition.

“Færch Plast has been fundamentally transformed from a local champion to a pan-European leader in the rigid plastic trays market during the ownership of EQT VI. This has been a tremendous effort, led by CEO Lars Gade Hansen and his entire organization. Through two highly value-accretive add-on acquisitions, Færch Plast has expanded its product offering across Europe and implemented best-practice production standards to realize significant synergies. With the current platform, we believe Færch Plast is ready for its next growth journey and further internationalization, and we are confident that Færch Plast will continue to succeed in the future” says Mads Ditlevsen, Partner at EQT Partners and Investment Advisor to EQT VI.

“During the sales process, we have been looking for a new owner of the same quality and reputation as EQT, who can help us develop our business further and take Færch Plast to the next level. With Advent, we are convinced that we have found the right global partner, and we are excited about the journey in front of us”, says Lars Gade Hansen, CEO of Færch Plast.

The parties have agreed not to disclose financial details of the transaction. The agreement is subject to customary anti-trust clearance and the transaction is expected to close in Q3 2017.

The sellers were advised by Credit Suisse, FIH Partners, Plesner, PwC and COWI.

Contacts
Mads Ditlevsen, Partner at EQT Partners, Investment Advisor to EQT VI, +45 33 12 45 36
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading alternative investments firm with approximately EUR 36 billion in raised capital across 23 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More information: www.eqtpartners.com 

About Færch Plast
Færch Plast was founded in 1969 and is headquartered in Holstebro, Denmark. The Company is a provider of customized plastic packaging trays for the food industry and manufactures more than 5 billion trays annually. Færch Plast offers a full range of rigid plastic trays within Fresh Meat, Food-to-Go and Ready Meals, and today the Company has leading positions within its target segments across Europe. Færch Plast employs more than 1,100 people with local operations in more than 15 countries.

More information: www.faerchplast.com

Swander Pace Capital Sells Kicking Horse Coffee to Lavazza

Bedminster, NJ (May 24, 2017) – Swander Pace Capital, a leading private equity firm specializing in consumer products companies, has sold Kicking Horse Coffee, Ltd., the #1 organic and fair trade coffee roaster in Canada, to Luigi Lavazza S.p.A. in a transaction valuing the company at C$215 million.  The firm partnered with Co-Founder Elana Rosenfeld in 2012 and made the investment through its Branch Brook Holdings partnership with Jefferson Capital Partners and United Natural Foods, Inc.

During the last five years, Kicking Horse Coffee achieved industry-leading growth across North America and benefited from material investments in its business, particularly sales, marketing, and operations infrastructure.  Consumers in North America continue to seek a better coffee experience, and Kicking Horse Coffee has consistently delivered one for over twenty years, priding itself on offering an exceptional cup of coffee that can be brewed in one’s own home.

“Swander Pace and the rest of the Branch Brook team were the perfect partners for me when I sought help and wanted to grow my business beyond Western Canada.  I was not willing to sacrifice our values, culture, and uncompromising product quality standards,” said Elana Rosenfeld, Co-Founder and CEO of Kicking Horse Coffee. “The expertise they brought to the table was real, introduced in a respectful way, and truly helped us grow.  They also repeatedly demonstrated their integrity and approach to partnership.”

“It has been an absolute privilege to work with Elana, the team, and this incredible brand as we expanded its footprint in stores across North America.  The brand’s success and growth momentum in North America speaks for itself,” added Rob DesMarais, managing director at Swander Pace Capital. “We are now excited to watch the company thrive as it enters this new chapter with Lavazza.”

Linda Boardman, President of Branch Brook Holdings, added further, “We are genuinely pleased by this outcome with Kicking Horse Coffee as it has been a real pleasure to work with such a passionate and committed group of people.  This milestone demonstrates the breadth of resources that our team can bring to the table to capitalize on a company’s strong foundation, accelerate its growth, and create a truly sustainable market position, all while preserving the brand’s quality commitment.”

About Swander Pace Capital 

Swander Pace Capital (SPC) is a private equity firm that invests in companies that are integral to
consumers’ lives. SPC’s consumer industry expertise informs the firm’s strategic approach and
adds value through access to its proven SPC Playbook, senior team, and extensive network. The firm partners with management teams to help build companies to their full potential. SPC invests in businesses across three domains of consumer lifestyles: Food & Beverage, Body & Wellness, and Home & Family. With offices in San Francisco, New Jersey, and Toronto, SPC has invested in more than 45 companies and raised cumulative equity commitments of approximately $1.8 billion since 1996. For more information, visit www.spcap.com.

About Branch Brook

Branch Brook Holdings, LLC represents a strategic partnership formed in early 2012 between Swander Pace Capital, Jefferson Capital Partners, and United Natural Foods, Inc. to make investments in organic, natural, and specialty consumer product companies.  Branch Brook works closely with the owners, founders, and management teams of its companies to provide the capital, resources, distribution support, and strategic guidance they need for its businesses to grow.  Kicking Horse Coffee was the first investment made by Branch Brook.  Subsequently, Branch Brook has made investments in Oregon Ice Cream, which owns the two leading organic ice cream brands in the US (Alden’s and Julie’s), and Reliance, which owns PlantFusion, a leading plant-based protein powder and beverage brand in the natural channel.  Branch Brook represents an extension of Swander Pace Capital and has full access to all of these resources.  For more information, please visit www.branchbrookllc.com.

About Kicking Horse Coffee

Kicking Horse Coffee, Ltd. is based in Invermere, British Columbia (Canada) and celebrated its 20 year anniversary as a company in 2016.  Kicking Horse Coffee remains a pioneer of whole bean and fair trade coffee in Canada and is best known for its distinctive coffee blends and unique brand personality.  The Company was recently named the #10 Best Place to Work in Canada.  For more information, visit www.KickingHorseCoffee.com.

Media Contact:

Jeff Segvich

LANE, a Finn Partners Company (on behalf of Swander Pace Capital)

Phone: 503.546.7870

jeff.segvich@finnpartners.com

Paris, Huizen – 23 May 2017. French agricultural cooperative group InVivo Group (www.invivo-group.com) intends to buy a 100% share in the Dutch-based Baarsma Wine Group (www.baarsma.com). The company has reached an agreement to this effect with Baarsma Wine Group’s current shareholders, private equity firm AAC Capital Partners, and the management. Over the next few years, InVivo Group wishes to grow its international wine activities both autonomously and through acquisitions. The intended acquisition will be submitted for approval by the Competition authority. Neither company is disclosing financial details of the transaction.

InVivo Group, with an annual turnover of €6.4 billion and 9,200 employees, has a presence in 31 countries across the globe. Its activities are concentrated within four divisions: Agriculture, Animal Nutrition and Health, Retail and Wine. The wine division, InVivo Wine, already has stakes in various French wine companies and commercial activities in Asia and North America. Representing an annual turnover of approximately €348 million, the focus is on the production and bottling of wines and the market representation of over 23 cooperatives (3500 wine makers). Vinadeis (www.vinadeis.fr), as part to its wine division, has bottling and packaging facilities for wines that, under various brand names, mainly reach the French domestic market. Cordier is developing an outstanding range from Bordeaux with a modern approach and Mestrezat is specialised in Grands Crus wines.

The Dutch-based Baarsma Wine Group is a European leader in wine imports and distribution. The group has an annual revenue of approximately €210 million, 250 fulltime employees and is active in the Netherlands, Belgium, the UK, Switzerland and South Africa. The strength of the company lies in marketing wines nationally and internationally to retail, the hospitality and foodservice sector, specialist stores and in some countries directly to consumers. The product portfolio includes wines of internationally renowned and successful wineries, own brands and private label wines for supermarkets and foodservice companies. In addition to sourcing, distribution, sales and marketing, Baarsma Wine Group also runs its own bottling facility in Zaandam, the Netherlands, and produces and bottles some of its wines in Switzerland and South Africa.

Commenting on the intended acquisition, Mr Bertrand Girard, Managing Director of InVivo Wine, said: ‘InVivo Wine’s strategy is to accelerate its development internationally so as to build access to markets and create added value for the wine industry from grapes to consumers. Baarsma will be a key distribution platform for InVivo Wine in Europe and will perfectly complement existing footholds and those currently in development within the group, especially in Asia and North America. With Baarsma, 80% of InVivo Wine’s current operations will be international, aiming to achieve a turnover of 500 million euros by 2020 on the international scene.’

Mr Cees de Rade, Managing Director of Baarsma Wine Group, looks forward to working with the new shareholder: ‘This acquisition is good news for our people in the first place. We think that Baarsma Wine Group stands to benefit from bringing on board a strategic shareholder who shares our international ambitions. InVivo Wine and Baarsma Wine Group complement each other well in the wine supply chain. Our joint growth plans are very ambitious. However, with our existing suppliers and customers it will mostly be business as usual.’

InVivo Wine and Baarsma Wine Group , subsidiaries included, will continue to operate autonomously and under their own names. There will not be an organisational merger. In the years to come, the expansion outside of France will be driven mainly from the Netherlands, with a leading role for the management of Baarsma Wine Group. Mr Cees de Rade (CEO) and Mr Ed van der Sluijs (CFO), will also become members of InVivo Wine’s Executive Committee, chaired by Bertrand Girard.

Both companies expect to complete the acquisition by early summer.

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