Accent Equity divests Anna’s Pepparkakor to Belgian Lotus Bakeries
11/7/2008 2:00 AM EST
The Swedish private equity fund, Accent Equity 2003, has entered into an agreement with the Belgian company, Lotus Bakeries, to divest Accent’s shares in Annas Pepparkakor Holding AB and all of its sub-sidiaries. Anna’s production facilities are situated in Sweden and Canada. Anna’s has close to 70 employees and net sales amounting to some SEK 170 million (EUR 17m).
Anna’s was founded in 1929 and is a high-quality producer of “Pepparkakor”, a traditional Swedish bis-cuit. Pepparkakor is a thin and crunchy biscuit enriched with cinnamon and ginger spices. Anna’s prod-ucts are available in different flavours and always based on the same dough and the traditional recipe.
Sweden is Anna’s home market and origin representing some 28 % of net sales. Anna’s is the best-known brand of pepparkakor and the market leader in Sweden. In Sweden, Anna’s brand will be retained, sup-ported and further expanded. Recently North America became Anna’s largest market, representing 40 % of the company’s net sales.
“It is with great satisfaction we note that Anna’s North American volumes have grown from a foothold to the company’s single largest market during Accent’s ownership,” comments Jan Ohlsson, CEO of Accent Equity Partners, advisor to Accent Equity 2003. “Anna’s started as a family-owned business. After expan-sion to more than 30 countries world-wide, we are pleased to see that Lotus Bakeries with similar origin as well as complimentary products and markets will lead the future development of Anna’s”
IKEA is Anna’s single largest customer offering Anna’s products worldwide in its food departments. To-tal sales to IKEA and exports to countries such as Finland, UK, Japan Australia, Norway and Portugal represent roughly a third of Anna’s turnover.
Anna’s two production facilities are located in Sweden (in Tyresö near Stockholm) and Canada (in High River near Calgary). The total number of employees amounts to 67 people of which 50 are employed in Tyresö and 17 in High River.
“Anna’s management and staff are enthusiastic about getting a new owner with a family-oriented back-ground like ours,” says Joakim Inaeus, CEO of Anna’s. “We foresee great growth opportunities by be-coming part of Lotus Bakeries’ family of branded products. The two companies compliment each other perfectly, both in regards to products and markets.”
Lotus Bakeries Group reinforces sustainable growth and profitability by concentrating on authentic speci-alities within the biscuits, ginger bread, waffles and pastries markets.
“The acquisition of Anna’s fits perfectly into the Group’s strategy to focus on high quality authentic spe-cialties compatible with a branded strategy and with international potential,” says Matthieu Boone, CEO of Lotus Bakeries.
For further information, please contact Jan Ohlsson, Accent, +46 8 545 073 00, Matthieu Boone, CEO Lotus Bakeries +32 09 376 26 11 or Joakim Inaeus, Annas +46 70 512 04 20.