Danmark based Orkla Foods has entered into an agreement to purchase 90 per cent of the shares in Easyfood A/S, a Danish producer of bread-based convenience products for the out-of-home channel.
Carsten Hänel, CEO of Orkla Foods Danmark said, “Easyfood is well positioned in a growing market for convenience products. Orkla holds a strong position in the Danish grocery sector, in a wide range of food categories. Through our acquisition of Easyfoood, we are strengthening our position in the out-of-home market and in channels with higher growth than traditional grocery stores.”
Flemming Paasch, CEO of Easyfood said, “Orkla is the Nordic region’s leading branded consumer goods company and will provide valuable expertise and support in Easyfood’s future growth. Together, the two companies will be well positioned to respond to new consumer habits, and I am looking forward to being part of the journey ahead.”
Easyfood has its headquarters, warehouse and production facilities in Kolding, Denmark, where the business was established in 2000. The present owners are Flemming Paasch and Hemming Van, of which the first mentioned will remain in the company as CEO and minority shareholder.
The parties have agreed on a purchase price that values the company at DKK 330 million (approx. NOK 433 million). The agreement is subject to the approval of the Danish competition authorities.
In connection with this transaction, Orkla was advised by Plesner (legal) and Deloitte (transaction service), while the sellers were advised by Andersen Partners (legal), ATRIUM Partners (financial) and EY (transaction service).