Private equity investor Arcadia has held a €47m first close for its second vehicle, Arcadia Small Cap II.
CM-CIC Investissement invests €3.3m, while BNP Paribas Développement injects €1.9m
Deal is expected to complete in December once approved by the Danish competition authority
Standard Investment created the bakery chain through a series of mergers in 2015
Fitness club chain will look to expand across the UK, with two new sites imminent