CapMan’s Cardinal Foods sells Norsk Kylling
CapMan’s portfolio company Cardinal Foods has sold its subsidiary Norsk Kylling to REMA Industrier.
The partial sale follows two attempts at an IPO of the company in 2010. CapMan initially intended to list Cardinal Foods on the Oslo Stock Exchange in June but failed to meet the deadline. A second attempt was announced at the end of August.
CapMan acquired a 67% stake in Cardinal Foods in 2005. The company is a Norwegian white meat and egg supplier that consists of the subsidiaries Norsk Kylling, Cardinal Foods Ski, Den Stolte Hane, Jærkylling and Vestfold Fugl.
Following the sale of Norsk Kylling, the company has a turnover of approximately NOK 1.2bn. In 2009 the company recorded a turnover of NOK 1.623bn and an EBITDA of NOK 130m.
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