Smedvig secures 10x on Almondy sale

Segulah III has acquired Almondy AB, a Nordic bakery business, from Smedvig Capital and associated persons in a competitive process held by PricewaterhouseCoopers in London. Smedvig Capital secured a 10x money multiple and an IRR of over 20% on the exit. A number of parties, both industrial and financial backers, were interested in the company, but Smedvig regarded Segulah to be the best new owner based on offer price and its understanding of the business.

Founded in 1982, Almondy is a manufacturer of speciality, branded frozen cakes, supplying both retail and food services across Europe. The almond cake is based on a recipe dating back to the 1890s and the company has grown its turnover from £4-25m (SEK 323m), an annual growth rate of 28%, and with typical EBITDA margins in the range of 15-20% from 2000-07. Its bakeries and headquarters are based in Gothenburg and it employs 91 staff. (Page 35).

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