FSN Capital sells Danish bakery Lagkagehuset to Nordic Capital

Lagkagehuset is mainly based in Denmark where it has 67 stores, but has established two stores in London under the brand name Ole & Steen. When FSN bought the firm in late-2008, it operated just three outlets with combined sales of DKK 90m. Nordic Capital plans to continue the firm's expansion in Denmark as well as internationally.

The capital for the buyout came from Nordic Capital Fund VIII, a €3.5bn buyout fund that now has 13 companies in its portfolio. FSN bought the company using FSN Capital II, a fund launched in 2005 that has realised six of its 10 investments.

The parties involved declined to disclose the financial terms of the transaction.

Company
Lagkagehuset is a premium bakery and food-service chain with 67 stores in Denmark and two in London. The firm employs 1,800 staff and in 2016 reported revenues of DKK 665m, an increase of 20% on the previous year. It was founded in 2008 by merging Lagkagehuset and Skallebæks Bageri, which had been in business for 18 years.

People
Nordic Capital – Michael Haaning (partner).
FSN Capital – Thomas Broe-Andersen (partner).
Lagkagehuset – Jesper Friis (CEO).

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• Topics
• Buyouts
• Exits
• Consumer
• Nordics
• Nordic Capital
• FSN Capital
• Denmark