
Credo Partners acquires 55% stake in Geia Foods
Norwegian GP Credo Partners has bought a majority stake in Danish food manufacturer Geia Foods.
The remaining shareholders will remain with the company, and day-to-day management will be led by Geia CEO Claus Ravnsbo, who will increase his stake.
The deal is expected to complete in December once approved by the Danish competition authority.
With the management buy-in and additional capital, Geia intends to boost its Scandinavian expansion and grow via acquisitions, as well as organically.
SME specialist Credo has previously invested in the food sector with the acquisition of Globus Wine in December 2016 and with fishing company Optimar in November 2012.
Company
Geia Foods was established in 2014 through the merger of A-Frost and Mortensen Food. Its main offices are in Aalborg and Skælskør, Denmark. The company employs a staff of 63 and operates additional offices in Denmark, Sweden, Norway and Finland.
Geia is an intermediary between food producers and Scandinavian retail chains. It focuses on the chains' own brands, but also delivers its own trademark brands such as Eventyr Ice.
The company reported a turnover of €154m in 2016.
People
Geia Foods – Claus Ravnsbo (CEO).
Advisers
Company – Deloitte Corporate Finance (corporate finance).
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