L Catterton takes 20% stake in Nordic Capital's Lagkagehuset

L Catterton will become a strategic minority co-investor with a 20% ownership in the bakery chain.

Nordic Capital announced the acquisition of Danish bakery chain Lagkagehuset from FSN Capital via its Nordic Capital Fund VIII in June this year.

The GP said it intended to support the growth of the food service business in Denmark and internationally. It added that L Catterton offered international retail experience and support to Lagkagehuset's international expansion plans.

As minority co-investor, L Catterton will appoint London-based partner Jean-Philippe Barade as director to the board of Lagkagehuset.

L Catterton was formed in January 2016 through a partnership between US-headquartered GP Catterton, luxury retailer LVMH and the Groupe Arnault holding, which merged their private equity and real estate operations into the global consumer investment vehicle.

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.

The Danish bakery chain trades under the name Ole & Steen in the UK and is expanding its base in London. The most recent bakeries have opened in Canary Wharf, Bedford Avenue and Victoria, and new additional openings are planned on Wigmore Street and High Street Kensington.

People
Nordic Capital – Michael Haaning (partner).
L Catterton – Jean-Philippe Barade (partner).

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• Topics
• Expansion
• Nordics
• Consumer
• Denmark
• United Kingdom
• Nordic Capital
• Co-investments