Maj Invest exits DK-Foods

In addition to Maj Invest's holding, Danish Crown also acquired the remaining 30% stake owned by DK-Foods founders and managers Steffen Ramsgaard and Per Fischer Larsen, who will stay on with the company and remain on the executive board to support Tulip's CEO Kasper Lenbroch.

According to Maj Invest, which decided to exit the investment earlier than expected, DK-Foods has increased its market share and doubled its production capacity during the holding period.

Following the acquisition, DK-Foods expects to benefit from an integrated supply chain able to support the company's future growth and strengthen its market position. Meanwhile, Tulip, which produces a variety of pizza toppings, including pepperoni, plans to increase its production capacity and bolster the group's diversification and expansion in the food service and retail markets.

In January 2016, Danish GP Maj Invest Equity acquired a 70% stake in DK-Foods from the company's founders in a deal that valued the business at DKK 500m, according to local media reports. Capital to support the transaction was drawn from the Maj Invest Equity 4 fund, which held a final close on DKK 1.21bn in the first half of 2013.

Company
Founded in 2003 and based in Thorning, Denmark, DK-Foods is a maker of pepperoni, salami and chorizo for pizza toppings. The company produces around 200 tonnes of pepperoni per week, which are sold mainly to producers of frozen or refrigerated pizzas, supermarket chains and international pizza chains. DK-Foods employs 65 people, and in 2017 recorded an EBITDA of €7.5m. The largest share of its sales come from Europe, but in recent years the company has extended its presence into new markets, such as Asia, Australia and North America.

People
Maj Invest Equity – Per Høholt (partner).
Danish Crown – Jais Valeur (CEO).
Tulip Food Company – Kasper Lenbroch (CEO).
DK-Foods – Per Fischer Larsen (CEO, co-founder); Steffen Ramsgaard (co-founder).

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• Topics
• Exits
• Nordics
• Consumer
• Denmark
• Maj Invest Equity
• Trade sale