Ceder Capital acquires Kaffekapslen

After the transaction, Kaffekapslen's management team will own the remaining 45%. The GP is deploying equity from Ceder Capital II and typically acquires both majority and minority stakes in primarily Swedish and Finnish companies with turnovers of SEK 50-450m.

The company said in a statement that its goal in the short term was to achieve a turnover of DKK 1bn (€134m) with strong growth in Europe. In 2020, its turnover nearly tripled to DKK 250m (€33.6m) compared to the previous year. 

Mergermarket reported earlier this month that Kaffekapslen's 2020 EBITDA was approximately DKK 20m and was expected to exceed DKK 40m this year. It also reported that the company was expected to grow from the current 100 staff to 1,000 in the next five years.

Company
Founded in 2011 and based in Aarhus, Kaffekapslen is an e-commerce company retailing coffee capsules used in coffee machines. It has a broad assortment of brands and tastes for different coffee machines. The company has a customer base in Scandinavia, Germany, Switzerland and Austria, and recently entered France, Spain and Benelux.

The company generated turnover of DKK 250m in 2020 and EBITDA of around DKK 20m. It employs around 100 staff.

People
Kaffekapslen – Anders Balmer (co-founder, CEO); Morten Ravn (co-founder).
Ceder Capital – Frederic Thunell (partner). 

Advisers
Company – Clearwater International (financial due diligence).

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• Mid-market buyout
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