Sentica takes 75% Kotipizza stake

Although undisclosed, enterprise value was confirmed to be in the €50-100m range. Equity was drawn from the Sentica Buyout III fund, which closed on €119.5m in early 2010. Sentica sourced the deal directly.

The Kotipizza group comprises Kotipizza, Helsinki Foodstock, Domipizza and Kotipizza Tilipalvelut. The company's previous owner Rabbe Grönblom will retain a 20% shareholding, while management will hold a 5% stake.

Sentica was attracted by the group's market position and its successful track record. It aims to further strengthen Kotipizza's position in Finland, and will also look at international expansion opportunities.

Debt
Nordea provided a debt package to finance the transaction.

Company
Established in 1987, Kotipizza is a Finnish chain of pizza restaurants. It is currently present in 280 sites across Finland. Over 95 per cent of Kotipizza's retail sites in the country are independently franchised businesses – the chain reported sales of €66.1m last year.

Overall, the Kotipizza group posted a €40m turnover in 2010, not taking into account franchisee revenue. The group employs around 450 staff.

People
Johan Wentzel led the deal for Sentica. He was appointed chairman of the group's board following the transaction.

Advisers
Equity – Krogerus (Legal); Ernst & Young (Financial & commercial due diligence, tax).

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• Topics
• Nordics
• Buyouts
• Consumer
• Finland
• Ernst & Young
• Nordea