Nordic Capital acquires Ole & Steen brand and plans further roll-out
Nordic Capital has acquired Danish bakery and foodservice chain Lagkagehuset, its recently opened UK stores operating as Ole & Steen.
FSN Capital is selling its majority shareholding in the company after eight years of ownership. Nordic Capital will acquire FSN Capital's entire majority shareholding in Lagkagehuset, which has 67 stores in Denmark, as well as the stakes held by the two founders, Ole Kristoffersen and Steen Skallebæk.
The UK brand has two stores, in London Richmond and Haymarket, with two stores due to open soon in Canary Wharf and Victoria, and further roll-out planned thereafter.
It operates a premium concept, based on a business model with in-house bakery production, focusing on high-quality artisanal breads, cakes and pastries as well as teas and coffee.
Thomas Broe-Andersen, partner at FSN Capital said: "There will be 200 employees in London before year end, so it has gone far beyond our expectations. I can proudly look back on our ownership period."
Jesper Friis, chief executive of Lagkagehuset, said: "We are excited to have found a strong partner in Nordic Capital, which has the experience, industry knowledge and capital to support us bringing Lagkagehuset to the rest of the world and we are looking forward to the new ownership."
Michael Haaning, partner at NC Advisory, advisor to the Nordic Capital Funds, added: "Nordic Capital will leverage its industry expertise within the retail sector to further develop the company internationally supporting Lagkagehuset's continued progress and expansion in partnership with the company's strong management team."
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