Swedish investment firm Fidelio is poised to acquire the majority stake in fresh-produce group Greenfood from Nordic Capital.
The specific financial terms of this transaction remain undisclosed.
Fidelio has maintained a minority stake in Greenfood for nearly 15 years.
A representative from Greenfood confirmed to Just Food that management and employees currently own the remaining minority shares.
In a statement released yesterday (28 July), Greenfood asserted that this transaction will facilitate its “accelerated international expansion.”
Additionally, the company noted, “The capital structure, financial commitments, and obligations remain unchanged.”
Greenfood, recognized for offering “healthy, affordable, and sustainable” food, has operations across both Europe and the US.
The company supplies a variety of fresh fruits and vegetables, alongside ready-made meals. It operates through three divisions: Fresh Produce, salad-bar business Picadeli, and Food Solutions.
Since Nordic Capital became the majority shareholder in 2016, Greenfood has nearly doubled its revenues to Skr5.6bn ($580.3m).
David von Laskowski, the CEO of Greenfood Group & Picadeli, expressed, “As we turn this exciting page together with Fidelio, we are confident in our ability to further accelerate growth, foster innovation, and strengthen our positive impact.”
This deal is expected to finalize in the second half of the year, contingent on regulatory approvals and standard closing conditions.
Greenfood was formed in 2015 through the merger of Picadeli and STC Greenfood. Subsequently, Nordic Capital acquired it in 2016. In 2019, the company expanded by purchasing the fresh cut produce business from Finland’s Apetit.
The company’s operations span Sweden, Finland, Denmark, Norway, Estonia, Germany, Belgium, Luxembourg, France, and the US, with sourcing operations located in Spain.
