Norwegian food group Scandza has announced the sale of its biscuits brand Bisca to Danish private-equity group Erhvervsinvest Management. The financial details of the deal have not been disclosed. The transaction is expected to be finalized by the second quarter of this year, pending approval from Denmark’s competition watchdog.
Scandza, a subsidiary of Oslo-based private equity investors Jordanes Investments, acquired Bisca in 2011. A spokesperson for Scandza confirmed that the sale includes all employees and assets of the company but excludes the ownership stake in Skagerak Holding.
Bisca produces a variety of baked goods under the labels Karens Bakery and Karen Volf, including Danish butter cookies, brownie bites, digestives, oat biscuits, Snøfler cakes, Møn rye and wholegrain biscuits, as well as the All-in-one better-for-you crackers. The products are manufactured at a facility in Stege, Denmark.
In addition to Bisca, Scandza’s portfolio includes meat brands Brödernas, Lindvalls, Leiv Vidar, and Finsbråten, cheese and yogurt maker Synnøve, potato crisps processors Sørlandschips and Poppa, and the Norwegian restaurant chain Peppes Pizza.
Erhvervsinvest Management, with 29 acquisitions since its founding in 2004, supports small and medium-sized enterprises in various industries. Their food-related portfolio includes Delika Food Group, Samsø Syltefabrik, and European Freeze Dry.
Jordanes Investments reported a 12.6% increase in annual revenue for 2023, totaling Nkr6.3bn ($5.9bn), with operating profits up 27.2% year-on-year. The sale of the Bisca business resulted in an impairment loss of around Nkr35m in 2023. Total revenue for the investor’s Branded Foods segment in FY 2023 was Nkr3.6bn, a nearly 10% increase from the previous year.
Overall, this acquisition highlights the ongoing activity and growth in the food and beverage industry, indicating key trends in food and drink businesses and consumer preferences. Considering the competitive landscape, both companies are positioned to leverage their strengths and capitalize on market opportunities effectively.
