Nordic food group Geia Food has strategically enhanced its presence in the UK market by acquiring Lupa Foods, a prominent Mediterranean food importer.
While the financial terms of the transaction remain undisclosed, this acquisition represents a significant milestone in Geia Food’s growth strategy.
According to Geia Food, the deal is “a pivotal step” in its “ambitious growth strategy, strengthening its expansion beyond the Nordics”.
Furthermore, the company emphasized that “this partnership establishes a robust foothold in the UK, one of Europe’s largest markets, and fuels an exciting journey with great opportunities.”
Lupa Foods, originally founded as Donatantonio in 1902, began as a delicatessen shop located in Clerkenwell, London.
Over the years, the company has evolved significantly, notably acquiring Compleat Food Network in 2018 and rebranding to Lupa Foods.
Lupa Foods operates as a B2B supplier, offering Italian products such as pasta, tomatoes, and olive oil to food manufacturers.
Geia Food Group’s CEO, Claus Ravnsbo, stated: “By combining our sourcing capabilities and supplier portfolio with Lupa’s local market expertise, we see vast opportunities to grow the business further and deliver even more value to customers.”
Previously, Lupa Foods was owned by ProVen VCT, a venture capital fund under Beringea. Notably, Lupa Foods boasts an annual turnover of £45m ($55.2m) and employs a team of 35.
Under the new ownership structure, Lupa Foods’ existing management team, led by CEO Manish Mandavia, will continue to oversee daily operations.
Mandavia remarked: “Joining Geia Food presents a remarkable opportunity to scale our operations and enhance our value proposition by accessing their extensive sourcing capabilities and global network.”
Geia Food, predominantly owned by the European private-equity firm Triton Partners, operates across Nordic markets, including Finland, Norway, Iceland, Sweden, and Denmark.
The company generates an annual turnover of £370m and produces a diverse range of private-label and branded products, spanning seafood, meat, dairy, ice cream, fruits, vegetables, and beverages.
In March 2023, Geia Food expanded in Finland by acquiring Topfoods.
