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Nordic Capital, CVC make sweet exit from Cloetta through share sale

27 Nov 2013

Cloetta sweetsNordic Capital and CVC Capital Partners have sold their entire holding in confectionery business Cloetta for SEK901m ($137m) as part of a share sale to institutional investors.

The pair sold their combined 16.1 per cent stake at SEK19.40 per B share amid “extremely high interest” among investors, Cloetta said.

Nordic sold 25.9 million shares and CVC 20.5 million.

The firms bought Amsterdam-based confectionery company Leaf in 2005 before merging the business with listed Cloetta in February last year.

That combined business was listed on the Nasdaq OMX Stockholm.

CVC partner and Cloetta director Peter Törnquist said, “Nordic Capital and CVC have now achieved their goals as owners.

“Leaf was merged with Cloetta following a period during which the company’s management structure was strengthened, a new factory was established in Slovakia and a wide range of new products was launched.

“After management’s successful integration of the businesses, which laid the foundation for profitable growth, it is now a natural time for Nordic Capital and CVC to step aside as owners.”

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