European mid-market private equity firm CapVest has bought Nordic consumer food and drink business Scandza through an MBO.
The company, which makes chilled foods, snacks and baked goods, had a turnover of €236m last year and owns Norway’s second-largest potato chip producer Sorlandschips.
CapVest’s current and past Nordic investments in the food sector include poultry producer Scandi Standard, frozen food manufacturer Findus and pan-Nordic bakery business Vaasan.
UK-based CapVest held a €74.3m first close for its latest buyout fund in January amid increasing interest in mid-market activity.
The Jersey-domiciled CapVest Equity Partners III attracted a combination of existing and new investors according to one LP committed to the fund, which has also brought in five other investors according to a US securities filing made today.
The source said the firm had benefitted from a “transformed sentiment” in the UK mid-market space since the fourth quarter of 2011.
A spokesman for CapVest said the firm declined to comment on fundraising activity, and maintained that line when pressed again on the subject in October.
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