Belgium-based Lotus Bakeries has snapped up Swedish biscuit maker Annas Pepparkakor Holding from private equity firm Accent Equity in a deal worth an initial SEK164m (US$21m).
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The deal is based on an enterprise value for Anna’s of SEK164m but Lotus could pay an additional amount based on the Swedish firm’s EBITDA growth for the year ending 30 June 2009.
Lotus said Anna’s, a maker of pepparkakor, a traditional Swedish biscuit made with cinnamon and ginger spices, has enjoyed “steady organic growth over the years.” Turnover for the year to 30 June reached SEK172m.
Lotus said the acquisition fits strategy of building its speciality biscuits, ginger bread, waffles and pastries operations. “The acquisition of Anna’s fits perfectly into the group’s strategy to focus on high quality authentic specialities compatible with a branded strategy and with international potential,” the company said.
North America accounts for 40% of Anna’s sales and the Swedish firm’s products are sold in Ikea stores worldwide.
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By GlobalDataAnna’s has two production sites – one in Sweden and one in Canada.
