Nordic food group Geia Food has expanded its presence into the UK market through the acquisition of Lupa Foods, a Mediterranean food importer.
Financial terms of the transaction were not disclosed.
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Denmark-based Geia Food said the deal is “a pivotal step” in its “ambitious growth strategy, strengthening its expansion beyond the Nordics”.
It added: “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 established as Donatantonio in 1902, began as a delicatessen shop in Clerkenwell, London.
The company has evolved over the years, acquiring Compleat Food Network in 2018 and rebranding to Lupa Foods.
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By GlobalDataIt functions as a B2B supplier, providing Italian products such as pasta, tomatoes, and olive oil to food manufacturers.
Geia Food group CEO Claus Ravnsbo said: “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 owned by ProVen VCT, a venture capital fund under Beringea, Lupa Foods has an annual turnover of £45m ($55.2m) and a team of 35 employees.
Lupa Foods’ existing management team, led by CEO Manish Mandavia, will continue to oversee daily operations under the new ownership structure.
Mandavia said: “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, which is majority-owned by European private-equity firm Triton Partners, operates in Nordic markets Finland, Norway, Iceland, Sweden and Denmark.
The company has an annual turnover of £370m and produces a range of private-label and branded products, from seafood and meat to dairy and ice cream via fruit and vegetables and beverages.
In March 2023, Geia Food expanded in Finland by acquiring Topfoods.
