IDAK Food Group, a Switzerland-based manufacturer of frozen food, is under new ownership.

London and New York-based investment company TowerBrook Capital Partners has bought a majority stake in the business from previous owners Invision and Nord Holding for an undisclosed sum.

IDAK said the deal would strengthen its capital base for further growth in Europe as well as for acquisitions, building on its purchase of local frozen baked goods supplier Romer’s Hausbäckerei last September.

In a statement announcing its new owners, IDAK said it “sees further potential for selective acquisitions in Europe in order to expand existing business areas or develop additional ones”.

The company’s management team, around CEO Christof Lehmann, will retain a “broad-based minority stake” in the business.

“Our goal is to establish ourselves as the leading pan-European premium frozen food group,” said Lehmann.

He added: “We are delighted and proud to have gained such a renowned investment company as a new majority shareholder in TowerBrook. This step confirms and continues our successful strategy. With its extensive expertise and international business excellence, TowerBrook is the ideal partner to support us in our next development steps and growth targets.”

José Arellano and Paolo De Bona of TowerBrook said in a joint statement: “We have been following the impressive development of this company for several years and are convinced that with our broad experience we are the right partners to support the well-established management team in IDAK’s next phase of growth, organically and via new acquisitions.”

As well as Romer’s Hausbäckerei, IDAK owns local potato snacks manufacturer Kadi and Margherita, a frozen pizza business based in Italy.

In 2022, IDAK achieved sales of SFr160m ($179.6m) and employed around 550 staff.