Greenfood majority stake changes hands

Swedish investment firm Fidelio is set to buy Nordic Capital’s majority stake in fresh-produce group Greenfood.

Financial terms were not disclosed.

Fidelio has held a minority stake in Greenfood for almost 15 years.

A Greenfood spokesperson confirmed to Just Food that management and employees now hold the remaining minority shares. 

In a statement issued yesterday (28 July), Greenfood said the transaction will support its “accelerated international expansion”.

“The company’s capital structure, financial commitments and obligations remain unchanged,” it added.

Greenfood, known for its “healthy, affordable, and sustainable” food, operates in both Europe and the US.

The Swedish company supplies fresh fruits and vegetables, as well as ready-made meals. It operates through three divisions: Fresh Produce, salad-bar business Picadeli and Food Solutions.

Since 2016, when Nordic Capital became the majority shareholder, Greenfood said it has nearly doubled its revenues to Skr5.6bn ($580.3m).

David von Laskowski, the CEO of Greenfood Group & Picadeli, said, “As we turn this exciting page together with Fidelio, we are confident in our ability to further accelerate growth, foster innovation, and strengthen our positive impact.”

The deal is slated for completion in the second half of the year, contingent on regulatory approvals and other standard closing conditions.

Greenfood in its current form came about in 2015 through the merger of Picadeli and STC Greenfood. The following year, it was acquired by Stockholm-based private-equity firm Nordic Capital. In 2019, the company bought the fresh cut produce business of Finland’s Apetit.

The company supplies customers in Sweden, Finland, Denmark, Norway, Estonia, Germany, Belgium, Luxembourg, France and the US, with sourcing operations in Spain.