Merger creates Scandinavian poultry giant
Two of Scandinavia’s leading poultry producers – Kronfågel Group in Sweden and Denmark, and Cardinal Foods in Norway – are being merged to form a single company.
The deal has been co-ordinated by private equity firm CapVest, and Swedish farmer-owned business Lantmännen, which is the owner of Kronfagel Group, Poultry World reports.
CapVest will have a 52% controlling shareholding, with Lantmännen retaining a 48% stake. The new business, which is yet to be named and still has to be approved by the competition authorities, will have a combined turnover of over SEK5bn, (£510m).
The focus will be on product development and international growth, while delivering a more consolidated, efficient business.
“This is a positive deal for everyone involved, creating a platform for a strong, collected focus on the poultry industry in all of Scandinavia,” said Per Olof Nyman, chief executive and group president of Lantmännen.
Kronfågel Group is the largest chicken producer in Scandinavia, selling refrigerated, frozen and processed chicken through a range of brands. It has 1,200 employees and a turnover of SEK 3.5bn (£357m). Cardinal Foods is a leading player in the market for chicken, turkey and duck meat in Norway, as well as eggs.
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