NIB finances Orkla’s expansion in the Baltic market

Laima chocolate. Photo: Laima.

NIB and the Norwegian branded consumer goods supplier Orkla ASA have signed a ten-year loan agreement totalling EUR 60 million to finance the acquisition of the Latvia-based NP Foods Group.

In March 2015, Orkla ASA acquired 100% of the shares in the companies held by Nordic Partners Food Limited, or NP Foods Group. NP Foods is the leading producer of chocolate and confectionary in Latvia, and includes the brand Laima. The Group further offers baked goods, beverages and ready-made meals.

The acquisition of the NP Foods Group supplements Orkla’s portfolio of confectionary products and almost doubles the scale of the company’s existing Baltic operations, making Orkla one of the largest suppliers to the region’s grocery sector.

At the date of acquisition, NP Foods Group operated four production sites in Latvia and one in Lithuania. The Group employs approximately 1,100 people.

Orkla ASA is a leading supplier of branded consumer goods and concept solutions for the retail, food service and bakery markets in the Nordic–Baltic countries and selected markets in Central Europe and India. The company has 14,670 employees and is headquartered in Oslo, Norway.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Mr Vagn Lundhøj, Senior Manager Origination, at +358 10 618 0719, mixIt(‘vagn.lun’,’dhoj’,’nib.’,’int’,”,’1522758182029-0′);vagn.lundhoj (at) nib.int

Ms Niina Rantti, Communications Officer, at +358 10 618 0265, mixIt(‘niina.rantt’,’i’,’nib’,’.int’,”,’1522758182029-1′);niina.rantti (at) nib.int