10 Sep 2019
EUR 30.2 million
Infrastructure, transportation and telecom
|Date of agreement:||19 Nov 2015|
|Customer:||Lantmännen ekonomisk förening|
|Amount in EUR:||EUR 75 million|
|NACE sector / loan type:||Manufacture of food products and beverages|
|Business area:||Industries and services|
The loan has been provided for financing the acquisition of the Finnish bakery operator Vaasan Group. The acquisition is in line with Lantmännen’s international bakery business strategy of becoming stronger in the Northern European market.
Vaasan is one of the leading bakery operators in Finland, as well as a major player in Sweden, Norway and the Baltic region with several well-known brands. The acquisition of Vaasan strengthens Lantmännen’s market position within the grain and food chain in the Baltic Sea region. It also gives the company an assortment of new products and concepts, especially in the crispbread business, where Vaasan has a very strong position internationally; it has been the second largest producer of crisp bread in the world.
Lantmännen is an agricultural cooperative and Northern Europe’s leader in agriculture, machinery, bioenergy and food products. Lantmännen is owned by 29,000 Swedish farmers, has 10,500 employees, operations in over 20 countries and revenues of SEK 37 billion.
Lantmännen and Vaasan will together enhance their position in the Baltic Sea region and expand their joint offering with several new products and concepts. The acquisition of Vaasan will make Lantmännen an even more competitive food company, with major opportunities for growth in the markets in Northern Europe as well as other parts of the world.
Lantmännen’s acquisition of Vaasan Group includes 19 plants in Finland, Estonia, Latvia and Lithuania. Environmental due diligence (EDD) has been carried out by a third party for the medium-risk sites, resulting in the identification of a small number of environmental issues. The company has established mitigation measures and a plan that will be implemented over the next 12 months.