5 Dec 2019
EUR 20 million
Financial institutions and SMEs
NIB has provided a EUR 75 million loan with a tenor of five years to Lantmännen in Sweden to finance a part of the acquisition of the Finnish bakery group Vaasan.
The acquisition, which was completed in June 2015, supports 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 reinforces 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 traditionally have a very strong position internationally.
Lantmännen’s and Vaasan’s product offerings complement each other well, which will create good potential for expansion. The acquisition also enables Lantmännen to become more innovative and quicker in adapting to changing customer needs.
“The acquisition strengthens the competitiveness of the Nordic bakery sector, providing it opportunities for growth in the markets in Northern Europe as well as other parts of the world”, says Henrik Normann, the Bank’s President and CEO.
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.
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
Vagn Lundhøj, Senior Manager, Origination, at +358 10 618 0370,
Niina Rantti, Communications Officer, at +358 10 618 0265,