Swedish private equity group EQT said last week that it has signed an agreement with Accent to sell its minority investment in Swedish confectionary company Candyking.
"Several strategic initiatives have been launched to improve Candyking's business model. This has been completed by focusing on operational efficiency and the establishment of a competitive cost profile that, in turn, has facilitated organic and acquisition-driven growth and extension of Candyking's geographical reach into several European markets," EQT said.
As part of Accent's management buyout of Candyking in late 2007, EQT Expansion Capital I provided a mezzanine loan to support the deal, awarding EQT with a 15% holding in the company. Following a refinancing of Candyking in January this year, the mezzanine investment was repaid in full.
The sale follows a failed attempt by Candyking earlier this year to list itself on the Stockholm stock exchange. Serious fires at two Candyking factories in Sweden and the Netherlands created uncertainty in the market, the company said at the time.
© 2014 - European Supermarket Magazine by Enda Dowling
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