Lion Capital acquires bakery in tertiary buyout

European buyout firm Lion Capital, which specialises in branded consumer businesses, is buying Scandinavian baking company Vaasan & Vaasan from rival CapVest.

European mid-market buyout firm Lion Capital is acquiring Finnish bakers Vaasan & Vassan from CapVest for an undisclosed sum.

The bakery has a large presence in Scandinavia and the Baltic States with net sales of €334 million ($449 million) in 2006.

CapVest originally bought the baker in January 2004 from the Nordic private equity house EQT for an estimated €300 million. EQT achieved yearly sales of €280 million at this stage.

Lion, which spun out of US buyout firm Hicks Muse Tate & Furst, now HM Capital, has bought European brands such as Weetabix, Wagamama and Orangina.