Lion Capital bought a 32 percent stake in Swiss deep frozen bakery products company Hiestand yesterday for an undisclosed sum.
Lion is acquiring 170,000 shares in Hiestand. The company’s share price was up by nearly 5 percent on yesterday morning to CHF2320 per share at 1036CET today. Based on this share price Lion’s stake would be valued at CHF394.4 million (€244.6 million; $362.7 million).
The seller was undisclosed, but news agency Forbes reported on Wednesday that hedge fund Focus Capital was looking to sell its around 30 percent stake in the company. This led to a decline in the share price of nearly 10 percent on last week despite yesterday’s rise.
The European buyout firm has previously bought Vaasan & Vaasan, a Nordic baker and Weetabix, a UK breakfast cereal company.