Nordic Capital buys into Swedish food services

Sweden’s ICA Meny is the second acquisition from Nordic Capital’s recently-closed €1.9bn vehicle in the last week.

Nordic Capital, the Swedish private equity firm, is buying Swedish food services business ICA Meny from retail group ICA for an undisclosed sum.

ICA Meny is the second investment from Nordic Capital’s latest vehicle, Nordic Capital Fund VI, which raised €1.9 billion ($2.39 billion) in March of this year.

Last week, the fund made its debut transaction with the acquisition of Danish mobile phone distributor Dangaard Telecom.

Nordic Capital was not available for comment.

ICA Meny, based in Stockholm, provides frozen, fresh and dried foods, beverages and restaurant equipment to hotels, restaurants, caterers and convenience stores in Sweden and Norway. According to Nordic Capital, the company has approximately 1,000 employees and reported revenues of €625 million.

Nordic Capital’s other investments in the food services sector include Leaf, an Amsterdam-based confectionary business. Nordic Capital acquired the business, which manufactures chewing gums, pastilles, candy and chocolates, alongside CVC Capital Partners in March 2005.

Founded in 1989, Nordic Capital has 26 investment professionals, of which 12 are partners, operating out of offices in Stockholm and Copenhagen.