21 April 2008 - Vaasan & Vaasan Group has acquired the Norwegian bake-off company Culinor AS. The acquisition agreement was signed on April 18th, 2008, and is subject to Norwegian competition authority approval. The parties have decided not to disclose transaction price.
Vaasan & Vaasan Group acquired the shares from the majority shareholder French Neuhauser Group, a leading European bake-off manufacturer and the management of Culinor AS. With the acquisition Vaasan & Vaasan Group strengthens its position as a major Nordic bake-off operator.
Culinor AS operates in the HoReCa segment of the Norwegian bake-off market and is the second-largest player in this segment with a market share of approximately 19%. In 2007 the Company had a turnover of NOK 118.8 million (EUR 15.0 million) and a staff of 17 employees.
"The acquisition will enable Culinor AS to strengthen its market leadership through Vaasan & Vaasan Group's wide product portfolio and Bonjour brand. As part of Vaasan & Vaasan Group Culinor's nationwide sales organization will provide its customers a wider and better product portfolio, stronger support, and customized service", notes Ernst R. Bjaarstad, Managing Director of Culinor.
Vaasan & Vaasan Group is the leading producer of fresh bread, bake-off, crisp bread and other bakery products in Finland and the Baltic States. The Group is also the number two producer of bake-off products in the Nordic region and the second largest producer of crisp bread in the world.
The acquisition strengthens further Vaasan & Vaasan Group's position in the Nordic bake-off market. Vaasan & Vaasan Group bake-off business unit consists of Nordic Bake Off AB in Sweden with own production sites in Fagersta and Gotland, and Vaasan & Vaasan Oy Joutseno bake-off production facility in Finland. The Group bake-off turnover in 2007 was approximately EUR 100 million with some 380 employees.
"The Norwegian bake-off market is estimated to continue to grow strongly. The acquisition gives us an excellent opportunity to develop our bake-off business and strengthen our market position in Norway and other Nordic countries", says Matti Lappalainen, CEO of Vaasan & Vaasan Group.