Lysaker, August 6, 2008 - Herkules Private Equity Fund acquires Kraft's salted snacks business in the Nordic and Baltic countries from Kraft Foods Inc, a US listed company. The agreement includes Kraft's market-leading brands Maarud and Estrella, in Norway, Sweden, Finland, Denmark, Estonia, Latvia and Lithuania, as well as the brand Taffel Chips in Denmark.
The salted snacks business is number 1 in potato chips in Sweden, Norway and Lithuania, and number 2 in Denmark, Finland, Estonia and Latvia.
- Kraft has not prioritized the salted snacks business in the Nordic and the Baltic countries as it is not one of their key categories. We see great potential in releasing the power of the brands Maarud and Estrella and the many highly skilled employees in the company, says managing partner of Herkules Capital, Gert W. Munthe.
The business has production facilities in Disenå in Norway, Angered in Sweden, and Kaunas in Lithuania. In total, there are 350 employees. Herkules does not plan any redundancies as a result of the transaction.
Both parties have agreed not to disclose the purchase price.
Herkules consists of two funds, Herkules I and II, with NOK 2.0 and 4.25 billion in committed capital from Norwegian and international investors. Herkules has the financial strength to establish a strong ownership position in established companies with growth potential. Companies owned by Herkules I are: Pronova BioPharma, Noratel, Handicare, European Beds, D&F Group. Companies owned by Herkules II are: Nille, Micro Matic Norge, Nordic Interior Group, Hatteland Display, EFG European Furniture Group, Aibel, Network Electronics.