Diemen 2005-04-07 - CSM has reached agreement about the sale of the operations of BakeMark Sweden to Accent Equity Partners for the takeover price of EUR 8.75 million. The transaction takes effect on 1 May 2005. Including capitalized goodwill the book loss will amount to EUR 7 million in 2005.
Accent will take over all the operations of BakeMark Sweden, including the factory in Fagersta and the head office in Stockholm. The sale fits in with CSM Bakery Supplies Europe’s strategy to focus on a number of core countries.
All 108 employees will be transferred to the new owner. BakeMark Sweden has a turnover of approximately EUR 28 million.
CSM is aiming to improve its profitability through Restructuring, Divestment and Growth. The sale of BakeMark Sweden is in line with earlier announcements on CSM’s intentions to strengthen its strategic core activities in bakery products and food ingredients.
Background information
CSM is a global producer and distributor of bakery products and food ingredients. CSM’s main product groups include bakery ingredients and products, lactic acid and lactic acid derivatives, and sugar. With these activities CSM has an annual turnover of EUR 2.8 billion and a workforce of approximately 9,500. CSM operates in Europe, the United States, Canada, Brazil, and Asia. More info: www.csm.nl
CSM Bakery Supplies Europe concentrates on the development, production and sale of a wide range of bakery ingredients and products for professional bakers and the bake-off market. The European market for bakery ingredients and business-to-business bakery products has an estimated value of € 8.5 billion. With a market share of 12% CSM Bakery Supplies Europe is regarded as the market leader in Europe with number-1 positions in Germany, Italy, the UK, and France.
Headquartered in Stockholm, Accent Equity Partners is a leading lower mid-market private equity specialist investing in buyout and later-stage expansion capital transactions in the Nordic region. Accent's investment strategy is to purchase controlling equity interests of EUR 5 - 30 million in companies with a total enterprise value of EUR 10 -100 million with a clear potential for value creation through revenue growth, operational improvements, increased financial efficiency and beneficial strategic positioning.