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Candyking seeks new CEO after bond listing

23-Jan-2014

Candyking CEO to depart after initial public offering withdrawn
Candyking CEO to depart after initial public offering withdrawn

Swedish pick & Mix confectioner Candyking has issued a bond to secure investment for growth, but its CEO has decided to leave the firm after it failed to become a public company.

The company pulled the plug on its $76.2m initial public share offering following fires at two of its suppliers in December last year.

This week it successfully issued a four-year SEK 750 million ($116.5m) bond as a compromise to finance its growth plans, but will remain a private company.

Company CEO David von Laskowski said that he was pleased the firm had secured long-term financing, but announced that he would quit his role.

“Since Candyking will continue to operate in a private environment, I have decided to leave the company,” he said.

Jan Ohlsson, Chairman of Candyking’s Board of Directors said: “Through the issuance of the bond, Candyking achieves a more efficient and flexible capital structure and secures financing for continued growth.

“The transaction empowers the company to enhance its position as the clear market leader in the pick & mix confectionery and natural snacks industry.”

Von Laskowski will remain as CEO until a replacement is found.

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