Private equity firms divest Cloetta stake for $137m

Nordic Capital Fund and CVC Capital Partners have divested their 16.1% share of Scandinavian confectioner Cloetta following the merger with Leaf.

Nordic Capital and CVC acquired Leaf in March 2005, while Cloetta merged with Leaf in February 2012.

In November 2012, Nordic Capital and CVC owned 57% of Cloetta but the holding has been progressively reduced. Now both private equity firms have entirely divested their shares in the new Cloetta.

Peter Törnquist, member of Cloetta's Board of Directors and Partner at CVC:" Leaf was merged with Cloetta following a period during which the company's management structure was strengthened, a new factory was established in Slovakia and a wide range of new products was launched.

“After management's successful integration of the businesses, which laid the foundation for profitable growth, it is now a natural time for Nordic Capital and CVC to step aside as owners.”

The sale of 46.4 million Cloetta B-shares at a value of SEK 901 million ($137.7m) - 56% belonging to  Nordic Capital and 44% - were sold to several institutions in Sweden, other European countries and the US.

See HERE for Cloetta’s Q3 financial performance.