Sale of King Oscar

June 8, 2010 10:51

Rieber & Son is selling King Oscar. - This is entirely in line with our plan to prioritise core business and areas where we have key competence, says CEO Patrik Andersson, reports with reference to Rieber & Son.

- Our areas of key competence are product development and brand building based on a thorough knowledge of local taste trends and consumer behaviour. And we intend to become even better. We are concentrating our resources in prioritised areas in order to become a stronger player, also in the Norwegian market, says Andersson.

Rieber & Son's brand portfolio includes Toro and Denja, where the company's own recipes and products are developed with a view to becoming a market leader.

Rieber & Son has owned King Oscar since the acquisition of Norway Foods in 1996. Last year the food group's AGM adopted a resolution to hive off the King Oscar business unit as a separate subsidiary. The purpose of the demerger was to pave the way for structural changes within the company and other ownership constellations.

- Consolidation within the canned seafood industry in Northern Europe can be expected. As Rieber & Son does not wish to be a driving force in this process, the interests of King Oscar are best served by having a new owner, says Andersson.

King Oscar is being acquired by Procuritas Capital Investors IV LP A, which is an acquisition fund with a Nordic focus. Rieber & Son will retain a 10 per cent shareholding in King Oscar and the Group's sales organisations in Norway, Poland, the Czech Republic and Slovakia will continue to be responsible for the sale of King Oscar's products in these geographical areas. King Oscar has considerable international sales, with the USA as the largest market.

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