Lion Capital, a UK-based private equity firm, has agreed to acquire a 32% stake in Swiss bakery firm The Hiestand Group.

Hiestand is an international provider of convenience deep-frozen bakery products in Switzerland, Germany, Austria, Poland, Malaysia, Japan and Turkey. Lion Capital is acquiring 170,000 shares of Hiestand.

"Hiestand is a leading player in the most attractive sub-sector of the bakery market," said Lyndon Lea, partner of Lion Capital. "We are tremendously excited to make this investment."

Based in London, Lion Capital owns brands such as Weetabix and Vaasan & Vaasan.

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