Ole & Steen bakery owner Lagkagehuset sold

Danish bakery business Lagkagehuset – owner of the Ole & Steen bakery brand – has been acquired by private equity firm Nordic Capital.

Lagkagehuset made its UK debut six months ago with the Ole & Steen site in St James’ Market, London, and has since opened a second store, in Richmond. It has two more sites planned for London, in Canary Wharf and Victoria.

The company, which is currently owned by FSN Capital, operates “a premium concept focusing on high-quality artisanal breads, cakes and pastries as well as other food, teas and coffee”.

Lagkagehuset describes the chain as being a flexible concept that can range from large traditional bakeries to smaller urban food-to-go outlets. The company has 1,800 employees, reported revenues of DKK 665m (£79m) and growth of 20% in 2016. The business, which also operates in the foodservice channel, started trading eight years ago with two stores and now has 67 sites in Denmark.

The UK stores are the first phase of an international rollout of the business, and Nordic Capital says it sees “great potential” in accelerating Lagkagehuset’s growth in Denmark and beyond.

Nordic Capital has acquired FSN Capital's entire majority shareholding in Lagkagehuset, as well as the stakes held by founders Ole Kristoffersen and Steen Skallebæk.

“Nordic Capital has a track record of investments in the food industry and sees great potential in supporting Lagkagehuset in its further expansion. Lagkagehuset has a great customer-oriented concept that delivers high-quality products every day and is a preferred brand for consumers in Denmark,” said Michael Haaning, partner at Nordic Capital advisor NC Advisory.

Nordic Capital has the experience, industry knowledge and capital to help bring Lagkagehuset to the rest of the world, said Lagkagehuset CEO Jesper Friis.

“We are looking forward to the new ownership,” he added. “We have amazing employees and products and expect continued high growth in the coming years.”

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