Rieber & Søn on Tuesday announced that it sold the King Oscar canned sardine brand to Procuritas Capital Investors IV LP A, a Sweden-based private equity firm.
The deal is valued at NOK 230 million to 255 million (USD 34.5 million to 38.3 million, EUR 28.3 million to 31.4 million). King Oscar’s 2009 revenues amounted to about NOK 350 million (USD 52.5 million, EUR 43.1 million).
Norway-based Rieber & Søn acquired King Oscar from Norway Foods in 1996. The purpose of the divestment was to allow for structural changes within the company.
“Consolidation within the canned seafood industry in Northern Europe can be expected. As Rieber & Søn does not wish to be a driving force in this process, the interests of King Oscar are best served by having a new owner,” said Rieber & Søn CEO Patrik Andersson in a statement.
Rieber & Søn will retain a 10 percent stake in King Oscar, and the company’s sales arms in Norway, Poland, the Czech Republic and Slovakia will continue to handle King Oscar products. King Oscar’s largest market is the United States.
“Our areas of key competence are product development and brand building based on a thorough knowledge of local taste trends and consumer behavior. And we intend to become even better,” said Andersson. “We are concentrating our resources in prioritized areas in order to become a stronger player, also in the Norwegian market.”
