Axa Private Equity swaps places in German food producer with rival Argantis
AXA Private Equity has acquired the entire share capital of German food producer frostkrone Holding, buying equity from Argantis Beteiligungs GmbH, a private equity firm focused on small and mid-sized firms in that country, to do so.
The investment by the $28bn AXA unit will sit alongside that of frostkrone’s own managers.
Argantis, which was a majority shareholder, is fully exiting the food company as a result of its sale to Axa.
The frostkrone Group and its 102 employees generated sales of about €36m in 2011.
AXA Private Equity and frostkrone’s management are hoping to boost the company’s international business, in part through M&A, drawing on AXA Private Equity’s European network. No changes will be made to the frostkrone management team.
Dirk Wittneben, managing director, AXA Private Equity, said: “Changes in life style and eating habits has led to an increasing demand for finger food and snack products. frostkrone is in an excellent position to benefit from this and to further strengthen its market position in Europe.”
Jörg Schilling, managing director for the frostkrone Group, said: “AXA Private Equity is the ideal partner for continuing and advancing frostkrone’s existing programme of internationalisation.”