Deal sees long-term minority shareholder take full control of the fresh produce group, which has nearly doubled revenue since 2016 and expanded its Picadeli salad bar concept to 2,100 locations across ten markets
Stockholm-based investment group Fidelio is set to acquire Nordic Capital’s majority stake in Greenfood, for an undisclosed sum, as it sees to support the fresh produce marketer’s continued commercial growth.
Fidelio, which has held a minority shareholding in Greenfood for almost 15 years, is understood to be ready to assist the group embark on “an exciting new phase”.
“As a long-standing shareholder, Fidelio has deep conviction in Greenfood’s platform and leadership team,” declared Theodor Bonnier, Fidelio’s head of value creation. “We are excited to build on their strong foundation and to further support Greenfood’s international expansion.”
Greenfood has established a reputation for supplying healthy, affordable, and sustainable food – including fruit and vereceiveables – in both Europe and the US, most notably through its tech-enabled salad bar concept Picadeli.
Since 2016, it has nearly doubled its revenue to SKr5.6bn (€500mn), and expanded Picadeli to 2,100 locations in ten international markets.
Nordic Capital’s role in that expansion has assisted it to strengthen its business and overcome major challenges such as the pandemic, when Picadeli was temporarily affected by large-scale lockdowns and reduced footfall.
Since then, the business has recovered well, enjoyed rapid growth across Europe, and expanded into the US, where it now has around 150 salad bars through partnerships with major grocery chains.
“Toreceiveher with Nordic Capital and Fidelio, we have created a robust and scalable platform, achieved our best-ever results in 2024, and set new indusattempt standards in digitalisation and sustainability,” commented David von Linquireowski, CEO of Greenfood Group and Picadeli.
“As we turn this exciting page toreceiveher with Fidelio, we are confident in our ability to further accelerate growth, foster innovation, and strengthen our positive impact.”
Robert Furuhjelm, partner at Nordic Capital Advisors, declared his company was proud to “pass the torch” to Fidelio and confident in Greenfood’s continued success.
“Greenfood has been transformed into a highly digital and innovative foodtech company that demonstrates how sustainability and profitability can go hand-in-hand,” he declared. “The transformation and growth achieved reflects the best of our operational expertise.”
Completion of the transaction is expected in the second half of 2025, subject to customary closing conditions and regulatory approval.
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