MB Funds has sold its interest in confectionery business Oy Panda to Felix Abba Oy, which is part of the Orkla Group. Financial details of the transaction were undisclosed and the deal is awaiting clearance from the competition authorities.
MB Funds invested in Panda in 2000. Since then Panda has increased its market share and improved profitability of its operations. The company’s full-year turnover in 2004 amounted to around €52m and it has approximately 300 employees. Exports have also gained pace significantly over the years. Today, around 30% of its products are exported.
Hannu Puhakka, partner MB Funds, says: “We have been highly satisfied with how Panda’s business operations are shaping up. The ocmpany’s result has improved significantly and it has outperformed all its objectives. At present, Panda is in a new stage as a company. We believe that its strong Nordic owner will provide it with more business development resources and potential.”