Smedvig sells Nordic bakery

London-based private equity company Smedvig Capital has made a 10x return on the sale of Almondy, a bakery business to Swedish private equity company Segulah.

Growth capital specialist Smedvig has made a blended return of over 20% on the investment. It originally took a minority stake in Sweden-based Almondy in 1994 and has subsequently provided further investment to enable the company to sustain the growth which has seen it evolve into a market leader.

With revenues of SEK323m in 2007, Almondy is a market leader in the Nordic region, and has enjoyed a compound revenue growth rate of 28% p.a since 2000.