Nordic private equity firm FSN Capital has acquired a majority stake in Gram Equipment, which provides process equipment for ice cream makers.
Gram Equipment, which was previously backed by Procuritas private equity firm, was founded 116 years ago in Denmark. In 2014 it merged with WCB Ice Cream and now has more than 350 employees.
The merger resulted in major synergies and over the last three years Gram Equipment has grown at 15 per cent a year, primarily through international expansion. It had revenues of 650 million DKK (£76.8 million) in 2016 and these are forecast to rise to 800 million DKK (£94.5 million) in 2017.
The company more than tripled its earnings over the same period.
Thomas Broe-Andersen, Partner at FSN Capital Partners, the investment advisor to FSN Capital, said: “Gram Equipment is a market leader in the production of advanced process equipment for leading international ice cream producers. The company has shown impressive growth. It now embarks on new growth ventures, not least in emerging markets and new customer segments. We look forward to supporting Gram’s continued growth.”
Lasse Viegand Hansen, CEO of Gram Equipment, added: “With Procuritas, we integrated the acquisition of WCB Ice Cream and turned Gram Equipment into a global leader in its field. We’ve enjoyed several years of solid growth. Now we’re looking forward to the next phase and continued growth. FSN Capital will secure the financial and management resources we need to continue to expand with our customers around the world.”