Orkla makes €146.1mn bid for Finland's largest pizza franchise
Norwegian retailer, Orkla, has offered to buy the owner of Finland's largest pizza restaurant chain, for around EUR€146.1mn (USD$166.9mn).
By acquiring Kotipizza Group, Orkla hopes to expand its market presence.
"The acquisition of Kotipizza Group is in line with our strategic ambition to increase our presence in channels with faster growth than traditional grocery, and we see a good match between the two companies," said Orkla president and CEO Peter Ruzicka.
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Kotipizza Group is best known for its pizza restaurant chain Kotipizza.
It has 280 restaurants in Finland, of which all except one are franchise-operated.
Additionally, the firm also owns the purchasing and wholesale company Helsinki Foodstock Oy.
During the last financial year, Kotipizza Group reported total net sales of EUR€84.1mn.
The acquisition is subject to regulatory approval.
If the transaction is completed Kotipizza will retain its current management team and will operate as an independent unit within Orkla.
Orkla is a leading supplier of branded consumer goods to the consumer, out-of-home and bakery markets in the Nordics, Baltics as well as markets in Central Europe and India.
In 2017, the group had a turnover of EUR€4.1bn (USD$4.6bn) and around 18,000 employees.