Givesco ‘Takes the Cake’ with Almondy Acquisition
Give, Denmark-headquartered Givesco A/S has acquired Almondy AB, the Torslanda, Sweden-based frozen cakes specialist. Terms of the deal were not disclosed.
In business since 1931 and incorporated in 1980, family-owned Givesco produces baked goods as well as chocolate and confectionery products. Speaking about the transaction, Kenneth Eskildsen, chief executive officer of the Givesco Bakery unit, commented:
“The acquisition of Almondy is strategically important to us. It complements our other businesses in a good way, thanks to its strong position in the Nordic countries. In addition to this, Almondy has many valuable partners who we will continue to develop businesses with.”
Originally known as Mandelbageriet, Almondy was founded by Lennart Dahlbom and Kent Ahlqvist in Gothenburg, Sweden, more than 30 years ago when they discovered a “secret recipe” for almond cake dating back to the 1890s. The venture started out quite humbly, as their first capital equipment was a used pizza oven modified to bake tarts. Since then the business has grown to the point where more than 70,000 cakes are made daily at Almondy’s state of the art bakery. In addition, approximately 46 million gluten-free cakes are produced per annum and exported to 53 countries.
Andrew Ely, managing director of Almondy, commenting on the change of ownership, said: “Givesco Bakery shares our strong foodservice focus and our passion for baking, so we are delighted to be part of its business. Its clear strategy is to develop Almondy further, and so with its expertise we look forward to being able to expand the Almondy brand into new markets while also extending our product offering.”
The frozen baked goods maker, which has a sales office in London, is currently celebrating ten years of serving the UK foodservice sector, where it offers a wide range of gluten-free frozen cakes and sells approximately 1.6 million portions every year. The company is best known for its classic almond cakes which feature exclusive toppings from Cadbury and confectionery treats Toblerone and Daim. It also produces Philadelphia Cheesecake featuring Philadelphia brand cream cheese.