Intera acquires majority interest in Polarica
Intera Fund I, advised by Intera Equity Partners, acquires a majority of the shares in the Swedish berries and wild game producer Polarica. At the same time, Hartwall Capital comes in as a minority owner. Together with the current management, the new owners’ ambition is to build up a leading international group for berries, mushrooms and wild game.
The company is being sold by its founder Allan Lehto who, following completion of the deal, will be left with a significant minority share, and Sjätte AP-fonden, a fund that is selling its holding and thereafter will be an indirect owner through Intera Fund I.
“I have been building Polarica for nearly 40 years, so I have been extremely careful in my choice of company to carry on with my life’s work. I feel enormous enthusiasm for the new owners and the management group’s vision for developing Polarica into a successful global company,” says 71-year-old Allan Lehto, founder of Polarica.
“Polarica will continue to be developed into a company whose brand is a guarantee of high-quality raw materials that meet consumers’ demands for wholesome, organic and responsibly-produced products. We are looking forward to making this journey with the present management and Hartwall Capital,” says Martin Grotenfelt, partner at Intera Equity Partners Oy and the new executive director of Polarica AB.
Up until now, founder Allan Lehto and his family owned 80 per cent of Polarica, 15 per cent was owned by Sjätte AP-fonden and 5 per cent by CEO Tommy Innala. In the new ownership constellation, Intera will own fully 50 per cent of the company, Hartwall Capital 20 per cent, the Lehto family 18 per cent, and Tommy Innala 5 per cent. The rest of the management and board of directors will, as a part of the transaction, be offered the opportunity to invest in the company.
Polarica was founded in 1972 and specialises in high-quality food production. The company is Europe’s leading supplier of wild and cultivated berries as well as game such as venison and elk. Customers include the food industry, large institutions and restaurant wholesalers, retailers and the pharmaceutical industry. Polarica has its head office in Haparanda and processing plants for berries in Sweden, Finland and Poland. The company currently has turnover of approximately SEK 750 million
For further information please contact: Martin Grotenfelt, partner at Intera Equity Partners, +358 50 2145