Kotipizza Group listed on the Helsinki Stock Exchange and Orkla listed on the Oslo Stock Exchange, have on November 22, 2018 entered into a Combination Agreement pursuant to which Orkla will make a voluntary recommended public cash offer to purchase all of the issued and outstanding shares in Kotipizza Group. In the Tender Offer, Kotipizza Group’s shareholders will be offered a cash consideration of EUR 23.00 per share, valuing Kotipizza Group’s equity at approximately EUR 146 million.
The acquisition is in line with Orkla’s strategic ambition to increase its presence in channels with faster growth than traditional grocery, and Orkla sees a good match between the two companies.
Kotipizza Group is a leading player in the Finnish restaurant market, and best known for its Kotipizza restaurant chain. Additionally, Kotipizza Group consists of the supply and logistics company Helsinki Foodstock Oy, Mexican-style restaurant chain Chalupa, Social Burgerjoint restaurant chain and No Pizza restaurant concept. In 2017, the Kotipizza Group had total net sales of EUR 84.1 million with EBIT of EUR 6.4 million.
Carnegie acts as financial adviser to Orkla.