Bakkavor Group Plc Ipo

Bakkavor group plc ipo

Bakkavor group plc ipo

Type

Private company
IndustryFood manufacturing
Founded1986
Headquarters

London

,

England

Area served

United Kingdom, Belgium, Italy, Spain, USA, China (including Hong Kong)

Key people

Simon Burke, chairman[1]
Ágúst Guðmundsson, CEO
ProductsReady meals, soups, sauces, prepared fruits and vegetables, salads, desserts, dips, pizzas
Revenue£1,855.2 million (2018)[2]

Operating income

£111.7 million (2018)[2]

Net income

£67.2 million (2018)[2]
Websitewww.bakkavor.com/ 

Bakkavör is an international food manufacturing company specialising in fresh prepared foods.

The Group's head office is in London.

Bakkavor group plc ipo

It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

It was listed 27th in the 2015 Sunday Times Top Track 100.[3]

History[edit]

Bakkavör was founded in 1986 by the two brothers Ágúst and Lýður Guðmundsson, to manufacture and export cod to Scandinavia.[4] They expanded the business by selling convenience foods.[4] The company acquired Katsouris Fresh Foods in 1997 and Geest in 2005.[4]

Following the global financial crisis of 2008, Bakkavör became heavily indebted, forcing the Guðmundsson brothers into emergency talks with the company's bondholders.[5]

The Guðmundsson brothers' advisors, Deloitte, came under scrutiny for its advisory role when the brothers repurchased a major stake in Bakkavör from their investment company, Exista, in 2009.[6] The company delisted from the NASDAQ OMX in Iceland in 2010.[7] Lýdur and Ágúst Guðmundsson, faced fraud charges in Iceland in 2012 relating to their ownership of Exista.[8]

In 2014 the company simplified its structure selling its South African operation and a 40% stake in its Italian business later in the year.[9] The company acquired US prepared foods manufacturer B.

Robert's Foods in January 2015.[10]

In January 2016, Bakk AL Holdings Limited, another company owned by Ágúst and Lýður Guðmundsson and funds managed by The Baupost Group, LLC, purchased shares in the company, taking its ownership to approximately 89% of the outstanding shares in the company.[11] Then in November 2017 the company was the subject of an initial public offering on the London Stock Exchange.[12]

Operations[edit]

The company produces a range of meals, salads, desserts and pizza and bread.[13] In April 2017, many supermarkets had to recall the company's hummus because of poor quality control.[14]

References[edit]

External links[edit]

Why Did Singapore O&G Ltd Choose To IPO?