Norwegian private equity company Jordanes, owner of local food brands group Scandza, is looking into the listing of its shares this year.
In a trading update released by the company today, it said it is “exploring whether market conditions are favourable for a potential listing” of its shares “in 2024”.
Jordanes declined to comment further on why it was considering a listing and when it expected it might happen during the year.
The move accompanied the release of Jordanes‘ latest financial results, in which it booked total revenue growth of 7.6% year-on-year at Nkr1.6bn ($146.8m).
Adjusted EBITDA was up 32.4% compared to 2023, at Nkr101m.
Its brand house Jordanes Investments, which owns Scandza, saw revenues grow 3.3% to Nkr1.5bn.
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By GlobalData
Jordanes‘ branded foods unit booked revenue growth of 6.6% on 2023, reaching Nkr956m.
Speaking on its latest results, CEO and co-founder of Jordanes Jan Bodd said: “Jordanes delivered another quarter of sustained profitable growth. In the first quarter of 2024 all of our segments delivered both revenue and adjusted EBITA growth.”
Headquartered in Oslo, Scandza manages a range of food brands. These include cheese and yogurts manufacturer Synnøve, meat brands Brödernas, Lindvalls, Leiv Vidar and Finsbråten, as well as potato crisps producers Sørlandschips and Poppa.
The group also bought the foodservice group Umcoe Restaurants, owner of the Peppes Pizza franchise, in 2021.
Jordanes‘ potential listing follows on from the sale of Scandza’s biscuits label Bisca to the Danish private-equity investor Erhvervsinvest Management last month.
A stock exchange filing at the time indicated the transaction would be finalised by the end of the second quarter of 2024.
The sale of Bisca was said to have brought about an impairment loss of approximately Nkr35m in 2023.
Scandza was sold to Jordanes’ co-founders Bodd, Stig Sunde and Nikolai Steinfjell by British private-equity group CapInvest in 2018. Bodd and Stig Sunde were also the original founders of Scandza.
