Bakkavör Group acquires 45% of Hong Kong’s «La Rose Noire»

Reykjavik / IS. (bk) Bakkavör Group has acquired a 45 percent share in Hong Kong´s leading producer of premium bakery and pastry products, La Rose Noire, with a call option to acquire an additional 45 percent share in 2010 and a 90 percent share in the company´s Chinese operation in 2011. The consideration price, which remains confidential, was financed by Mizuho Corporate Bank Limited.

La Rose Noire specialises in supplying retailers and food service companies in Hong Kong and across China with high-quality bakery and pastry products as well as exporting a range of its products to New Zealand, Thailand, India, the USA and Dubai. The Company was founded in Hong Kong in 1991 as a retail patisserie and subsequently opened a factory in 1994. In 2004, La Rose Noire expanded its operations with the opening of a factory in southern China. Today, La Rose Noire employs approximately 250 people in Hong Kong and 220 in China. In 2007, the turnover of the Company amounted to twelve million USD in Hong Kong and to four million USD in China.

La Rose Noire will be accounted for as an associate company from the acquisition date. The acquisition will not have a material effect on the group´s financial results. Agust Gudmundsson, CEO of Bakkavör Group: «I am pleased to announce our second investment in Hong Kong this year. La Rose Noire is a strong business with an excellent management team that has over 16 years experience in the food industry in Hong Kong. This investment further strengthens our presence in the region, broadens our product portfolio and will also be an excellent platform for further growth and expansion into other Asian countries in the near future».