Past Investments
Frida
Sector: Leading supplier of frozen dough products in Europe.
Holding period: 5 years
Total investment: €20.5M
Total value realised €78.0M
Gross internal rate of return 30.6%
Multiple of capital invested 3.8x
Value-Add Strategy and Performance
- Grew the business through innovation and creation of new lines in pastry and bread (eg pre-fermented croissants, savoury products and upmarket breads)
- Expanded into Portugal through acquisition
- Doubled existing production capacity and constructed new factory
- Strengthened middle management and improved financial systems
- Sales and EBITDA approximately doubled
- EBITDA margin maintained at 21%
Exit
Trade sale to biggest Spanish bread manufacturer after 5 years.
Frida - Equity Value Creation*
