Swedish bakery Almondy has been acquired by Danish group Givesco Bakery in a move that is expected to strengthen the position of both businesses.
Givesco Bakery is a family-owned company, which has been manufacturing baked goods, chocolate and confectionery since 1931 and owns several bakeries across Europe.
Speaking about the acquisition, Kenneth Eskildsen, CEO at Givesco Bakery said: "The acquisition of Almondy is strategically important to us. The corporation complements our other businesses in a good way, thanks to its strong position in the Nordic countries. In addition to this, Almondy has many valuable partners who we will continue to develop businesses with.
Andrew Ely, managing director of Almondy, added: Givesco Bakery shares our strong foodservice focus and our passion for baking, so we are delighted to be part of its business.
"They have a clear strategy to develop Almondy further and so with its expertise we look forward to being able to expand our brand into new markets while also extending our product offering."