The owners of candy producer Freyja and Langisjór ehf. have concluded an agreement on the purchase by Langisjór of K-102 ehf., which wholly-owns the subsidiary Freyja, as well as real estate connected to the operation. The sale was concluded subject to approval by the Icelandic Competition Authority. Landsbankinn Corporate Finance managed the sale process of K-102 ehf. and acted as advisor to the seller.
Freyja is owned by Ævar Guðmundsson and family. It is the oldest operating candy producer in Iceland and employs a team of around 50. Established in 1918, Freyja is one of the best known brand names in Iceland.
In a joint statement from Freyja and Langisjór, Ævar Guðmundsson, Chairman of the Board of Freyja, said: “Our family has worked to build Freyja up over 40 years. While the company is now well placed, there are very many untapped opportunities looking forward, especially in product development and constant growth in export following build-up of business contacts over a 15-year period. This feels like a good time to open up a new chapter and deliver the company into the hands of reliable new owners. I hold family values dear and place a premium on treating my team well. I am confident that Freyja will be in good hands with the family enterprise Langisjór that I know to be focused on the well-being of staff.”
Langisjór is the parent to several food production and distribution companies and is also active in rental and development of commercial and residential housing. Companies in the Langisjór ehf. Group include Alma íbúðafélag hf., Brimgarðar ehf., Mata hf., Matfugl ehf., Salathúsið ehf. and Síld og fiskur ehf. Langisjór is jointly owned by siblings Guðný Edda Gísladóttir, Eggert Árni Gíslason, Halldór Páll Gíslason and Gunnar Þór Gíslason and their families.