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The owners of Pizzabakeren have become very rich in pizza. Now a process has begun that could end with the sale of the largest group of pizzas in the Nordic region.
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Last year the pizza baker sold pizza for NOK 1.2 billion and is by far the largest player in the Nordic region built by franchise businesses.
Now the company is looking for buyers from the pizza giant, confirms the chairman of the board, Rolf Smedvig Hodne, to Dagens Næringsliv.
– It is true that we are in a process of selling the chain. But we are not done with a sale yet. So I can’t say any more about this right now, says chairman of the board Rolf Hodne at Pizzabakeren Holding to DN.
E24 has been unable to contact Hodne.
Strong growth
At near record speed, the pizza group has gone from five sales and 13 million in turnover in 2003 to around 200 sales and 1,200 million in turnover last year. The profit before tax was NOK 83.2 million.
– I still remember when we opened the first store in Klepp 17 years ago. We made an opening offer with 99 crowns for pizza and soft drinks. People were leaving the houses, there were long lines and traffic chaos. People called the police to find out if there had been an accident since traffic stopped, William Gulliksen told Aftenbladet, laughing, in an interview a year and a half ago.
Probably billions
As far as E24 knows, EY (formerly Ernst & Young) has been commissioned to study the market for a possible sale of Pizzabakeren.
The group is probably valued between NOK 1 and 1.5 billion. At least if we compare it with Orkla, which paid almost NOK 1.4 billion for the Finnish pizza chain Kotipizza last year. Kotipizza has a turnover of around NOK 800 million, that is, NOK 400 million less than Pizzabakeren.
The largest in Norway
Since its inception, Pizzabakeren has been built to be several times larger than its main competitors Dominos and Peppes. Also in Sweden, Pizzabakeren is big with its 16 outlets. In addition, they have establishments in China, the United States, Spain, Ireland and Northern Ireland.
– None of us have financial problems, so to speak. But it’s not something I’m thinking about. The money gives me security and the opportunity to participate in many interesting projects also outside of Pizzabakeren, General Manager Jan Henrik Jelsa told Aftenbladet in May last year.
In 2007, he made a good profit together with fellow owners Hans Georg Jelsa, William Gulliksen and Arild Ask Bringeland when they sold 50 percent of the company to investors Rolf Smedvig Hodne and Arne Incoronato. As far as Aftenbladet knows, the price was NOK 180 million.
– We have a very good offer. It was about winning, Jelsa said a year and a half ago. In the same interview, he was asked if it was tempting to sell on top.
– First of all, we don’t think the top has been reached. And secondly, all six owners agree to focus entirely on operations and further growth, even though there is always someone knocking on the door. It is well said that everything is for sale if the right offer arrives, Jelsa replied.