Description
Bakkavör is an international food manufacturing company specialising in fresh prepared foods. The Group's head office is in London, England. It is listed on the London Stock Exchange,[3] and was part of the FTSE 250 index from early 2018[4] to 2020.
It was listed 27th in the 2015 Sunday Times Top Track 100.
History
Bakkavör was founded in 1986 by the two brothers Ágúst and Lýður Guðmundsson to manufacture and export cod to Scandinavia.[7] They expanded the business by selling convenience foods.[7] The company acquired Katsouris Fresh Foods in 1997 and Geest in 2005.[7]
Following the global financial crisis of 2008, Bakkavör became heavily indebted, forcing the Guðmundsson brothers into emergency talks with the company's bondholders.
The Guðmundsson brothers' advisors, Deloitte, came under scrutiny for its advisory role when the brothers repurchased a major stake in Bakkavör from their investment company, Exista, in 2009.[9] The company delisted from the NASDAQ OMX in Iceland in 2010.[10] Lýdur and Ágúst Guðmundsson faced fraud charges in Iceland in 2012 relating to their ownership of Exista.
In 2014 the company simplified its structure selling its South African operation and a 40% stake in its Italian business later in the year.[12] The company acquired US prepared foods manufacturer B. Robert's Foods in January 2015.
In January 2016, Bakk AL Holdings Limited, another company owned by Ágúst and Lýður Guðmundsson and funds managed by The Baupost Group, LLC, purchased shares in the company, taking its ownership to approximately 89% of the outstanding shares.[14] Then in November 2017 the company was the subject of an initial public offering on the London Stock Exchange.
Operations
The company produces a range of meals, salads, desserts and pizza and bread. In April 2017, many supermarkets had to recall the company's hummus because of poor quality control.
