Jens Ulltveit-Moe sells the billion-dollar group Umoe Restaurants to Scandza owner Jordanes

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The case is being updated.

Jordanes AS, owner of the Scandza Group, has agreed with Umoe AS to purchase 100 percent of the shares in Umoe Restaurants. At the same time, Jens Ulltveit-Moe joins the ownership side of Jordanes and becomes a member of the board.

– I have owned Umoe Restaurants since 2002 and have strong feelings for the company. I am convinced that Umoe Restaurants and Scandza with a joint ownership will be able to utilize synergies, further develop the group’s brands and establish new ones, says Jens Ulltveit-Moe in a press release.

Umoe Restaurants has brands such as Peppe’s Pizza, La Baguette and Kitchen and Coffee, and also has the franchises for TGI Fridays in Norway and Starbucks in Norway and Sweden. Jordanes is the owner of the brand company Scandza, which has Synnøve Finden, Sørlandschips and Leiv Vidar in its portfolio.

Scandza and Umoe Restaurants have collaborated since 2009, where the former has been responsible for sales and development of the Peppes brand in the grocery trade.

The transaction is expected to be completed by the end of May this year, it is stated.

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Sold Burger King

In October last year, Umoe Restaurants announced that it had sold Burger King Scandinavia to Austrian Ring Holding, as part of the restructuring of Umoe’s portfolio. In recent years, the Jens Ulltveit-Moes Umoe group has seen its own wealth shrink after going on several slams – especially related to the investment in Rec Silicon and the loss of billions on an investment in ethanol production in Brazil.

In 2019, the profit before tax ended at minus 2.2 billion kroner. Then came the corona crisis, which made the situation difficult in other parts of the group as well. In April last year, 3150 employees in Umoe Restaurants were laid off, corresponding to 75 percent of the staff.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other form of use of all or part of the content, can only take place with written permission or as permitted by law. For further terms see here.

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