More than two decades after acquiring a 50% stake in Danish roasting company Peter Larsen Kaffe, Swedish coffee roasting company Löfbergs is acquiring a 100% stake.
Claus Bertelsen, the longtime CEO and co-owner of 123-year-old Peter Larsen Kaffe, sold his remaining shares in the company, according to an announcement from the company yesterday.
The financial terms of the acquisition were not publicly outlined, although the company said Löfbergs “expanded its ownership according to a joint plan,” while Löfbergs plans to continue to grow the Danish company’s reach domestically.
Bertelsen’s family has been involved in executive management of Peter Larsen Kaffe for more than 90 years, beginning with his maternal grandfather, Asmund Thorsen, in 1928.
Claus Bertelsen. Peter Larsen Kaffe press release photo.
He became CEO of the company in 2004, two years after Löfbergs acquired a 50% share. Peter Larsen Kaffe said that its market share has increased fivefold since Bertelsen’s appointment. Bertelsen plans to remain CEO through July of this year.
“I probably have about 15 years left of my working life, so if I’m going to do something else, it’s now,” Bertelsen said in an announcement translated from Danish. “That’s why now is the right time for me to step down and sell my remaining shareholding. Peter Larsen Kaffe has been a part of my whole life, and I’m happy that Löfbergs shares my hope that the business will continue to be an important and valued part of Danish coffee culture in the future.”
One of the largest roasters in the Nordic countries, Löfbergs opened a $227 million state-of-the-art roasting complex in its headquarters of Karlstad in 2021.
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