FSN Capital has agreed to sell its majority shareholding in Lagkagehuset, the bakery chain with 68 stores in Denmark and operator of the current two-strong Ole & Steen brand in the UK, to Nordic Capital, in a deal valued at over DKK 1bn (c£120m).

The company said that the operated stores in the UK under the Ole & Steen brand – in St James’s Market development and in Richmond - are the first phase of an international roll out.

A further three Ole & Steen sites are lined up in Canary Wharf, Nova in Victoria and in the Centre Point building in the West End

The company was founded by Ole Kristoffersen and Steen Skallebæk.

“We started with Ole and Steen and two stores. Today, eight years later, there are 68 stores in Denmark and two in London. Lagkagehuset is above all a fantastic company with a unique culture and quality products. The two stores in London are the first expansion beyond Denmark’s borders. There will be 200 employees in London before this year’s end, so it’s gone far beyond our expectations. Against this background, I can proudly look back on our ownership period,” said Thomas Broe-Andersen, partner at FSN Capital.

“We have had a really great cooperation with our owners FSN. We are looking forward to the new ownership and we are exited to have found a strong partner in Nordic Capital with both the experience, industry knowledge and capital to support us in our continued growth journey to bring Lagkagehuset to the rest of the world. We have amazing employees and products and we expect continued high growth in the coming years,” said Jesper Friis, chief executive of Lagkagehuset.

The company reported revenues of DKK 665m in 2016 and a total of 1,800 employees. The company grew by 20% in 2016.