Domino’s Pizza Group has announced a £24m acquisition of significant minority interests in the master franchises for the brand in Iceland, Norway and Sweden.
A deal has been struck with Birgir Bieltvedt, the chairman and founder of Domino’s Iceland, and certain other investors. Following the investment, Domino’s will hold 49% in Iceland and an effective interest of 45% in both the Norwegian and Swedish businesses. Bieltvedt and the current management team will remain with the business and retain a significant stake in each country.
The acquisition will be funded by Domino’s investment from cash and existing debt facilities.
Domino’s chief executive David Wild said: “We are delighted to be investing in these exciting markets, which hold great potential for the group. Our skills in e-commerce, marketing and supply chain will complement the excellent local know-how of our partners in Iceland, Norway and Sweden and help to grow the Domino’s brand. This is a great deal for everyone concerned and we look forward to welcoming our new colleagues and customers.”