Orkla : Acquisition of a German pizza chain

Acquisition of a German pizza chain

2021-09-01

New York Pizza has acquired the German pizza chain Stückwerk, which has a total of 32 retail outlets.

'The acquisition of Stückwerk is consistent with Orkla's strategic growth objective for the out of home segment, a channel with higher growth than the traditional groceries sector,' says Orkla President & CEO Jaan Ivar Semlitsch.

In June, Orkla signed an agreement to purchase approximately 75% of the shares in New York Pizza, a leading pizza chain in the Netherlands.

The Stückwerk acquisition gives New York Pizza 268 franchised outlets across the Netherlands (233), Germany (34) and Belgium (1). Orkla also owns the Kotipizza chain, which operates 289 locations across Finland.

'Germany is a highly attractive market for us. New York Pizza opened its first store in Cologne in 2014 and the acquisition of Stückwerk strengthens our presence significantly. Our ambition is to continue growing our footprint both organically and structurally when we see attractive opportunities,' says Kenneth Haavet, EVP Orkla Consumer & Financial Investments and chairman of New York Pizza.

Stückwerk was launched in Mettmann, Nordrhein-Westfalen, in 2007. The chain has the majority of its outlets in this region, and achieved sales of EUR 1.6 million in 2020 - equivalent to approximately NOK 17 million. Measured in consumer figures the retail outlets achieved sales of EUR 19 million - equivalent to approximately NOK 202 mill. The parties have agreed not to publish the purchase price.

'Stückwerk is a well-run company with a successful franchise model. The chain is known for its high-quality pizzas. We already know the company well, as our subsidiary Euro Pizza Products has been supplying it with pizza dough for a number of years,' says New York Pizza CEO Philippe Vorst.

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