Frill Holding AB’s Acquisition of B8 Sverige AB

TM & Partners has advised Frill Holding AB on the deal.

Frill Holding AB has completed the acquisition of 100 percent of the shares in B8 Sverige AB (Beijing8).

Beijing8 fits well into Frill’s strategy to grow rapidly in functional foods, and to create an attractive portfolio of brands that will strengthen each other. Through the acquisition, Frill will also have a presence throughout the Nordic region.

The payment for the acquisition is made through approximately 38.9 million newly issued shares in Frill (the “Remuneration Shares”). In addition, Frill takes over receivables totaling approximately SEK 14.3 million that some sellers have against Beijing8. The receivables are acquired through the issue of seller receipts which are subsequently set off against approximately 4.64 million newly issued shares in Frill and approximately 7.8 million convertibles in the convertible issue decided and communicated by Frill on April 22, 2021. The convertible issue has thus been fully subscribed and the Company has thus completed the letter of intent communicated on April 22, 2021. The acquisition is in line with Frill’s communicated strategy of building an expansive portfolio of brands and growing through both acquisitions and organic growth.

Beijing8 is a Swedish company that markets and sells dumplings and related by-products in the Nordic region, both in the grocery trade and in its own restaurants. In 2020, the company produced and sold over 6 million dumplings, making it one of the largest brands of dumplings in Europe. Beijing8’s products are currently sold in Sweden, Finland, Norway and Estonia. The company’s products are sold in grocery stores, restaurants and via e-commerce. In addition to the main product, dumplings, Beijing8 also sells a number of different accessories in the form of sauces, beverages and cooking utilities. Additional launches will take place in 2021 and 2022. In 2020, Beijing8 had sales of approximately SEK 32 million with a profit of approximately SEK -7 million.

Frill is an innovative company that has developed a unique food tech platform for the development of products within functional foods. Through organic growth and acquisition strategy, the company will become a leading company in Functional foods in the Nordics and contribute to better health and quality of life. Current brands within the Frill Group are: iQ Fuel, Homie Life in Balance, Bezzt of Nature, Nathalie’s Direct Trade, Frill, Add Ice Cream, Bacoccoli, Juica and Beijing8.

Frill Holding creates healthy dietary alternatives based on scientific facts and delivers affordable and nutritious diets to consumers. The company is based in Stockholm and is listed on the Nasdaq First North Growth Market.

TM & Partners’ team consisted of partners Vaiva Eriksson and Sandra Broneus (Picture) and associates Philip Reznik, Tom Bovaller, Philip Bihl, Jacob Elovsson Hultin, Cecilia Bergman, Andreas Sahlstedt and Mark Gebert.

Involved fees earner: Cecilia Bergman – Törngren Magnell; Philip Bihl – Törngren Magnell; Tom Bovaller – Törngren Magnell; Sandra Broneus – Törngren Magnell; Jacob Elovsson Hultin – Törngren Magnell; Vaiva Eriksson – Törngren Magnell; Mark Gebert – Törngren Magnell; Philip Reznik – Törngren Magnell; Andreas Sahlstedt – Törngren Magnell;

Law Firms: Törngren Magnell;

Clients: Frill Holding AB;

Federica Tiefenthaler

Author: Federica Tiefenthaler

Frill Holding AB’s Acquisition of B8 Sverige AB

TM & Partners has advised Frill Holding AB on the deal.

Frill Holding AB has completed the acquisition of 100 percent of the shares in B8 Sverige AB (Beijing8).

Beijing8 fits well into Frill’s strategy to grow rapidly in functional foods, and to create an attractive portfolio of brands that will strengthen each other. Through the acquisition, Frill will also have a presence throughout the Nordic region.

The payment for the acquisition is made through approximately 38.9 million newly issued shares in Frill (the “Remuneration Shares”). In addition, Frill takes over receivables totaling approximately SEK 14.3 million that some sellers have against Beijing8. The receivables are acquired through the issue of seller receipts which are subsequently set off against approximately 4.64 million newly issued shares in Frill and approximately 7.8 million convertibles in the convertible issue decided and communicated by Frill on April 22, 2021. The convertible issue has thus been fully subscribed and the Company has thus completed the letter of intent communicated on April 22, 2021. The acquisition is in line with Frill’s communicated strategy of building an expansive portfolio of brands and growing through both acquisitions and organic growth.

Beijing8 is a Swedish company that markets and sells dumplings and related by-products in the Nordic region, both in the grocery trade and in its own restaurants. In 2020, the company produced and sold over 6 million dumplings, making it one of the largest brands of dumplings in Europe. Beijing8’s products are currently sold in Sweden, Finland, Norway and Estonia. The company’s products are sold in grocery stores, restaurants and via e-commerce. In addition to the main product, dumplings, Beijing8 also sells a number of different accessories in the form of sauces, beverages and cooking utilities. Additional launches will take place in 2021 and 2022. In 2020, Beijing8 had sales of approximately SEK 32 million with a profit of approximately SEK -7 million.

Frill is an innovative company that has developed a unique food tech platform for the development of products within functional foods. Through organic growth and acquisition strategy, the company will become a leading company in Functional foods in the Nordics and contribute to better health and quality of life. Current brands within the Frill Group are: iQ Fuel, Homie Life in Balance, Bezzt of Nature, Nathalie’s Direct Trade, Frill, Add Ice Cream, Bacoccoli, Juica and Beijing8.

Frill Holding creates healthy dietary alternatives based on scientific facts and delivers affordable and nutritious diets to consumers. The company is based in Stockholm and is listed on the Nasdaq First North Growth Market.

TM & Partners’ team consisted of partners Vaiva Eriksson and Sandra Broneus (Picture) and associates Philip Reznik, Tom Bovaller, Philip Bihl, Jacob Elovsson Hultin, Cecilia Bergman, Andreas Sahlstedt and Mark Gebert.

Involved fees earner: Cecilia Bergman – Törngren Magnell; Philip Bihl – Törngren Magnell; Tom Bovaller – Törngren Magnell; Sandra Broneus – Törngren Magnell; Jacob Elovsson Hultin – Törngren Magnell; Vaiva Eriksson – Törngren Magnell; Mark Gebert – Törngren Magnell; Philip Reznik – Törngren Magnell; Andreas Sahlstedt – Törngren Magnell;

Law Firms: Törngren Magnell;

Clients: Frill Holding AB;

Federica Tiefenthaler

Author: Federica Tiefenthaler