FINLAND – Meat and food company HKScan Corporation and Finish baked good manufacturer, Leivon Leipomo Oy have agreed to establish a joint venture with the aim of promoting the development and growth of the plant-based Boltsi product line.

Leivon Leipomo Oy, founded in 1913, is the oldest private bakery in Tampere, Finland. The bakery has remained under the ownership of the same family. The company employs about 100 people with its plant-based Boltsi oat-seed balls having established their retail position in Finland.

“It is great to start collaborating with Leivon Leipomo, a traditional family business. Now, as partners, we will combine our expertise and promote the development and growth of the Boltsi product family,” says HKScan’s CEO Tero Hemmilä.

“Partnership with Leivon Leipomo supports HKScan’s strategic target to expand into new product categories and to grow into a versatile food company. I believe that HKScan can provide Leivon Leipomo with a strong commercial platform enabling the growth of the Boltsi product family primarily in Finland but possibly in other HKScan’s home markets as well.”

According to the terms of the partnership, Leivon Leipomo will hold a controlling 51 per cent stake in the joint venture while HKScan will control the remaining 49 per cent of the new business called, Boltsi Oy.

Leivon Leipomo’s Managing Director Harri Jaakkola will be the Managing Director of the company. Boltsi Oy will manufacture products in Finland, mainly at HKScan’s production units on the existing production lines.

“We have been looking for a partner to advance the success story of our Boltsi product family, since Leivon Leipomo’s own resources are limited,” says Harri Jaakkola, Leivon Leipomo Oy’s Managing Director.

“HKScan’s commercial position both in Finland and in the company’s other home markets in the Baltic Sea region, as well as development resources and production capacity provide a very good basis for the development and growth of the Boltsi product family.

“I am very pleased that HKScan will join us as a partner to support the development and growth of the Boltsi product family.” Harri Jaakkola added.