Context

Founded in 2008, LMK Group is a pioneer and one of the most established players in the meal kit space. The group is the regional leader in Scandinavia, with 95% market share in Norway, 30% in Sweden and c. 20% in Denmark, providing fresh, healthy, and flexible meal kit solutions to around 115,000 active and 405,000 registered customers.

Driven by the group’s strengths in logistics, technology and user experience, the underlying business has experienced strong growth. In 2020, LMK Group’s net sales amounted to c. SEK 1.2 billion (+17% YoY at constant exchange rates), with an EBIT margin of c. 7.5%. The group is one of the few meal kit players to have reached profitability before the Covid-19 pandemic.

At a time of accelerated food e-commerce growth, when LMK Group is close to completing its transition from a fixed-menu approach towards a fully flexible meal kit offering, the IPO aims to enable the group to improve its capital structure and fully integrate its Danish business.

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About LMK Group

LMK Group provides fresh, healthy, flexible and adaptable meal kit solutions to around 115,000 active and 405,000 registered customers in Sweden, Norway and Denmark. The Group conducts its operations under four brands: Linas Matkasse (Sweden), Godtlevert and Adams Matkasse (Norway), and RetNemt Måltidskasser (Denmark). The Group’s vision is that Scandinavian households should be able to take the time to prepare and eat good food together with their family and friends, without having to get stressed, plan, shop or carry home bags of groceries. LMK Group was founded, through the incorporation of the current subsidiary Carolinas Matkasse AB, in 2008, and has since established itself in Scandinavia, where it has a total of 282 full-time employees and is active in three countries: Sweden with 117 full-time employees, Norway with 112 full-time employees and Denmark with 53 full-time employees.
LMK Group’s main product offering, meal kits, are delivered directly to the customer’s front door at convenient times and contain what the customer requires to prepare inspirational meals with carefully selected local and sustainable ingredients. Strengthened by its strong and complex logistics chain, with efficient processes that are supported by the Group’s innovative technology, user-friendly website and mobile app, the underlying business has experienced strong growth.

Discover LMK Group

Falk Müller-Veerse

Investment Banking

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Pierre Kiecolt-Wahl

Equity Capital Markets

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Erik Furnes

Equity Capital Markets

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Trygve Ugelstad

Investment Banking

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Frans-Matthis Pleie

Investment Banking

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Gregoire Angleys

Equity Capital Markets

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Kristian Melandsø

Investment Banking

Kristian Melandsø

Emil S. Tønsberg

Investment Banking

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Stefanie Muenz

Investment Banking

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Pierre Sertour

Equity Capital Markets

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Deal Team

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