What Jordanes does

Jordanes is a privately-held Norwegian investment firm founded in 2007 by Jan Bodd and Stig Sunde and headquartered in Oslo (Henrik Ibsens gt. 60C). The firm specializes in acquiring, developing, and operating iconic Scandinavian consumer brands across food and beverage, restaurants and hospitality, health and wellness, and personal care and beauty. Its portfolio is organized around three core operating platforms — Scandza (FMCG with brands such as Synnøve, Sørlandschips, and Peppes Pizza), Dely (restaurants, coffee shops, and bakeries including Backstube, Starbucks, and TGI Fridays Norway), and The Feelgood Company (digital wellness brands such as Bodylab, MM Sports, and Camilla Pihl Cosmetics) — plus a minority stake in bakery supplier Baxt. The portfolio spans more than ten brands, generates combined revenue of approximately NOK 6 billion in 2025, and employs roughly 2,400 people across Norway, Sweden, Denmark, and Estonia.

Jordanes pursues a thematic investment strategy targeting branded consumer businesses with EUR 15–100 million in annual sales and clear transformation potential, creating value through both organic initiatives and strategic acquisitions. Recent platform activity demonstrates an active buy-and-build posture: the firm acquired Backstube (Fehmab AS) in 2023, completed the Snack Properties AS vertical integration of four Scandza production facilities in February 2025, announced the acquisition of MM Sports (Swedish D2C sports nutrition) by The Feelgood Company in July 2025, and divested Lindvalls Chark AB to Lantmännen-owned Scan Sverige in Q2 2025. In 2024, a management buyout transferred full ownership to co-founders Jan Bodd and Stig Sunde and key employees, formalizing founder control and a renewed long-term focus.

The business model is a branded-CPG holding model: Jordanes monetizes its ownership through operating cash flow from portfolio companies and capital appreciation on eventual exits rather than through direct product sales. Distribution is multi-archetype — Scandza reaches consumers through Nordic grocery retail channels, The Feelgood Company operates e-commerce/D2C storefronts supported by influencer-led marketing, and Dely runs 150+ owned restaurants, coffee shops, and bakeries plus franchises (notably WH Smith bakery outlets at Oslo Gardermoen). The firm pairs platform founders and operating leadership with strategic oversight from a board that includes senior figures from Carlyle Credit Opportunities and Wallenius Wilhelmsen.

Name

Jordanes

Legal name

Jordanes AS

Website

https://jordanes.no

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Jordanes is a privately-held Norwegian investment firm founded in 2007 that owns and develops iconic Scandinavian consumer brands across FMCG, restaurants, wellness, and beauty through platforms Scandza, Dely, and The Feelgood Company. Combined portfolio revenue is approximately NOK 6 billion across Norway, Sweden, Denmark, and Estonia.

Ownership category

akta.pro rank

Product category

Consumer Brand Investment Holding

NAICS

Snack Food Manufacturing (31191), Retail Bakeries (311811)

SIC

Bakery Products (2050), Canned, Frozen & Preservd Fruit, Veg & Food Specialties (2030), Retail-Eating & Drinking Places (5810)

akta.pro primary industry

Better-for-You / Functional Snacks (Low Sugar, Keto, Probiotic, Fortified) (CRADABAM)

Keywords

• Consumer brand investment
• Private equity holdings
• FMCG brand portfolio
• Restaurant operations
• Wellness beauty brands

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Others, Infrastructure

Revenue model

1. Investment Returns and Portfolio Revenue: Jordanes operates as an investment firm generating returns through ownership of Scandinavian consumer brands. The portfolio includes Scandza (FMCG), The Feelgood Company (digital wellness brands), Dely (restaurants and bakeries), and Baxt (bakery supplier). Combined portfolio revenue approximately NOK 6 billion (2025).

Go-to-market motion2 records

Distribution channels4 records

Marketing channels2 records

Core offering

Jordanes AS is a private Scandinavian investment firm that owns and develops iconic consumer brands across food & beverage, restaurants, health & wellness, and personal care & beauty. The firm operates four core portfolio platforms — Scandza (FMCG), The Feelgood Company (digital wellness & beauty), Dely (restaurants and bakeries), and Baxt (bakery supplier) — generating combined portfolio revenue of approximately NOK 6 billion (2025). Jordanes partners actively with management teams to accelerate growth through operational improvements and strategic acquisitions.

Product overview

Jordanes operates as an investment firm that serves as a holding company and active partner for a diversified portfolio of Scandinavian consumer brands. The company is organized into three main portfolio platforms: Scandza (FMCG brands in cheese & dairy, snacking, and frozen pizza), The Feelgood Company (digital wellness and beauty brands including sports nutrition), and Dely (restaurants, coffee shops, and bakeries). The portfolio spans over 10 brands including Synnøve Finden, Sørlandschips, Peppes Pizza, Backstube, Bodylab, MM Sports, Starbucks, and Baxt bakery brands, collectively generating approximately NOK 6 billion in revenue with 2,400 employees across Norway, Sweden, Denmark, and Estonia.

Differentiator

Problem solved

Functional benefit

Brands

• Scandza: Leading FMCG company with iconic Norwegian brands including Synnøve, Sørlandschips, and Peppes Pizza. Strong challenger positions in Cheese & Dairy, Snacking, and Frozen & DIY Pizza.
• Dely
• The Feelgood Company
• Baxt

Products and services

• Scandza A leading FMCG company owned by Jordanes with iconic Norwegian brands including Synnøve, Sørlandschips, and Peppes Pizza. Holds strong challenger positions in Cheese & Dairy, Snacking, and Frozen & DIY Pizza. Distributed primarily through grocery retail channels across Norway and Sweden. Generated NOK 3.5 billion in 2025 revenue with 500 employees.
• The Feelgood Company A leading digital house of brands in wellness and beauty owned by Jordanes, offering innovative products through advanced digital marketing, influencer collaborations, and fast product launches. Includes Bodylab, MM Sports, Elle Basic, and Camilla Pihl Cosmetics. Generated NOK 1.1 billion in 2025 revenue with 90 employees.
• Dely One of Scandinavia's leading operators of restaurants, coffeeshops, and bakeries owned by Jordanes, with over 150 restaurants across Norway and Sweden. Portfolio includes Peppes Pizza, Backstube, Starbucks, TGI Fridays, Eataly, Fattigmann, La Baguette, and Kjøkken og Kaffe. Generated NOK 1.4 billion in revenue with 1,950 employees and 150+ restaurants.
• Baxt A leading Norwegian bakery supplier in which Jordanes holds a 28% minority stake, with brands including Berthas, Vestlandslefsa, Buer, and Aunt Mabel's. Blends local roots with quality, sustainability, and innovation using Norwegian ingredients.

Quantifiable outcome

• Portfolio revenue of ~NOK 6 billion (2025)
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• WH SmithminorChannel Partner/ Reseller/ Distributor · 1 January 2023Backstube entered into a franchise partnership with WH Smith to open 5 new bakery outlets at Oslo Lufthavn Gardermoen airport. The outlets were expected to be completed between March and May 2023.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Orkla ASA: Norwegian branded consumer goods conglomerate with leading Nordic positions in snacks (KiMs, Maarud), cheese/dairy, and frozen pizza. Closest direct analog to Jordanes' Scandza platform in terms of category mix, geographic footprint, and brand-building playbook.
• Ferd AS: Norwegian family-owned investment company owning Nordic consumer brands and real estate. Highly comparable as a privately-held, long-duration Nordic consumer brand investor with active ownership model.
• Schouw & Co: Danish industrial conglomerate with significant branded consumer goods exposure (e.g., BioBag, Hygiena). Comparable as a Nordic holding company building diversified branded consumer/industrial businesses over decades.
• Summa Equity: Norwegian private equity firm investing in Nordic businesses with thematic, long-term approach. Comparable in focus on Nordic lower-mid-market consumer and essential services with operational value creation.
• IK Investment Partners: Nordic private equity firm with deep consumer/retail franchise in the region. Directly comparable in target size (EUR 15-100m revenue businesses) and thematic Nordic investing approach.
• Altor Equity Partners: Swedish private equity firm with significant Nordic consumer and services exposure. Comparable long-duration ownership style and Nordic lower-mid-market focus.
• Verdane: Nordic growth investor focused on technology-enabled and consumer brands across the Nordics. Comparable given Jordanes' The Feelgood Company digital-first e-commerce portfolio.
• Ratos AB: Swedish investment company owning a portfolio of Nordic operating businesses. Comparable as a publicly-listed Nordic industrial/consumer holding company building value through active ownership.

Broad incumbents

• Nordic Capital: Major Nordic private equity firm with broad consumer, healthcare and tech exposure. Comparable as a Nordic PE player but operates at a larger scale than Jordanes.
• EQT AB: Large Swedish private equity firm with global consumer/retail franchise. Comparable Nordic PE peer, though significantly larger and more diversified than Jordanes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Jordanes