Little has been made of the decision by London-based private equity firm Lion Capital to buy a 32 per cent stake in a bakery firm in which IAWS already has a 32 per cent shareholding. Lion Capital snapped up the stake from Focus Capital, which is exiting a number of European investments, including this one in Hiestand, the Swiss bakery company.
Lion Capital will have bought at an attractive price, and it seems odd that Focus would...
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