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The present-day business was formed in 2008 through a merger of Ole Kristoffersen and Steen Skallebaek's bakeries, both founded in the early 1990s.[4][7] Originally owned by
private equity firm FSN Capital, it was sold in 2017 to
Nordic Capital for a reported
kr. 1,000,000,000.[8][9] Kristoffersen and Skallebaek stepped down from the board at the time of the sale.[10] Later that year,
L Catterton acquired a 20% stake.[11] The current
CEO is Jason Cotta, former managing director of
Costa Coffee in the United Kingdom.[12]
In May 2020, the company came under social media scrutiny about their ownership structure and allegations this might enable
tax avoidance. The controversy emerged in connection with their receipt of funding from the Danish
coronavirus relief package. This prompted the company to issue their accounts early, indicating domestic tax payment.[13][14][15]