The owner of Peppes Pizza has reported that it may resume operation when market conditions become more favorable.
In March, Jordanes Brands announced it was considering a listing on Oslo Børs within the year.
The company owns more than 20 brands such as Synnøve Finden, Peppes Pizza, Bodylab, Sørlandschips, Backstube and Camilla Phil Cosmetics.
The Board of Directors has now decided to postpone the listing. However, the company can resume the operation when market conditions become more favorable, says the company’s third-quarter report.
Consultants have been appointed
Earlier this year, the company engaged investment banks Carnegie, DNB Markets, Berenberg and Sparebank 1 Markets as financial advisors.
As part of the IPO, Jordanes plans to raise money to, among other things, finance growth through acquisitions.
Top CEO Dag Tiegland resigned in April, and was replaced by Jan Budd, one of the founders.
Earlier this year, the company swallowed bakery chain Backstube for an undisclosed sum.
Increase income
The report showed that the company’s sales volume reached 1.6 billion Norwegian kroner in the third quarter of the year, an increase from 1.5 billion Norwegian kroner at the same time last year.
The increase in income was driven by the ‘fitness’ business areas
Beauty, “branded foods,” and “casual dining.”
Operating profits in the same period rose to NOK 144 from NOK 139 million, while pre-tax profits fell to NOK 72 from NOK 94 million.
Jordanes was started in 2007 by Jan Budd and Stig Sunde.
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