Bakkavör
A former Icelandic-founded international producer of fresh prepared foods, acquired by Greencore in January 2026.
Last updated November 4, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Bakkavör was an Icelandic-founded international food manufacturing company specializing in fresh prepared foods for retailers and foodservice customers. The business began in 1986 when brothers Ágúst Guðmundsson and Lýður Guðmundsson established it to manufacture and export cod roe to Scandinavian markets. It subsequently expanded from seafood into convenience food, developing a broad portfolio that included ready meals, salads, desserts, dips, sauces, sandwiches, pizzas, soups and other chilled products. The company’s early growth was built around Icelandic seafood and export activity. In 1993, Bakkavör became the first production company in Iceland to obtain ISO 9002 certification, an early indication of its emphasis on manufacturing quality and process control. During the late 1990s, it expanded into Scandinavian and wider European markets, while also moving into prepared convenience foods through acquisitions including Katsouris Fresh Foods, Wine & Dine and Geest. These transactions helped establish the business as a supplier of chilled, ready-to-eat and ready-to-cook products rather than solely a seafood processor. Bakkavör increasingly focused on the United Kingdom after selling its Icelandic components to Fram Foods ehf. in 2003. The United Kingdom became the company’s principal operating base and its largest market. At its height, the group employed more than 13,000 people and operated a substantial manufacturing network. Its customers included major supermarket and foodservice businesses, although the company generally operated as a business-to-business manufacturer rather than as a consumer-facing branded-goods company. The financial crisis of 2008 left Bakkavör heavily indebted and led to emergency discussions with bondholders. The founders subsequently reacquired a major stake from their investment firm, Exista, in 2009. Bakkavör was delisted from NASDAQ OMX Iceland in 2010 and became a private limited company. In 2012, the founders faced fraud charges in Iceland connected with their ownership of Exista; the event formed part of the company’s wider governance and ownership history. From 2013 to 2015, Bakkavör simplified its international structure by selling its South African business, reducing its interest in Italy and disposing of other continental European operations. It strengthened its North American presence by acquiring B. Robert’s Foods in January 2015. In 2016, Bakk AL Holdings Limited, a vehicle controlled by the founders and funds managed by The Baupost Group, acquired approximately 89 percent of Bakkavör’s outstanding shares. The company returned to the London Stock Exchange in 2017. Its products remained concentrated in chilled and fresh-prepared categories, with manufacturing operations in the United Kingdom, United States and, for part of its later history, China. The group reported a portfolio spanning thousands of product categories and operated dozens of manufacturing sites. Its acquisition of Leicester-based dessert manufacturer Blueberry Foods expanded its desserts capability. Bakkavör’s later years included operational, labor and quality-control challenges. In 2017, supermarkets recalled some of its hummus products after quality-control concerns. In September 2024, more than 400 employees at the Spalding factory in Lincolnshire went on strike in a dispute over pay. The dispute was associated with shortages of some chilled products, including taramasalata and soups, in parts of the United Kingdom. In 2025, Bakkavör sold its China business as part of a simplification program ahead of a proposed sale. Greencore announced an agreement to acquire Bakkavör for approximately £1.2 billion, subject to shareholder and regulatory approval. Competition concerns led to the planned divestment of a Greencore sauces and soups site, and the United Kingdom Competition and Markets Authority cleared the transaction in December 2025. Greencore completed the acquisition on 16 January 2026. Following completion, Bakkavör’s sites were to be rebranded under Greencore, ending Bakkavör as an independent listed company and standalone corporate brand.
History
Bakkavör was founded in Iceland in 1986 by brothers Ágúst Guðmundsson and Lýður Guðmundsson. Its original business manufactured and exported cod roe to Scandinavia. The company’s early emphasis was on seafood products and export manufacturing, but it later broadened its activities into fresh convenience foods. In 1993, Bakkavör became the first production company in Iceland to obtain ISO 9002 certification. During the 1990s, it expanded across Scandinavia and other European markets, selling cod and lumpfish roe while building a prepared-foods platform. Its acquisitions of Katsouris Fresh Foods, Wine & Dine and Geest provided capabilities in chilled foods, salads and other convenience categories. By the end of the decade, the company had become a significant international food manufacturer. Bakkavör sold its Icelandic components to Fram Foods ehf. in early 2003 and shifted its strategic focus toward the United Kingdom. The British market became the center of the group’s operations, supported by a network of manufacturing sites and relationships with major retailers and foodservice customers. At its peak in the mid-2000s, the business employed more than 13,000 people. The 2008 financial crisis exposed the group to significant debt pressures. Its founders entered negotiations with bondholders, and in 2009 they reacquired a major stake from Exista, the investment firm associated with their ownership interests. Bakkavör was delisted from NASDAQ OMX Iceland in 2010 and operated as a private limited company for several years. The founders faced fraud charges in Iceland in 2012 in relation to their ownership of Exista, an episode that became part of the company’s corporate-governance history. Between 2013 and 2015, Bakkavör reduced the complexity of its international portfolio. It sold its South African operation, reduced its Italian holding and disposed of other continental European activities. In January 2015, it acquired United States prepared-foods producer B. Robert’s Foods, strengthening its North American business. In January 2016, Bakk AL Holdings Limited, controlled by the founders and funds managed by The Baupost Group, acquired approximately 89 percent of the company’s outstanding shares. Bakkavör returned to public ownership through a London Stock Exchange listing in 2017. Its manufacturing portfolio covered ready meals, salads, desserts, dips, sauces, sandwiches, pizza, bread products and soups. The group also continued to develop its United States and Chinese operations. It acquired Leicester-based dessert manufacturer Blueberry Foods, adding further capacity in desserts and chilled sweet products. The company encountered a product-quality issue in 2017 when some supermarket hummus products were recalled. In 2022, Mike Edwards succeeded Ágúst Guðmundsson as chief executive after Guðmundsson’s departure. Labor relations became a prominent issue in 2024, when more than 400 employees at the Spalding factory in Lincolnshire went on strike over pay. Reports associated the action with shortages of taramasalata and some chilled soups in United Kingdom supermarkets. Bakkavör sold its China business in July 2025 while preparing for a change in ownership. In April 2025, Greencore announced that it intended to acquire Bakkavör for approximately £1.2 billion. Regulatory review required Greencore to agree to divest a sauces and soups site to address competition concerns. The United Kingdom Competition and Markets Authority approved the transaction in December 2025, and Greencore completed the acquisition on 16 January 2026. The former Bakkavör sites were then to be rebranded under Greencore, ending Bakkavör’s existence as an independent listed company.
- 2026
Acquisition completed
[1]Greencore completed the acquisition on 16 January 2026, after which Bakkavör’s sites were to be rebranded.
- 2025
Greencore acquisition announced
[1]Greencore announced an agreement to acquire Bakkavör, subject to shareholder and regulatory approvals.
- 2022
Mike Edwards becomes chief executive
[1]Mike Edwards succeeded co-founder Ágúst Guðmundsson as chief executive.
- 2017
London Stock Exchange listing
[1]Bakkavör returned to the public markets through a listing on the London Stock Exchange.
- 2016
Bakk AL Holdings takes majority stake
[1]Bakk AL Holdings Limited acquired approximately 89 percent of Bakkavör’s outstanding shares.
- 2015
Acquisition of B. Robert’s Foods
[1]Bakkavör acquired the United States prepared-foods manufacturer B. Robert’s Foods.
- 2010
Delisted from NASDAQ OMX Iceland
[1]Following the founders’ reacquisition of a major stake, Bakkavör was delisted and became a private limited company.
- 2003
Strategic focus shifts to the United Kingdom
[1]After selling its Icelandic components to Fram Foods ehf., Bakkavör concentrated more heavily on the United Kingdom.
- 1993
ISO 9002 certification
[1]Bakkavör became the first production company in Iceland to obtain ISO 9002 certification.
- 1986
Company founded in Iceland
[1]Ágúst and Lýður Guðmundsson founded Bakkavör to manufacture and export cod roe to Scandinavian markets.
Products and positioning
A large-scale manufacturer and private-label supplier of fresh, chilled and convenient prepared foods for retailers and foodservice customers.
Prepared foods
Ready meals
Chilled and fresh ready meals formed a major part of Bakkavör’s retail and foodservice offering. The company manufactured convenience meals designed for preparation and consumption at home or in institutional and foodservice settings, generally as a supplier to other businesses rather than as a highly visible consumer brand.
Fresh prepared foods
Fresh salads
Bakkavör produced chilled salads and related fresh prepared-food products for supermarkets and foodservice customers. The category fit the company’s emphasis on short-shelf-life, refrigerated convenience foods and included products made for retail meal occasions and prepared-food counters.
Dips and spreads
Dips and hummus
The company manufactured dips, including hummus, for retail and foodservice channels. These products were part of its broader chilled convenience portfolio. Some Bakkavör hummus products were recalled in 2017 following quality-control concerns.
Chilled desserts
Desserts
Desserts were an important product category, strengthened by Bakkavör’s acquisition of Leicester-based Blueberry Foods. The business supplied chilled dessert products to retail customers and incorporated dessert manufacturing into its wider fresh-prepared-food platform.
Chilled accompaniments
Sauces and soups
Bakkavör produced sauces, dips and chilled soups for supermarkets and foodservice operators. These products were among the categories affected by supply disruption during the 2024 Spalding labor dispute. The category also featured in regulatory remedies connected with Greencore’s acquisition of Bakkavör.
Convenience foods
Sandwiches, pizza and bread products
The group’s manufacturing range included sandwiches, pizza and bread-based products. These lines complemented its ready-meal and chilled-food operations and supported supply to retailers and foodservice customers seeking prepared convenience products.
Seafood · 1986
Cod roe and lumpfish roe
Cod roe was Bakkavör’s original product focus, with the company founded to manufacture and export it to Scandinavia. During the 1990s, the company also sold lumpfish roe while expanding into broader European markets.
Controversies
Brand decisions
2026
Completion of Greencore acquisitionM&ABackground
The proposed transaction received United Kingdom competition approval after a remedy involving a Greencore sauces and soups site.
Action taken
Greencore completed the acquisition of Bakkavör on 16 January 2026.
Aftermath
Bakkavör ceased to operate as an independent listed company, and its manufacturing sites were to be rebranded under Greencore.
2025
Sale of the China businessStrategyBackground
Bakkavör was simplifying its operations while preparing for a proposed change in ownership.
Action taken
The company sold its China business in July 2025.
Aftermath
The disposal reduced the group’s geographic footprint before the Greencore transaction.
2025
Greencore acquisition agreementM&ABackground
Bakkavör was a listed fresh-prepared-foods manufacturer with major operations in the United Kingdom and United States.
Action taken
Greencore agreed to acquire Bakkavör for approximately £1.2 billion, subject to shareholder and regulatory approval.
Aftermath
The United Kingdom competition review required Greencore to agree to divest a sauces and soups site before completion.
Announced acquisition value. £1.2 billion (April 2025)
2017
Return to the London Stock ExchangeOtherBackground
Bakkavör had operated privately after being delisted from NASDAQ OMX Iceland in 2010.
Action taken
The company completed an initial public offering and became listed on the London Stock Exchange.
Aftermath
Bakkavör again operated as a publicly traded food manufacturer until its acquisition by Greencore.
2016
Bakk AL Holdings majority acquisitionM&ABackground
Bakkavör had been privately held after its 2010 delisting and remained closely associated with its founders and financial investors.
Action taken
Bakk AL Holdings Limited, controlled by the founders and funds managed by The Baupost Group, acquired approximately 89 percent of the outstanding shares.
Aftermath
The transaction consolidated control before Bakkavör’s later return to the London public markets.
Approximate percentage of outstanding shares acquired. 89% (January 2016)
2015
Acquisition of B. Robert’s FoodsM&ABackground
Bakkavör sought to strengthen its prepared-foods presence in North America.
Action taken
The company acquired United States prepared-foods manufacturer B. Robert’s Foods.
Aftermath
The transaction expanded Bakkavör’s United States manufacturing and prepared-foods capabilities.
2013
International portfolio simplificationStrategyBackground
Bakkavör was restructuring after the debt pressures associated with the 2008 financial crisis.
Action taken
Between 2013 and 2015, the company sold its South African operation, reduced its Italian stake and disposed of other continental European activities.
Aftermath
The group became more concentrated on the United Kingdom, United States and selected international operations.
2003
Concentration on the United KingdomStrategyBackground
Bakkavör had expanded from Icelandic seafood into European convenience foods and operated a growing international portfolio.
Action taken
The company sold its Icelandic components to Fram Foods ehf. and shifted its main strategic focus to the United Kingdom.
Aftermath
The United Kingdom became the group’s principal operating base and largest manufacturing market.
Recent events
- 2026
Greencore completes acquisition of Bakkavör[1]
M&A · Leadership change
Greencore completed the acquisition on 16 January 2026. Bakkavör’s sites were subsequently expected to adopt Greencore branding.
- 2025
Greencore announces agreement to acquire Bakkavör[1]
M&A
Greencore announced a proposed acquisition of Bakkavör for approximately £1.2 billion, subject to shareholder and regulatory approvals.
- 2025
Bakkavör sells China business[1]
M&A
Bakkavör sold its China operation as part of a plan to simplify the group ahead of the proposed Greencore transaction.
- 2024
Bakkavör workers strike at Spalding factory[1]
Other
More than 400 employees at the Lincolnshire site took industrial action in a pay dispute. The company said it had offered increases of 7.8 percent to its lowest-paid workers and 6.4 percent to other employees.
- 2024
Spalding strike contributes to shortages of chilled foods[1]
Other
Reporting linked the industrial action to shortages of taramasalata and some chilled soups in United Kingdom supermarkets.
- 2017
Bakkavör returns to the London Stock Exchange[1]
Other
Bakkavör completed its return to the London Stock Exchange after a period as a privately held company.
- 2017
Supermarkets recall some Bakkavör hummus products[1]
Recall · Other
Some supermarket customers recalled Bakkavör hummus products following concerns about quality control.
Sources2 sources
Cite this profile: Cite the canonical profile. /brand-wiki/bakkavör · Editorial policy · How profiles are compiled