Ole & Steen
Danish bakery and café chain trading as Lagkagehuset in Denmark and Ole & Steen in English-speaking markets.
Last updated August 24, 2026
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Overview
Ole & Steen is a Danish bakery and café chain whose English-language trading name is Ole & Steen, while the business is known as Lagkagehuset in Denmark. The chain operates bakeries, cafés, and food-service locations across Denmark, England, and New York City, and has more than 143 branches according to the cited Wikipedia reference. Its offer is centered on bakery staples, pastries, coffee, and prepared food associated with the Danish bakery tradition. The present-day company was created in 2008 through the merger of two bakery businesses established by Ole Kristoffersen and Steen Skallebaek in the early 1990s. This merger brought the two founders' operations together under a single chain and created the platform that later expanded beyond Denmark. The brand's positioning is built around a premium bakery-café experience rather than a purely takeaway bread shop, combining fresh baked goods with café consumption and convenient prepared foods. The business was initially owned by private-equity firm FSN Capital. In 2017, it was sold to Nordic Capital in a transaction reported at approximately DKK 1 billion. At the time of that sale, Kristoffersen and Skallebaek left the company's board. Later in 2017, L Catterton acquired a 20% stake, adding another institutional investor to the ownership structure. International development has included expansion into England and the United States, particularly New York City, where the business trades under the Ole & Steen name. The use of a distinct English-language name reflects the company's effort to present its Danish bakery identity to customers outside Denmark while retaining the Lagkagehuset name in its home market. In 2020, the company faced public scrutiny on social media concerning its ownership structure and allegations that the structure could facilitate tax avoidance. The issue arose in the context of the company's receipt of support from Denmark's coronavirus relief program. Ole & Steen responded by releasing its accounts earlier than planned and stating through that disclosure that it paid tax domestically. The available reference material does not establish a finding of unlawful tax avoidance. Jason Cotta, formerly managing director of Costa Coffee in the United Kingdom, is identified in the reference material as the company's chief executive officer. No current corporate ownership structure, financial results, exact store count by market, or official website URL is supplied in the source material used for this entry.
History
Ole & Steen traces its roots to two Danish bakery businesses founded by Ole Kristoffersen and Steen Skallebaek in the early 1990s. Although the two founders began with separate operations, their businesses were brought together in 2008 through a merger. The resulting company developed into a larger bakery and café chain, retaining a strong Danish identity while creating a basis for expansion outside its home country. In Denmark, the business trades under the name Lagkagehuset. In English-speaking markets it uses Ole & Steen, a name derived from the founders. The distinction allows the company to preserve its established domestic identity while presenting a more readily transferable brand name abroad. Its locations combine bakery retail with café service and prepared food, positioning the chain as a destination for both everyday purchases and on-premises consumption. The company was initially backed by FSN Capital, a private-equity owner. A major ownership transition took place in 2017, when Nordic Capital acquired the business in a deal reported at approximately DKK 1 billion. The transaction also marked a change in founder involvement: Kristoffersen and Skallebaek stepped down from the board. Later that year, L Catterton purchased a 20% stake, creating a multi-investor ownership structure. Following the ownership changes, the chain continued operating across Denmark and expanded its international presence. The reference material identifies branches in England and New York City and states that the overall network exceeded 143 locations across Denmark, England, and the United States. The international proposition is based on Danish-style bakery products, pastries, coffee, and prepared foods delivered through a café-led retail format. The company attracted public attention in May 2020 during the COVID-19 pandemic. Social-media discussion focused on its ownership structure and allegations that the structure might enable tax avoidance. The issue was particularly sensitive because the company had received support through Denmark's coronavirus relief package. Ole & Steen responded by publishing its accounts earlier than expected and indicating that it paid tax domestically. The available reference does not report a legal finding that the company committed tax evasion or tax avoidance. Jason Cotta, previously managing director of Costa Coffee in the United Kingdom, is identified as the company's chief executive officer. Beyond that executive appointment, the supplied material does not provide a complete current leadership roster. It also does not provide verified current ownership, financial statements, detailed store counts by country, or an official website address. The chain remains an active bakery and café business with operations in Denmark, England, and the United States.
- 2020
Tax-structure controversy during the pandemic
[1]The company came under social-media scrutiny concerning its ownership structure and its receipt of Danish coronavirus relief funding. It responded by issuing its accounts early and indicating domestic tax payment.
- 2017
Nordic Capital acquired the chain
[1]Nordic Capital bought the company from FSN Capital in a transaction reported at approximately DKK 1 billion. The two founders left the board at the time of the transaction.
- 2017
L Catterton took a minority stake
[1]L Catterton acquired a 20% interest in the business later in the year.
- 2008
Merger created the present-day business
[1]The bakery businesses associated with Ole Kristoffersen and Steen Skallebaek were merged to form the present-day Ole & Steen/Lagkagehuset company.
Products and positioning
Premium Danish bakery and café experience
Bakery
Bread
Bread is a core part of the chain's Danish bakery offer and is sold through its bakery and café locations. The supplied sources identify bread as a typical product category but do not provide a complete product catalogue or detailed specifications.
Bakery
Pastries and cakes
The chain offers pastries and cakes as part of its bakery-led range. These products support the brand's premium café positioning and are sold alongside bread, coffee, and prepared food. Specific recipes, seasonal ranges, and launch dates are not documented in the supplied reference.
Pastry
Cinnamon rolls
Cinnamon rolls are identified in the existing dossier as one of the brand's flagship offerings. They represent the chain's Scandinavian bakery orientation and are available as a bakery or café purchase. The supplied material does not establish a formal product launch date.
Prepared food
Open-faced sandwiches
Open-faced sandwiches are listed as a flagship offering and connect the chain with Danish prepared-food traditions. They broaden the business beyond sweet bakery items and support its café and lunch proposition. Detailed fillings and range information are not provided in the references.
Beverage
Coffee
Coffee is a standard part of the Ole & Steen café proposition and is sold alongside bakery products and prepared foods. The supplied sources do not identify a proprietary coffee line, specific supplier, or product-generation history.
Controversies
2020
Ownership structure and tax-avoidance allegations
In May 2020, social-media scrutiny questioned whether the company's ownership structure could enable tax avoidance. The discussion followed the company's receipt of support from Denmark's coronavirus relief package. Ole & Steen issued its accounts early and indicated that it paid tax domestically; the supplied reference does not report a legal finding of wrongdoing.
Brand decisions
2020
Early release of company accountsOtherBackground
The company faced public questions about its ownership structure and possible tax avoidance after receiving Danish coronavirus relief funding.
Action taken
Ole & Steen issued its accounts earlier than planned and indicated that it paid tax domestically.
Aftermath
The disclosure was intended to address the public controversy. The supplied sources do not document a subsequent regulatory finding.
2017
Sale to Nordic CapitalM&ABackground
The company was owned by FSN Capital before the transaction.
Action taken
Nordic Capital acquired the bakery chain in a deal reported at approximately DKK 1 billion.
Aftermath
The founders left the board, and the company continued under new private-equity ownership.
Reported transaction value. Approximately DKK 1 billion (2017)
2017
L Catterton minority investmentM&ABackground
After Nordic Capital's acquisition, the ownership structure was expanded to include another institutional investor.
Action taken
L Catterton acquired a 20% stake in the company.
Aftermath
L Catterton became a minority shareholder; the supplied material does not provide further details about governance or operating consequences.
2008
Combine two bakery businessesStrategyBackground
The separate bakery businesses founded by Ole Kristoffersen and Steen Skallebaek in the early 1990s were brought together as the basis for a larger chain.
Action taken
The businesses merged to create the present-day Ole & Steen/Lagkagehuset operation.
Aftermath
The merger established the platform for the chain's subsequent development in Denmark and international expansion.
Recent events
- 2017
Nordic Capital acquired Ole & Steen[1]
M&A · Leadership change
Nordic Capital purchased the bakery chain from FSN Capital in a transaction reported at approximately DKK 1 billion. The two original founders stepped down from the board at the time of the sale.
- 2017
L Catterton acquired a minority stake[1]
M&A
Later in 2017, L Catterton acquired a 20% stake in the business.
Sources1 sources
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