Website: www.lakridsbybulow.com
Since Valedo’s investment in LAKRIDS BY BÜLOW (“LBB”) in 2016, the company has significantly expanded its operations and international presence, with revenues surpassing DKK 400 million in 2025, more than three times the revenue of 2016. During this period, LBB successfully expanded internationally in a number of markets, including Germany, which now is the company’s largest market, alongside the UK, the UAE, and most recently the US. At the time of Valedo’s divestment, the company operated more than 40 own retail stores across seven geographies and two continents, up from 15 stores in 2016. In parallel with the own retail roll-out, LBB strengthened its direct-to-consumer channel through significant development of its e-commerce platform, supported by LBB’s customer community which has grown into the world’s largest tasting panel during Valedo’s ownership.
Founded by Johan Bülow in 2007 in Svaneke on the Danish island of Bornholm, LBB was built on a passion for chocolate and liquorice, authenticity and craftsmanship. Valedo had for several years followed a number of niched omni-channel consumer businesses with premium offerings and was particularly attracted by Lakrids’ unique brand appeal and innovative product range built around chocolate with a liquorice twist. By the time of investment, LBB had already established a presence in several markets outside Denmark, demonstrating the brand’s international potential and offering Valedo an opportunity to accelerate global expansion while developing and leveraging LBB’s omni-channel strategy. Further, the company had an entrepreneurial organisation with a strong culture, commitment and sound business mindset, well aligned with Valedo’s experience of partnering with ambitious entrepreneurs. Structural growth drivers further reinforced the attractiveness of premium confectionery, such as rising demand for natural ingredients, a growing food culture, and a shift towards “less is more” consumption trends.
A wide range of initiatives were undertaken to develop LBB into a leading European premium confectionery brand:
As LBB had achieved the targets set out at the time of Valedo’s acquisition in 2016, an evaluation of a potential divestment was initiated. In the spring of 2025, an exit process was launched, leading to IDG Capital acquiring Valedo’s and other shareholders’ ownership in LBB.
The investment by IDG Capital (“IDG”) is made in partnership with LAKRIDS BY BÜLOW’s (“LBB” or the “Company”) management to further support the Company’s continued international growth across Europe, Asia and the US. IDG has entered into an agreement, subject to customary regulatory approvals, to acquire a majority stake in LBB, the Danish premium confectionery
Valedo Partners Fund II AB (“Valedo”) has entered into a strategic partnership with Lakrids by Johan Bülow A/S (“Lakrids” or the “Company”), a fast-growing Danish premium liquorice brand. The investment is made alongside founder and CEO Johan Bülow as well as the members of the management team. After being founded in 2007, Lakrids has developed
What has been accomplished
During Valedo’s ownership, LBB achieved several important strategic and operational milestones. The company evolved from a primarily Danish brand into a truly international business and a leading European premium confectionery brand, with its international share of revenues increasing from 20% in 2016 to 75% in 2025. Over the nine years of Valedo’s ownership, LBB successfully developed its omni-channel go-to-market model, including the launch of a highly successful e-commerce platform, capturing the growing sales potential from online demand for premium confectionery. In addition, the company launched a customer community (LAKRIDS LOVERS community), successfully driving higher order values, repurchase rates and provided valuable insights for new product development. LBB also broadened its product portfolio through new collections and implemented a comprehensive sustainability framework, becoming the first confectionery company in the Nordics to obtain B Corp certification, reflecting its high social and environmental standards.