Houlihan Lokey Advises Lakrids by Bülow

Houlihan Lokey is pleased to announce that Lakrids by Bülow (LBB), a portfolio company of Valedo, has agreed to be acquired by IDG Capital (IDG). The transaction was signed on 15 August and is expected to close in Q4 2025.

Founded in Denmark, LBB is an international premium confectionery brand with a Danish heritage known for its chocolate-coated gourmet liquorice and unique flavours. Operating with an omnichannel strategy, the company combines a strong D2C presence—through 45 own stores and e-commerce—with B2B channels, including wholesale, corporate customers, and travel retail. LBB has successfully entered multiple international markets, most notably Germany, the United Arab Emirates, the United Kingdom, and, more recently, the United States.

Valedo, founded in 2006 and headquartered in Sweden, is a growth-oriented private equity firm investing in small to midsized companies across the Nordic region.

IDG, founded in 1993 and headquartered in China, is a global private equity firm with a strong focus on consumer investments. Its portfolio includes internationally renowned brands such as Moncler, Acne Studios, and Rossignol. Backed by IDG’s global footprint and consumer expertise, LBB is now well positioned to accelerate its international expansion and reach new markets.

Houlihan Lokey served as the financial advisor to LBB. The transaction represents Houlihan Lokey’s third deal in the chocolate confectionery sector in 2025, having previously advised on the sales of Gubor (Germany) to Colian and CPK Group (France) to Ferrera. It also marks the firm’s fourth transaction in the broader snacking category this year, following its advisory role in the sale of Preziosi Group (Italy) to Foster Clark.

If you would like more information about Houlihan Lokey or have any questions regarding the firm’s role in this transaction, please contact one of the team members listed below.

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