Fintech PR

Immunovia Publishes Interim Report for January-June 2023

Published

1 year ago

August 30, 2023

CISION (PR Newswire)

LUND, Sweden, Aug. 30, 2023 /PRNewswire/ —

April-June 2023

Net sales amounted to kSEK 412 (103) divided by sales of tests kSEK 351 (45) and royalties kSEK 61 (58).
Net earnings were MSEK -170 (-34) and earnings per share before and after dilution were SEK -4.00 (-1.49).
Earnings during the second quarter has been charged with SEK 141 million, which mainly consist of non-cash flow one-off costs such as depreciation and write-downs of intangible assets as a result of the decision to cease commercialization of the IMMray™ PanCan-d test in the US, but also termination and severance pay which will have a cash impact.
Cash Flow from operating activities amounted to MSEK -43 (-41).
Cash and equivalents at the end of the period amounted to MSEK 144 (197).
On April 12, the Company announced the outcome of the rights issue. The Rights Issue was subscribed to 75.1 percent and Immunovia thereby received approximately MSEK 151.8 before issue costs.
On April 25, the Company gave notice for the Annual General Meeting on Friday 26th May 2023.
On April 26, the Company announced a discussion on adoption of IMMray™ PanCan-d with key opinion leaders held on May 3.
On April 29, the Company announced the appointment of Jeff Borcherding as global CEO replacing Philipp Matthieu.
On May 6, the Company announced that the board member Philipp von Hugo resigned from Immunovia’s board at his own request.
On May 22, the Company informed on changes to the Nomi- nation Committee’s proposal to the Annual General Meeting 2023 and in addition to the previously proposed re-election of Peter Høngaard Andersen, the Nominating Committee proposed re-election of Hans Johansson and Martin Møller and new election of Michael Löfman.
On May 26, the Company published the summary of the resolutions made at the Annual General Meeting 2023.
On May 31, the Company informed that, as a result of new shares being issued in the rights issue the number of outstanding shares and votes have increased by 22,655,917, from 22,631,581 to 45,287,498.
On June 9, the Company informed that Jeff Borcherding, CEO of Immunovia, purchased 350 000 shares for approximately kSEK 670.

Significant events after the period

On July 11, the Company announced that it will cease commercialization of IMMray™ PanCan-d test in the United States to focus resources on development of the next generation pancreatic cancer detection test.

CEO’s comments

As announced in July, we are significantly restructuring Immunovia to focus on our novel next-generation test for detection of pancreatic cancer. These changes are difficult but necessary to improve the company’s runway and strengthen our product offering. We continue to move quickly to streamline our operations, develop our next-generation test, and optimize our cost structure. Development of the next-generation is progressing well, and we expect to conduct clinical studies during 2024.

We are rapidly creating a new Immunovia grounded in our existing strengths. We are true to our vision, we have unique assets, we are cost efficient, and we are focused on our clinical mission: to save lives through early detection of pancreatic cancer.

External and internal challenges required significant action

Our strategic reset was triggered primarily by three key external challenges. First, private insurers and government payers in the U.S. require extensive clinical evidence supporting the accuracy and clinical utility of diagnostic tests before they are willing to pay for those tests. Second, proving clinical utility in pancreatic cancer detection is difficult, often requiring large studies conducted over many years. To demonstrate clinical utility in a prospective study at a reasonable cost, we must participate in large studies conducted by a consortium of sites. These trials will likely study more than one test, including other commercial assays and CA19-9 alone. We must be confident that our test will succeed in this comparison. Third, overall access to capital has declined significantly, especially for pre-profit companies like Immunovia.

These external dynamics amplified internal product and financial challenges at Immunovia. Our product, the IMMray™ PanCan-d test, was limited by its reliance on CA19-9, one of the biomarkers in the test. CA19-9 is also not produced by about 10% of the general population, preventing the use of the test in these patients. Worse, the inability to produce CA19-9 disproportionately impacts certain people, including those of African ancestry and Hispanic ethnicity. These populations also show a higher prevalence of pancreatic cancer. As a result, we have both a moral and clinical obligation to serve these individuals equally and eliminate healthcare disparities. We could not do so with our first-generation IMMray™ PanCan-d test.

Financially, our prior efforts to reduce operating costs were not sufficient. Commercializing the IMMray™ PanCan-d test required a significant investment in selling and marketing in the U.S. Producing testing supplies for the proprietary IMMray platform also resulted in substantial labor and materials costs in Lund.

These dynamics led the Board and management to conclude that the best and most viable path forward was to discontinue selling the current IMMray test, significantly reduce expenses, and focus resources on developing and testing our next-generation product.

Our next-generation test provides reason for optimism

Despite these tough decisions, I am excited about the promise of our next-generation test for the early detection of pancreatic cancer. The test will incorporate new biomarkers identified through a discovery study evaluating thousands of proteins circulating in the blood. The new test is being designed to work across racial and ethnic groups without compromising accuracy. It will be conducted on a commercially available lab testing platform, achieving scale, reducing fixed costs, and lowering future cost of goods sold.

We have strong assets moving forward: Development expertise, an extensive sample bank and strong relationships

The experience, assets, and relationships Immunovia has built over the years will enable us to accelerate development of the next generation test. For example, our research and development partnership with Proteomedix is highly productive and gives us access to leading experts in proteomics test development. We have accumulated thousands of blood samples which we will use to develop and test our new product. Relationships with investigators, key opinion leaders and advocacy associations in the U.S. and Europe will enable us to test the assay in clinical studies that these investigators are leading. In summary, Immunovia maintains unique strengths to solve the clinical challenge of early detection of pancreas cancer.

We are dramatically improving our cost structure

In parallel with increasing our focus on the next-generation product, we are optimizing our cost structure in a significant way by reducing staffing and operating expenses. We forecast that our burn rate will be in the range of 25-30 MSEK per quarter beginning in Q1 2024, down 15-20 MSEK vs. Q1/Q2 2023. After accounting for transition costs of approx. 20 MSEK, we expect to have sufficient cash to support operations well into 2024.

Earnings during the second quarter has been charged with SEK 141 million, which mainly consist of non-cash flow one-off costs such as depreciation and write-downs of intangible assets, but also termination and severance pay which will have a cash impact.

Going forward, we will benefit from lower fixed costs and reduce our cost of goods sold by transitioning from the proprietary IMMray platform, which required in-house production of arrays and other supplies, to a commercially available platform.

We have a clear vision for achieving our mission

Our mission has not changed: We will save lives through early detection of pancreatic cancer. What has changed is how we achieve our mission. Going forward, Immunovia will be leaner and more capital efficient.

Critically, we will partner at nearly every stage of the product life cycle to leverage the expertise of our collaborators and reduce costs. For product development, we will continue to partner with Proteomedix. For clinical research, we will partner with investigators and research consortia who are conducting early detection trials. For production, we will transition from the high-cost, proprietary IMMray testing platform to a widely used approach called ELISA. Finally, we will explore a variety of options to commercialize the new test in order to drive awareness and adoption in a less capital-intensive way.

We are creating a very different Immunovia-one that is leaner, more agile, more cost-conscious, and more connected to our customers and patients. I realize the journey to this point has been very difficult for our investors, stakeholders, and employees. Please know that we are working hard to create the company that will reward you for your investment in Immunovia.

August 30, 2023
Jeff Borcherding, CEO and President
Immunovia AB

For more information, please contact:
Jeff Borcherding
CEO and President
[email protected]

Karin Almqvist Liwendahl
Chief Financial Officer
[email protected]
+46 70 911 56 08

The information in this report is information that Immunovia AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 am CET on August 30, 2023.

Conference call

Immunovia will hold a webcast tele conference at 15:00 CET on August 30 with President and CEO Jeff Borcherding and CFO Karin Almqwist Liwendahl.

To take part of the presentation, please dial one of the numbers or watch via the web link below.

Sweden: +46 8 5051 0031

United Kingdom: +44 207 107 06 13

United States: +1 631 570 56 13

Link to the webcast: https://link.edgepilot.com/s/55898572/0v6JeODzJ0OaR5rjK1wJ1g?u=https://creo-live.creomediamanager.com/0916b506-5ec6-4678-b83a-ab16e40022e3

Immunovia in brief

Immunovia AB is a diagnostic company whose mission is to increase survival rates for patients with pancreatic cancer through early detection. Immunovia is focused on the development and commercialization of simple blood-based testing to detect proteins and antibodies that indicate a high-risk individual has developed pancreatic cancer.

Immunovia collaborates and engages with healthcare providers, leading experts and patient advocacy groups to make its test available to individuals at increased risk for pancreatic cancer.

USA is the world’s largest market for detection of pancreatic cancer. The company estimates that in the USA, 1.8 million individuals are at high-risk for pancreatic cancer and could benefit from annual surveillance testing.

Immunovia’s shares (IMMNOV) are listed on Nasdaq Stockholm. For more information, please visit www.immunovia.com

CONTACT:

The following files are available for download:

https://mb.cision.com/Main/13121/3825978/2260893.pdf Advertisement	Interim Report Q2 2023 (PDF)
https://mb.cision.com/Public/13121/3825978/9e707f8b6906355c.pdf	Press release (PDF)

View original content:https://www.prnewswire.co.uk/news-releases/immunovia-publishes-interim-report-for-january-june-2023-301913440.html

Fintech PR

Cold Chain RFID Market to Hit $4636.6 Million by 2030: Explore Trends, Segmentation, and Growth Factors | Valuates Reports

Published

3 hours ago

January 8, 2025

CISION (PR Newswire)

BANGALORE, India, Jan. 8, 2025 /PRNewswire/ — Cold Chain RFID Market is Segmented by Product (Sensors, RFID Tag, RFID Reader), by Technology (Passive RFID, Active RFID), by Application (Food and Beverages, Pharmaceutical & Biomedical).

The Cold Chain RFID Market was estimated to be worth USD 1544.1 Million in 2023 and is forecast to a readjusted size of USD 4636.6 Million by 2030 with a CAGR of 16.5% during the forecast period 2024-2030.

Claim Your Free Report: https://reports.valuates.com/request/sample/QYRE-Auto-11T4273/Global_Cold_Chain_RFID_Market

Major Factors Driving the Growth of Cold Chain RFID Market:

The Cold Chain RFID Market is poised for substantial growth, driven by the increasing need for efficient and reliable tracking solutions in the transportation and storage of temperature-sensitive products. RFID technology offers comprehensive monitoring and real-time data collection, ensuring that products such as pharmaceuticals, food, and biologics are maintained within optimal conditions throughout the supply chain.

The ability to provide detailed visibility into the movement and status of goods enhances operational efficiency, reduces losses, and ensures compliance with regulatory standards. Additionally, advancements in RFID technology, including improved sensor integration and data analytics capabilities, further enhance the effectiveness of cold chain management systems.

View Full Report Now! https://reports.valuates.com/market-reports/QYRE-Auto-11T4273/global-cold-chain-rfid

TRENDS INFLUENCING THE GROWTH OF THE COLD CHAIN RFID MARKET:

RFID tags are instrumental in driving the growth of the Cold Chain RFID Market by enabling precise tracking and monitoring of temperature-sensitive products throughout the supply chain. These tags provide real-time data on the location and condition of goods, ensuring that products such as pharmaceuticals, food, and perishable items are maintained within optimal temperature ranges during storage and transportation. The ability of RFID tags to offer detailed insights into environmental conditions helps businesses prevent spoilage, reduce waste, and ensure compliance with regulatory standards. As the demand for efficient and reliable cold chain management solutions increases, RFID tags become essential tools for enhancing visibility, improving inventory accuracy, and ensuring the integrity of temperature-sensitive products. This critical functionality propels the adoption of RFID technology in the cold chain sector, thereby driving market growth.

Sensors are a pivotal component driving the growth of the Cold Chain RFID Market by providing essential data on environmental conditions such as temperature, humidity, and vibration. These sensors, integrated with RFID tags, continuously monitor the state of goods throughout the supply chain, ensuring that they remain within specified parameters. The real-time data collected by sensors allows for immediate detection of any deviations, enabling swift corrective actions to prevent product degradation. Advanced sensor technologies enhance the accuracy and reliability of monitoring systems, making them indispensable for maintaining the quality and safety of sensitive products. The increasing emphasis on data-driven decision-making and the need for comprehensive monitoring solutions in the cold chain industry further boost the adoption of sensors, thereby fueling the growth of the Cold Chain RFID Market.

Passive RFID systems drive the growth of the Cold Chain RFID Market by offering a cost-effective and energy-efficient solution for tracking and monitoring products. Unlike active RFID systems, passive RFID tags do not require an internal power source, making them simpler and more affordable to deploy across extensive supply chains. These tags rely on energy from RFID readers to transmit data, enabling widespread adoption without significant infrastructure investments. Passive RFID is ideal for applications where long-term monitoring and low-cost solutions are essential, such as in the transportation of pharmaceuticals and perishable foods. The scalability and durability of passive RFID systems make them suitable for diverse cold chain environments, from warehouses to refrigerated trucks. As businesses seek efficient and economical tracking solutions, the demand for passive RFID systems continues to rise, driving the expansion of the Cold Chain RFID Market.

The increasing demand for traceability in the supply chain is a major factor driving the Cold Chain RFID Market. Traceability ensures that products can be tracked from their origin to their final destination, providing transparency and accountability throughout the supply chain. In the cold chain sector, traceability is crucial for maintaining the quality and safety of temperature-sensitive products such as food, pharmaceuticals, and biologics. RFID technology enables detailed tracking and monitoring, allowing businesses to verify the integrity of their products and comply with regulatory requirements. Enhanced traceability helps in identifying and addressing issues promptly, reducing the risk of product recalls and ensuring consumer safety. The growing emphasis on traceability and the need for reliable tracking solutions significantly boost the adoption of RFID technology in the cold chain industry, driving market growth.

The rapid expansion of e-commerce is a key driver of the Cold Chain RFID Market, as the surge in online retail necessitates efficient and reliable logistics solutions for delivering temperature-sensitive products. The rise of e-commerce platforms has increased the volume of shipments that require strict temperature control, such as fresh food, beverages, and pharmaceuticals. RFID technology facilitates seamless tracking and monitoring of these shipments, ensuring that products are handled appropriately throughout the delivery process. The need for timely and accurate data on product conditions helps e-commerce businesses maintain high standards of quality and customer satisfaction. As e-commerce continues to grow globally, the demand for advanced cold chain management solutions, including RFID systems, escalates, thereby propelling the Cold Chain RFID Market.

Governments are increasingly enforcing standards that necessitate the adoption of advanced technologies like RFID to enhance supply chain transparency and accountability. Compliance with these regulations not only ensures the safety and quality of products but also fosters consumer trust, encouraging businesses to invest in RFID solutions for their cold chain operations. The regulatory push towards enhanced supply chain management significantly boosts the adoption of RFID technology, driving the growth of the Cold Chain RFID Market.

RFID technology provides precise tracking and monitoring, enabling companies to identify inefficiencies and implement corrective measures that lower operational costs. By reducing the incidence of temperature excursions and ensuring that products are maintained within optimal conditions, RFID systems help minimize spoilage and waste, leading to substantial cost savings. Additionally, the automation of inventory management and the reduction of manual labor through RFID technology enhance overall efficiency, further contributing to cost reductions. The ability to achieve higher accuracy and reliability in cold chain operations at a lower cost makes RFID an attractive investment for businesses, driving the adoption and growth of the Cold Chain RFID Market.

Claim Yours Now with Discount! https://reports.valuates.com/api/directpaytoken?rcode=QYRE-Auto-11T4273&lic=single-user

COLD CHAIN RFID MARKET SHARE:

North America leads the market, driven by its advanced logistics infrastructure, high adoption rates of RFID technology in sectors like pharmaceuticals and food, and stringent regulatory standards for cold chain management.

Europe follows closely, with substantial investments in supply chain technologies, strong emphasis on sustainability, and increasing demand for temperature-sensitive products.

Key Companies:

Alien Technology
Checkpoint Systems Inc
Impinj
Invengo Technology BV
GAO RFID Inc.
Avery Dennison Corporation
Sato Holdings Corporation
Maka RFID
Nedap
Nedap N.V.
RFID4U (eSmart Source, Inc.)

Buy Chapters: https://reports.valuates.com/market-reports/QYRE-Auto-11T4273/global-cold-chain-rfid/1

SUBSCRIPTION

We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.

DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!

–          RFID Cold Chain Management Market
–          Cold Chain Monitoring Devices Market
–          Radio-Frequency Identification (RFID) in Pharmaceuticals Market
–          RFID-enabled Scanners Market was estimated to be worth USD 351 Million in 2023 and is forecast to a readjusted size of USD 456.7 Million by 2030 with a CAGR of 3.9% during the forecast period 2024-2030.
–          The global Cold-Chain Temperature Loggers market was valued at USD 1120 Million in 2023 and is anticipated to reach USD 2013.3 Million by 2030, witnessing a CAGR of 9.0% during the forecast period 2024-2030.
–          Passive RFID Tags for Asset Tracking Market was estimated to be worth USD 103 Million in 2023 and is forecast to a readjusted size of USD 132.3 Million by 2030 with a CAGR of 3.6% during the forecast period 2024-2030.
–          RFID Electronic Control Card Market
–          Cold Chain Monitoring System Market was estimated to be worth USD 4977.6 Million in 2023 and is forecast to a readjusted size of USD 7248.2 Million by 2030 with a CAGR of 5.4% during the forecast period 2024-2030.
–          UHF RFID Chip Market was estimated to be worth USD 683 Million in 2023 and is forecast to a readjusted size of USD 1103.2 Million by 2030 with a CAGR of 7.1% during the forecast period 2024-2030.
–          Smart RFID Ear Tag Market was estimated to be worth USD 198 Million in 2023 and is forecast to a readjusted size of USD 263.7 Million by 2030 with a CAGR of 4.2% during the forecast period 2024-2030.
–          RFID Inventory Retail Management Market was estimated to be worth USD 7475 Million in 2023 and is forecast to a readjusted size of USD 13150 Million by 2030 with a CAGR of 8.5% during the forecast period 2024-2030.

DISCOVER OUR VISION: VISIT ABOUT US!

Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.

Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that’s why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.

To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.

GET A FREE QUOTE

Valuates Reports
[email protected]
For U.S. Toll-Free Call 1-(315)-215-3225
WhatsApp: +91-9945648335

Website: https://reports.valuates.com
Blog: https://valuatestrends.blogspot.com/
Pinterest: https://in.pinterest.com/valuatesreports/
Twitter: https://twitter.com/valuatesreports
Facebook: https://www.facebook.com/valuatesreports/
YouTube: https://www.youtube.com/@valuatesreports6753

https://www.facebook.com/valuateskorean
https://www.facebook.com/valuatesspanish
https://www.facebook.com/valuatesjapanese
https://valuatesreportspanish.blogspot.com/
https://valuateskorean.blogspot.com/
https://valuatesgerman.blogspot.com/
https://valuatesreportjapanese.blogspot.com/

Logo: https://mma.prnewswire.com/media/1082232/Valuates_Reports_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/cold-chain-rfid-market-to-hit-4636-6-million-by-2030-explore-trends-segmentation-and-growth-factors–valuates-reports-302346078.html

Fintech PR

Cost-Effective Solutions: How Online Bookkeeping is Revolutionizing Florida’s Small Businesses

Published

4 hours ago

January 8, 2025

CISION (PR Newswire)

cost-effective-solutions:-how-online-bookkeeping-is-revolutionizing-florida’s-small-businesses

MIAMI, Jan. 8, 2025 /PRNewswire/ — The U.S. accounting services industry, including bookkeeping, is experiencing significant growth, projected to reach over $1 trillion by 2026. This surge reflects the rising demand for innovative financial management solutions, with online bookkeeping emerging as a leading choice for small businesses in Florida.

Online bookkeeping services are meeting this demand by offering cost-effective, efficient, and secure alternatives to traditional financial management. With cloud-based software, businesses can automate processes and access financial data anytime, anywhere, enabling faster, more informed decision-making that boosts both efficiency and productivity.

Schedule 30-minute free consultation to streamline your Florida business’s bookkeeping- https://www.ibntech.com/free-consultation/?pr=prnewswire

“One of the key challenges for small businesses has always been managing finances without overstretching their resources,” says Ajay Mehta, CEO of IBN Technologies. Online bookkeeping solutions provide an efficient, accurate, and cost-effective way to simplify financial management for businesses.

A standout benefit of online bookkeeping is its affordability. Small businesses can significantly reduce costs by eliminating the need for in-house staff and expensive software. Instead, they only pay for the services they need, freeing up resources for critical investments like marketing and growth.

Beyond cost savings, online bookkeeping services enhances accuracy and security. Advanced encryption technology and automated workflows minimize human error and protect sensitive financial data. Small business owners can rest assured knowing their financial records are accurate and secure, enabling them to focus on scaling their operations.

“Financial technology is no longer just about convenience—it’s about empowering businesses to make smarter, data-driven decisions,” added Ajay Mehta, CEO of IBN Technologies. “By adopting online bookkeeping, Florida’s small businesses can position themselves for long-term success in an increasingly competitive market.”

As Florida’s small businesses navigate a competitive landscape, embracing online bookkeeping is no longer just an option—it’s a necessity. Solution providers like IBN Technologies are at the forefront of this transformation, offering tailored, reliable, and cost-effective online bookkeeping services that empower small businesses to simplify financial management and achieve sustainable growth. By partnering with IBN Technologies, businesses gain access to innovative tools and expertise that help them stay ahead in today’s dynamic market.

Therefore, online bookkeeping is changing the game for Florida’s small businesses, delivering cost-effective and secure financial management solutions. By adopting these innovative tools and partnering with trusted providers like IBN Technologies, businesses are empowered to operate more efficiently, allocate resources strategically, and focus on what matters most—driving growth and success.

About IBN Technologies

IBN Technologies LLC, an outsourcing specialist with 25 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022, CMMI-5, and GDPR standards. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive efficiency and growth.

Contact Details:

Pradip
[email protected]
+1 – 844 – 644 – 8440

USA:

IBN Technologies LLC
66 West Flagler Street Suite 900 Miami, FL 33130

India: Global Delivery Centre

IBN Technologies Limited
Kohinoor House, 2nd floor,
691/A/1B, Plot no. 7,
Bibwewadi Road, Pune-411037

View original content:https://www.prnewswire.co.uk/news-releases/cost-effective-solutions-how-online-bookkeeping-is-revolutionizing-floridas-small-businesses-302346004.html

Fintech PR

Davidson Kempner and Afendis complete acquisition of YSCO, advancing Glacier’s ambitions in European ice cream market

Published

4 hours ago

January 8, 2025

CISION (PR Newswire)

LONDON, Jan. 8, 2025 /PRNewswire/ — Davidson Kempner Capital Management LP (“Davidson Kempner“), a global investment management firm, supported by operating partner Afendis Capital Management (“Afendis”), has completed the acquisition (the “Transaction”) of ice cream producer YSCO through its ice cream investments platform, Glacier. Financial terms of the transaction were not disclosed.

The acquisition is transformational for Glacier’s ambitions to grow in the global ice cream industry, with YSCO joining Gelato d’Italia which was acquired in 2022. Gelato d’Italia is a leading independent ice cream producer with two sites in Italy and a key innovation and manufacturing partner for ice cream brand owners and retailers worldwide.

Bringing Gelato d’Italia together with YSCO will create one of the largest third-party ice cream manufacturers globally with revenues in excess of €600 million. Aligned in their commitments to innovation, efficiency and customer satisfaction, the companies are highly complementary in operations and ethos.

YSCO works closely with almost all the mainstream European retailers for the co-creation and production of their home-brand ice cream products. YSCO has production capabilities in Belgium and France and distributes up to 200 million liters of ice cream per year, predominately within the European market.

Glacier aims to leverage its scale to become a key partner to ice cream brand owners worldwide, aided by its commitment to delivering the fastest ideation-to-launch for new products.

Working with these international brand owners, Glacier is targeting international expansion and becoming the third-party ice cream manufacturer of choice.

Bert Van Nieuwenborgh, CEO of YSCO, said:

“This acquisition represents an exciting opportunity for YSCO to accelerate our growth as part of Glacier’s ambitious vision. As Europe’s second-largest private label ice cream producer, our expertise in large batch production and strong retailer relationships perfectly complement Glacier’s innovative approach. Together, we are well-positioned to lead the way in a rapidly growing and evolving market, delivering exceptional value to our partners and customers.”

Cem Karakaş, Chairperson of Glacier and Partner at Afendis, said:

“Glacier is perfectly positioned to capitalize on strong growth in the fragmented European third-party ice cream sector. By building on the success of Gelato d’Italia and leveraging YSCO’s scale and expertise in long-run production of large batch products, Glacier is well-placed to be a leading player in Europe. This acquisition will be the launchpad for further expansion across the globe.”

About Davidson Kempner Capital Management LP

Davidson Kempner Capital Management LP is a global investment management firm with over 40 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has approximately $37 billion in assets under management and over 500 employees across seven offices: New York, Philadelphia, London, Dublin, Hong Kong, Shenzhen and Mumbai. Additional information is available at: www.davidsonkempner.com.

About Afendis Capital Management

Afendis Capital Management is a specialist investor and investment manager of food and pharmaceutical businesses.

About Glacier

Glacier is a global ice cream investments platform backed by Davidson Kempner Capital Management and Afendis Capital Management. It unites leading producers like YSCO and Gelato d’Italia, creating one of the world’s largest third-party manufacturers with revenues over €600 million. Glacier specializes in innovation, efficiency, and rapid ideation-to-launch, partnering with brand owners and retailers worldwide to drive growth and set new industry standards.

Contact details:

Davidson Kempner Capital Management LP
[email protected]

Afendis Capital Management
Matthew Frost
[email protected]

View original content:https://www.prnewswire.co.uk/news-releases/davidson-kempner-and-afendis-complete-acquisition-of-ysco-advancing-glaciers-ambitions-in-european-ice-cream-market-302345953.html