🇩🇰 Du finder den danske version af denne artikel her.

“The first taste is free.” It’s a phrase you’ve probably heard many times, and it has always been part of Johan Bülow’s strategy for building his licorice empire. What started on the island of Bornholm with a single pot, a good idea—and countless hours of hard work—has grown into something much bigger.

Back in January, we reported that the Swedish investment firm Valedo Partners, which acquired 75% of Lakrids by Bülow in 2016, was considering selling the company. Now, the sale is official.

Today, a new chapter is being written in the story of Lakrids by Bülow. The popular Danish licorice brand has been acquired by the Chinese investment firm IDG Capital, which has previously invested in companies such as Acne Studios, Moncler, and FARFETCH.

Tue Mantoni, chairman of Lakrids by Bülow, wrote on LinkedIn:
“There were plenty of smart people who thought you couldn’t sell Lakrids abroad 🤓”

Since 2016, the company’s revenue has tripled. Germany is now its largest market, accounting for 36% of sales, while emerging markets such as the UK and the US are growing rapidly with significant future potential. E-commerce makes up 33% of revenue, and the company’s own retail stores account for 31%, meaning roughly two-thirds of sales are direct-to-consumer – impressive for a food business.

According to our sources, Tue Mantoni will step down as chairman in connection with the ownership change, which is typical for this type of transaction.

The deal is expected to be completed in autumn 2025 and requires regulatory approval.

We’ll be updating this article soon with additional comments.

IDG Capital is a Chinese investment and asset management firm, founded in 1992 in Boston with its headquarters in Beijing. It was the first global investment fund to establish a presence in China and has since played a central role in the country’s tech and venture capital ecosystem. IDG Capital focuses on venture capital, private equity, and mergers & acquisitions and currently manages around USD 23 billion in assets.

The firm has been an early investor in some of China’s most successful tech companies, including Baidu, Tencent, Xiaomi, Meituan, Pinduoduo, NIO, Pony.ai, Bilibili, and SHEIN.

IDG Capital was founded by Hugo Shong, who has also helped establish several media platforms in China and Vietnam. Shong is recognized as one of China’s most influential venture capitalists and played a key role in introducing venture capital to the country.

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