Erhvervsinvest takes over the activities of Them Andelsmejeri, which will continue under the name Them Mejeri A/S.
Danish private equity fund Erhvervsinvest has agreed to acquire the activities of Them Andelsmejeri, the company announced in a press release. The assets will be transferred to a newly established entity, Them Mejeri A/S, while all 12 cooperative members will continue supplying raw milk to the cheese production on unchanged terms. The transaction is subject to customary regulatory approvals.
Founded in 1888, Them Andelsmejeri produces more than 5,500 tonnes of organic and conventional cheese annually – including traditional Danish Danbo cheeses as well as handcrafted speciality and premium cheeses made to its own recipes – using raw milk from cooperative members and contract suppliers located near the dairy in Them, outside Silkeborg in central Jutland. The company employs 90 people and sells primarily to Danish retail, foodservice and wholesale customers.
Local ties maintained
Board chairman Gert Glob Lassen emphasised that local roots would be preserved under the new ownership:
“We cooperative members are very proud that Them Mejeri is continuing its journey under new ownership. It is gratifying that under this agreement we will continue to supply raw milk to Them. In this way, the local connection is maintained, along with our and the dairy’s focus on producing milk and cheese of high quality.”
Chief executive Søren Hansen pointed to opportunities for growth and new export markets:
“With Erhvervsinvest’s ownership, we gain additional competencies that can help grow and further develop the company, strengthen our presence with our customers and at the same time open new export markets and business areas. We look forward to the partnership and to developing Them with an unchanged focus on high quality and proud craft traditions.”
Thomas Marstrand, Managing Partner at Erhvervsinvest, described Them as a well-regarded dairy business with strong relationships across Danish retail and foodservice, adding that the fund hopes to generate growth in selected export markets alongside its continued domestic focus. The investment is the fourth in Erhvervsinvest V K/S, which has total committed capital of more than DKK 1.1 billion.
Failed Arla merger preceded the sale
The transaction follows the collapse in April of plans to merge Them Andelsmejeri with Arla Foods, after competition authorities indicated concerns.
This is not Erhvervsinvest’s first involvement in the Danish dairy sector. In October 2025, the fund acquired Fayrefield Ingredients Holding A/S, a global supplier of milk-based ingredients with production facilities in Denmark and offices in the United States, China and Poland, among other locations.
By Maja Løvstrup
Photo: Them Andelsmejeri
