Picadeli Group began with a simple but powerful idea: making healthy, freshly prepared food accessible at scale, without compromising on quality, affordability or convenience.

The company’s origins trace back to a Swedish self-service salad bar concept that quickly proved both profitable and highly attractive for grocery retailers. When Fidelio first invested in the business in 2012, the concept was already demonstrating strong unit economics, high retailer margins per square metre and clear consumer appeal. In 2025, Fidelio returned as majority owner, acquiring Nordic Capital’s stake.

Fidelio was drawn to Picadeli early on for a combination of compelling fundamentals and long-term relevance. The concept represents a rare “win-win-win”: consumers gain access to affordable, healthy and customisable meals; retailers benefit from strong profitability, increased footfall during off-peak hours and incremental basket size; and the business itself enjoys attractive margins and recurring demand. At the same time, Picadeli aligns with enduring structural trends – healthier eating, convenience and personalisation – rather than short-lived consumer fads.

The model benefits from significant scale advantages. As volumes increase, logistics efficiency improves, sourcing power strengthens and unit economics become increasingly attractive. This dynamic has allowed Picadeli to build a strong position in its core Nordic markets, with important learnings for continuous expansion.

At the heart of the business sits a highly sophisticated, proprietary salad bar platform, developed over more than a decade, combining hardware, software, logistics and data. What appears simple to the consumer is in reality a complex food-tech ecosystem: temperature-controlled units, condensation-free cooling, real-time inventory monitoring, automated replenishment support and demand-forecasting algorithms.

Today, Picadeli operates as the category leader within self-service fresh food, with a platform that is deeply integrated into retailers’ operations and among the most digitalised areas of the modern grocery store.

Picadeli operates in a large, underpenetrated global market with strong structural tailwinds. With a proven concept, strong consumer loyalty and a platform that improves with scale, Picadeli is well positioned for its next phase of growth.The same complexity that challenges new entrants also protects Picadeli’s long-term value.

For Fidelio, the investment represents a long-term commitment to building a category-defining global food-tech platform, patiently, operationally and with a clear focus on sustainable value creation.