Lundbeck Foundation acquires an interest in Cresco Capital Services
Following several years of successful collaboration with Cresco Capital Services on investment in and development of forestry assets and rural zones, the Lundbeck Foundation is now investing in the company. The Lundbeck Foundation is acquiring 25% of the shares in Cresco Capital Services, a specialist asset management company focusing on direct investments, management and development of forestry and rural zones in the UK, the Baltics and the Nordic region.
‘In just a few years, Cresco Capital Services has evolved into a leading, knowledge-intensive investment manager in a sector receiving the rapidly increasing attention of investors. Taken in isolation, this is an interesting investment opportunity, and we believe that, together, we can make a difference and promote financially attractive, sustainable and viable development of forestry assets and rural zones,’ says Bertil From, CFO at the Lundbeck Foundation.
Specialist asset manager
With the Lundbeck Foundation as a new shareholder, Cresco Capital Services increases its potential for faster growth and its opportunities for offering more and bigger investment concepts for forestry and land management to foundations, pension funds and high net worth individuals in Denmark.
‘In the Lundbeck Foundation, we’ve gained a robust partner with a strong code of ethics. We’re convinced this will not only help us continue our growth but will accelerate the positive development and interest in our services and investment concepts,’ says Carsten With Thygesen, CEO and founder of Cresco Capital Services.
Development in several areas
Since its foundation in 2018, Cresco Capital Services has focused on identifying and developing forest and rural areas in financial partnership with its investors, to ensure that they achieve attractive and robust returns. In addition to generating returns from forestry and the increase in value of forest and land, Cresco Capital Services works actively to develop wind and hydroelectric power projects on the properties as well as carbon credits from afforestation or recovery of peatland on investment properties. All of these initiatives are aimed at optimising investment returns and the properties’ positive impact on the environment.
Cresco Capital Services and the Lundbeck Foundation have worked together for several years on investments in forest land through LFI Silva Investments A/S. Today, this company owns almost 3,000 hectares of Scottish forest and land. Furthermore, Cresco Capital Services has developed alternative investment funds in the Baltics for high net worth individuals. These funds are registered with the Danish Financial Supervisory Authority, and Cresco manages around 5,000 hectares of forest in the Baltic region.
Board of directors with sound professional expertise
In connection with the Lundbeck Foundation’s investment in Cresco Capital Services, the Foundation’s CFO, Bertil From, will join Cresco’s board of directors as its new chair. The other members of the board will be:
- Hanne Søndergaard Birkmose, Professor, PhD, Head of Department, Department of Law, University of Southern Denmark.
- Mikael Glud, Executive Director, CBRE Danmark.
- Ole Theut, attorney with the right of audience before the Danish Supreme Court and partner at NT Advokater.
From now on, shares are owned by the Lundbeck Foundation (25%) and Carsten With Thygesen (75%), who will continue as the company’s CEO. The parties do not wish to state the purchase price.
Cresco is an investment and management company. The company is registered with the Danish Financial Supervisory Authority and offers specialist consultancy and investment concepts to institutional investors, foundations and high net worth individuals. Concepts relate to investment in and management of forestry and land assets as well as associated sustainable investments in the Nordic region, the UK and the Baltics.
Cresco was founded in 2018 by Carsten With Thygesen, who has more than 25 years’ experience in forestry and investment from positions such as CEO of HedeDanmark, group CEO of HedeSelskabet, deputy chair of Realdania, chair of Realdania’s investment committee, and chair of the boards of a range of listed asset management companies. Read more at
