After receiving approval from Poland’s Office of Competition and Consumer Protection this past May, Penta investments has announced the completion of a deal to acquire 100% of Iglokrak Group, a producer of frozen foods and ice cream. Penta’s goal since the process began earlier this year has been to consolidate what it sees as a fractured frozen foods market.
Currently frozen foods, as a percentage of total foodstuffs on the Polish market, are only at 2.3% That’s well below the EU average of 4.4%.
Iglokrak
Iglokrak Group is Poland’s leading producer of frozen vegetables, poultry, fish, pizza, pasta, and fruit drinks, as well as the number one distributor of such products in the nation’s southern region.
The company operates two production faculties and seven distribution centers, reaching 14,000 customers representing 25,000 retail freezers. Their operations are based in Krakow, Bielsko-Biala, Wodzisław, Wroclaw, and Zakopane.
For 2009 Iglokrak earned total revenues of PLN 320 million.
Penta Investments
Founded in 1994 as a securities trading company, Penta Investments provides private equity and real estate investment in Russia and Central and Eastern Europe.
Penta prefers investments in the engineering, entertainment, healthcare, metallurgy, telecom, transportation, retail, and utilities sectors, with an average life of 3 to 5 years. The firm invests via restructuring projects, buyouts, and buy-ins.
30/07/2010
Central & Eastern Europe, Food Industry and Beverages, Investment, Poland, Private Equity News