IK Investment Partners acquires majority stake in Agros Nova, a leading diversified food & drink company in Poland
IK Investment Partners (“IK”), a Pan-European private equity firm, announces today that it has agreed with the owners of Agros Nova (“Agros Nova” or the “Company”), ITR Investment Partners Limited to acquire a majority stake in the Company. Agros Nova is a leading diversified food and drink company in Poland. Terms of the agreed sale are not disclosed.
Headquartered in Warsaw and employing a total of around 2,300 staff, Agros Nova is a top three player in all three of its operational business segments, comprising fruit and vegetable preserves, ready-made food and non-carbonated beverages. The Company currently operates four modern manufacturing plants in central Poland, offering a wide range of quality products to all major retail outlets across the country.
The Company’s origins as a privately-owned fruit and vegetable processor were well established before it grew, both organically and via acquisitions, to become one of the market leaders in all of its business markets. For the financial year ended December 2009, the Company generated revenues of approximately PLN 950 million.
Agros Nova’s management has built a highly recognisable brand portfolio, including brands such as Łowicz, Krakus, Kotlin, Elbro and Wloclawek in preserves and ready-made food, and Fortuna, Tarczyn, Pysio, Dr Witt and Garden in non-carbonated drinks. In addition to the current brand portfolio, the Company plans further expansion and consolidation across the three diverse business segments.
The food and beverage market in Poland is supported by strong economic fundamentals, including forecast GDP growth and a burgeoning middle class with an expanding disposable income, focused in part on increased spending in the fast-moving consumer goods (FMCG) sector. Consumption across all three business segments continues to grow steadily, with opportunities to exploit the increasing trends for convenience, health and wellbeing. This puts Agros Nova in a favourable position to benefit from the expected market growth.
Detlef Dinsel, one of IK’s Managing Partners, commented: “We are delighted to announce the acquisition of Poland’s market leading food and drink business. The Company has an excellent track record with further potential to consolidate its position as the number one choice for Polish consumers. This marks our second acquisition in Poland, following the buy-out of Axtone, the leading manufacturer of railway components in 2008, and we continue to believe in the strong regional fundamentals as we seek to consolidate our presence in Central and Eastern Europe.”
Robert Niewiadomski, President of the Agros Nova Management Board, added: “I am deeply convinced that partnering with IK will offer us a rare opportunity that will benefit the whole business group and its people. We will work closely with our new owner to leverage our experience and understanding of the Polish market and consumers and look forward to working together to take advantage of the many new business prospects that exist throughout Europe.”
IK Investment Partners
Detlef Dinsel, Managing Partner
Tel: +49 172 912 1602
Charlotte Laveson, Communication Manager
Tel: +44 207 304 7136
Joanna Bancerowska, PR Manager
Tel.: +48 22 717 1700