Nordic food group Orkla struck a deal to sell its Polish cake mixes and desserts business, Rieber Foods Polska (“Delecta”), to an investment fund managed by Innova Capital.

The investment firm will pay PLN100m (US$32.77m) for the business, which generated net sales of PLN149m last year. Orkla took on the business as part of its acquisition of Rieber & Søn last year.

“Delecta has delivered a very positive improvement in financial performance under Orkla’s ownership and has good prospects for the future. At the same time, we think that other owners are better positioned to further develop the company’s operations in Poland. The transaction only encompasses Delecta, and we remain fully committed to our Orkla Home & Personal and Orkla Food Ingredients businesses in Poland,” said Paul Jordahl, Orkla EVP and CEO of Orkla International.

The agreement is subject to the approval of the Polish competition authorities.