Deal set to close in first quarter

Deal set to close in first quarter

Private-equity investor Mid Europa Partners has agreed to acquire Polish frozen fruit and vegetable company Hortex Group for an undisclosed sum.

The transaction is expected to be completed in the first quarter of 2018 and is subject to approval from competition authorities, Mid Europa, which operates in central and south eastern Europe, said in a statement yesterday (2 November). It will acquire Hortex, which also manufactures a range of fresh juices, from funds advised by Argan Capital.

Pawel Padusinski, a partner and co-head of Mid Europa's office in the Polish capital of Warsaw, said the fund will support new product development, "selective'' acquisitions and expansion into "adjacent'' categories.

"Hortex is an iconic brand in Poland, and we believe there is potential to develop the business further through leveraging its strong foundation,'' Padusinski said. "We are excited about the prospects of Hortex and the opportunity to increase our exposure to the consumer sector in the growing Polish market.''

Robert Knorr, joint managing partner at the firm and head of its retail and consumer practice, said: "We see great potential in Hortex as a stand-alone business, as well as its ability to leverage our networks and unique localised knowledge of the regional consumer space to drive further growth and innovation."

Knorr added the investor's other forays into the retail and consumer goods sectors include Polish convenience grocer Zabka, Balkans FMCG group Moji Brendovi, Polish online non-food retailer Allegro and Romanian supermarket chain Profi.