October 30, 2012 / 12:40 PM / 5 years ago

Advent wins Polish retailer EKO after battle with rival fund

WARSAW, Oct 30 (Reuters) - Private equity fund Advent International has secured a 98-percent stake in Polish retailer EKO Holding, ending a month-long bidding war with rival fund Mid Europa Partners, Advent said on Tuesday.

Advent sweetened its bid three times to fend off Mid Europa and its final offer valued the company at 340 million zlotys ($106 million).

The private equity firm now wants to squeeze out the remaining shareholders to delist EKO, Advent said.

EKO, which has more than 300 stores in western and southern Poland, expects sales of some 543 million zlotys this year.

Advent had been assured of at least a majority stake in EKO when the retailer’s former chief executive Krzysztof Gradecki and his wife agreed to tender their 55 percent holding to Advent earlier in October. ($1 = 3.2133 Polish zlotys) (Reporting by Adrian Krajewski. Editing by Jane Merriman)

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