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Mid Europa fund to take over Polish juice maker Hortex
November 2, 2017 / 9:57 AM / in 20 days

Mid Europa fund to take over Polish juice maker Hortex

WARSAW (Reuters) - Private equity fund Mid Europa Partners has agreed to buy Polish juices and frozen food producer Hortex from Argan Capital to strengthen its position in the consumer goods market.

Hortex, which was founded in the 1960s, is a well recognized brand among Poles and the biggest frozen fruit and vegetables producer and second-largest juice maker in the country.

“We are happy with the prospects of increasing our exposure in the growing fast-moving consumer goods market in Poland,” Mid Europa partners said in a statement on Thursday.

The deal is expected to close in the first quarter of next year, it said, though it did not disclose the value of the transaction.

Hortex’s revenue in the year to June 30, 2017, was above 800 million zlotys ($220 million) and local media valued the company at about 200 million euros.

Mid Europa Partenrs has been present in central and eastern Europe since 1999.

In October last year, together with the Cinven and Permira funds, it bought auction website Allegro for $3.25 billion. Allegro is touted as the biggest online marketplace and non-food shopping website in Poland.

In February Mid Europa Partners sold convenience store chain Zabka to CVC Capital Partners.

Reporting by Agnieszka Barteczko; Editing by David Goodman

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