Penta bought Poland’s Iglokrak frozen food producer

2010-07-20

The Czech-Slovak investment firm Penta Investments inked the acquisition of the full stake in the Polish frozen food and ice-cream producer and distributor Iglokrak Group, according to information from Penta’s management. The deal has been already given green light by the Office of Competition and Consumer Protection (UOKiK). The value of the transaction has not been revealed, but the fund previously reported that the cost of the acquisition would be between €50-150m.
Penta’s aim in Poland is to consolidate and restructure the Polish market of frozen foodstuffs and the distribution of these products in the sector of hotels, restaurants and cafes. The sales of frozen foodstuffs in Poland now accounts for only 2.3% of the total foodstuffs market, which is below the EU average of 4.4%, according to data from Penta.
Iglokrak distributes its products through 14,000 retailers in Poland. The group consists of seven distribution firms and two production units. In 2009 the company pulled in sales revenues worth PLN 330m (€80.9m). Established in 1994, Penta operates in the private equity and real estate sectors. The company’s investment fund branch is invested in sectors such as retail, healthcare, engineering, energy, entertainment, telecommunications and private banking.