Mid Europa's buys Penta's groceries for EUR 400m

Mid Europa Partners has paid €400m for Polish grocery store operator Zabka Polska, seeing the buyer beat off competition from Tesco and BC Partners. The price corresponds to roughly 13.1x Ebitda, according to figures from the vendor.

Zabka Polska was sold by Penta Capital, which acquired the business in May 2007 from AIG Global Investment Group for €129m. Under Penta's stewardship, 460 new stores were opened, helping drive profits up by almost 40%.

Tesco was touted as a likely buyer up to two days before losing out to Mid Europa. The global supermarket behemoth had already purchased Zabka's Czech operations for $53m.

Zabka was founded in 1999. Today it generates revenues of €650m from its 2,450 stores across Poland under the Zabka and Freshmarket brands.

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