Enterprise Investors buys CBA Slovakia

The private equity house invested from Polish Enterprise Fund VII, which held a final close on €314m in May 2013.

Financial details were not disclosed. As part of the deal, Enterprise intends to provide €16m in additional equity funding to deleverage the business and finance expansion plans, which entail modernising and growing the company's existing network.

Enterprise has previous activity in the food retail and wholesale sector. It tapped its €658m Polish Enterprise Fund IV buyout vehicle to acquire a 49% stake in Dino Polska in June 2010 from its founder, paying €49.4m. It exited the business in April 2017, netting proceeds of €376m.

The GP also acquired Romanian supermarket chain Profi Rom Food in 2009 as part of a management buy-in that saw it wholly acquire the company in a €66m EV transaction. Two years later, the GP injected an additional €10m into the business. It sold the business in November 2016, making 7x money on its €533m sale.

Company
Established in 1891 as a refinery and wholeseller of spirits, CBA Slovakia expanded into a distillery in 1906. After reconstruction in 1920 it served as an alcohol warehouse and following WWII it served as a cannery called Riso. It manufactured tinned products, vinegar, fruit syrups and fruit wines until production ended in 1989. Since then the company has developed as a privately owned food retailer in Slovakia.

It is headquartered in  Lučenec, south-central Slovakia, and currently operates 310 convenience food stores. The company posted revenues of €130m in 2016.

People
Enterprise Investors – Martin Chocholáček (director).
CBA Slovakia – Lukáš Much (CEO).

Advisers
Equity – White & Case (legal); PwC (tax, financial due diligence); GHS Legal (legal).
Company – KPMG (corporate finance, tax, financial due diligence); Hillbridges (legal).

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• Topics
• Buyouts
• CEE
• Consumer
• Slovakia
• Enterprise Investors
• White & Case
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• KPMG