Enterprise Investors acquires 65% stake in Pan-Pek

EI bought the company from its two founders, and plans to work with founder and current CEO Ivan Parać to strengthen the company's market position by expanding retail operations in the region.

The GP was attracted to the comany due to its presence as a main producer of frozen baked goods in the region, and its grab-and-go food service outlets on the retail front of the business, Michał Kędzia told Unquote.

Pan-Pek's operations are mainly located in the Zagreb area, and plans include rolling out the company's retail operations across Croatia. Although consolidation is not a firm plan, it could be considered if the opportunity arises, Kędzia added.

The deal marks the final investment made via the GP's Polish Enterprise Fund VII, which held a final close on €314m in May 2013. Fully deployed, it currently retains a reserve of capital for follow-on investments, but will no longer make stand along buyouts. It focuses on mid-market, succession-driven buyouts from private entrepreneurs and deploys €20-50m per deal.

Capital for subsequent EI deals will be deployed from its latest consumer-focused vehicle, Polish Enterprise Fund VIII, which held a €498m first and final close in September 2017. The GP targeted €450m when it launched the vehicle in July 2017.

Company
Established in 1992 and headquartered in Zagreb, Pan-Pek is a producer of frozen bakery products in the Adriatic region, serving grocery retailers in Croatia. Its main factory is in Zagreb and has a second smaller plant located in Dakovo, eastern Croatia. Pan-Pek posted revenues of €32m in 2017 and employs a staff of 700.

People
Enterprise Investors – Michał Kędzia (partner).
Pan-Pek – Ivan Parać (CEO).

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• Topics
• Buyouts
• CEE
• Consumer
• Croatia
• Enterprise Investors