Abris to reap more than 3x money on Graal exit

Ero Partsakoulaki
20 February 2023

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Abris Capital Partners, a Central Europe-focused mid-cap growth equity firm, will sell its shares in Graal, a canned fish producer in Poland, to Lisner Holding Sp. z o.o., a holding company of the German food business Müller Group.

The exit will see the GP reaping more than 3x money multiple, according to a spokesperson from the firm. The deal is subject to official approval and excludes Koral's fresh and smoked fish business, distributed under the Superfish brand and private label, according to a press release.

Moreover, Graal's founder and CEO Bogusław Kowalski will step aside after a short transition period, it said.

Abris acquired a majority stake in the company in February 2017 via its CEE Mid Market Fund III, which held a final close on EUR 500m in September 2017, according to Unquote Data. The transaction marked the first public-to-private transaction in which a private equity fund partnered with a business founder to complete a tender offer for 100% of a company's shares in the Warsaw Stock Exchange and to subsequently delist the business, according to the press release.

Since its investment, Abris completed operational improvements, commercial strategy implementation, developing and strengthening the sales and marketing functions and investing in capex programs, it said. The company is seeking to continue its growth strategy, entering new geographic locations in Europe and globally.

Abris has "tens of millions of euros" left to spend in the CEE Mid-Market Fund III, which will likely be invested in add-ons for the ten portfolio companies it already has, Unquote reported in October 2022.

Company
Headquartered in Wejherowo, Poland, Graal Group (consisting of Graal and Koral) manufactures a wide range of canned and chilled fish-based products, as well as meat-based prepared foods. It produces branded products under the Graal, Neptun and Kuchnia Staropolska brands and is a major private label supplier. It now operates from three manufacturing facilities and a distribution center in Poland, employing more than 2,200 people, and exports to 38 countries across Europe, North America, Asia, Africa and Australia. The Group recorded sales of PLN 1.6bn (EUR 350m) in 2022.

People
Abris Capital Partners − Wojciech Jezierski (partner).
Graal − Bogusław Kowalski (CEO and founder).

Advisers
Vendor − Rothschild & Co, Antarctica Advisors (M&A); PwC (financial and tax); EY (tax); Clifford Chance (legal); Bain & Co (commercial).