Resource Partners makes 3x return on Good Food exit to Hartenberg

Under Resource Partners’ tenure, the business has expanded through the development of a network of trade clients. It has also implemented an international growth strategy, and now exports to other European countries including the UK, Netherlands and various Nordic markets.

Under its new owners, the company will seek to continue its expansion into the German market and across CEE.

Hartenberg typically invests in businesses with enterprise values of €40-200m.

Earlier this year, Resource Partners teamed up with Ardian to acquire Warsaw-based biscuit manufacturer Chojecki, in order to merge the company with their joint portfolio company Delicpol.

Previous funding
Resource Partners backed the MBO of Good Food in August 2011, acquiring a majority stake in the business. According to unquote” data, the deal was financed by a debt package from Bank Gospodarki Zywnosciowej.

Company
Founded in 1991 and headquartered in Poznań, Good Food is a manufacturer of rice cakes. The business sells its products through its clients’ labels across Europe as well as its own Good Food brand in Poland.

Good Food has almost doubled its revenues to PLN 80m under Resource Partners’ tenure, according to the venture capital firm. 

People
Piotr Noceń is managing partner at Resource Partners. Jozef Janov is managing partner at Hartenberg. Robert Czajkowski is Good Food’s CEO.

Advisers
Equity – Pekao Investment Banking (Corporate finance); Komosa Imiełowski (Legal); Deloitte (Corporate finance).
Vendor – CAG (Corporate finance); CMS (Legal).

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• Topics
• Exits
• CEE
• Consumer
• Poland
• Resource Partners Sp. z o.o.
• Unq2015June