PE-backed Delicpol acquires Cuprod

Delicpol and Cuprod will merge their activities. Cuprod's founders and board members will remain managers at the firm.

The firm will eye further acquisitions in Poland as well as the rest of the CEE region in the future.

Axa PE took over Delicpol in June last year, together with Resource Partners. Bank Gospodarki Żywnościowej (Bank BGŻ) SA provided debt for the initial deal. The firm originally aimed to increase its production capacity following the capital injection.

AXA PE and Resource Partners teamed up in a strategic partnership for the CEE region in May 2010.

Carlyle spin-off Resource Partners' first fund was established by the European Bank for Reconstruction and Development (EBRD) and Rabobank, which both committed €25m, while Resource Partners invested €1m. It reached its first close in 2010 on €158m, exceeding its €150m target.

Ryszard Wojtkowski, Aleksander Kacprzyk and Piotr Noceń manage the private equity house. All were part of Carlyle's former CEE team.

Company
Cuprod was established in 1988. The firm is based in Kluczbork. The company manufactures biscuits with jelly and chocolate. It recently started to offer gluten-free products.

People
Ryszard Wojtkowski is managing partner at Resource Partners. He led the original deal in 2012. Dominique Gaillard is a member of the executive board and managing director at Axa PE. He also worked on the buyout last year. Tomasz Grzybowski is CEO of Delicpol.

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• Topics
• CEE
• Portfolio management
• Consumer
• Poland
• Axa Private Equity
• Resource Partners Sp. z o.o.