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Unquote
  • Portfolio management

Resource-backed Interchem acquires Polbita

  • Susannah Birkwood
  • 22 August 2011
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CEE-focused Resource Partners' portfolio company Interchem has acquired Polbita, a Polish subsidiary of IWP International, from Strategic Value Partners (SVP).

Resource Partners is thought to have paid around €60m for more than 90% of Polbita. Following the investment, it holds a 79% stake in Interchem, with management retaining around 5%.

Interchem's network of personal care outlets across Poland will now increase three-fold to 375, converting it into the country's largest domestic personal care retailer. Polbita's management efficiency will also be improved and any synergies with Interchem's retail offerings will be exploited.

Resource Partners invested an undisclosed amount believed to be in the range of £25-50m for a majority stake in Interchem in January 2011. It continues to see scope for consolidation in the Polish market, as well as believing in Interchem's organic growth potential. The investor hopes to attract multiple trade and financial buyers within 3-5 years.

A number of Polbita's senior management figures will join Interchem's board. The deal is subject to approval from the Polish competition authority.

Debt
Alior Bank and Erste Group Bank acted as joint mandated lead arrangers for the debt package used to finance this transaction.

Company
Founded in 1996, Interchem imports and distributes brand name household products, toiletries, cosmetics, luxury goods and cleaning products from manufacturers such as Proctor & Gamble, Johnson & Johnson and Colgate-Palmolive. From its base in Gdynia, it has been actively developing a national network of Drogerie Aster branded stores for the last decade, and employs more than 500 people.

Polbita, meanwhile, was established in Blonie in 1990. It owns and operates Drogerie Natura, a Polish personal care retail chain, which has launched brands such as Palmolive, L'Oreal and Gillette onto the Polish market.

The combined entity is expected to record sales of approximately PLN 900m annually.

People
Managing partner Piotr Nocen led the deal for Resource Partners. Founder Victor Khosla represented SVP. Pawel Chodakowski-Malkiewicz and Wojciech Filipczyk are the CEOs of Interchem and Polbita respectively.

Advisers
Equity – CMS Cameron McKenna
, Marek Sawicki (Legal); Deloitte, Oliver Murphy (Environmental due diligence).
Vendor – DC Advisory Partners
, Tod Kersten, Kai Ingo Seidel (Corporate finance); Allen & Overy (Legal).

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