IK partially exits Agros Nova in trade sale

IK has sold Agros Nova's fruit and vegetable preserves and ready-made food divisions to Maspex. The firm will remain the owner of the company's third division, which produces non-carbonated beverages.

Agros CEO Marek Sypek will remain CEO of the two sold assets until the takeover is complete. Following completion of the sale, Sypek will remain CEO of the non-carbonated beverages division, which will remain under IK's ownership.

Maspex has acquired the Lowicz, Kotlin, Krakus, Wloclawek and Fruktus brands of Agros Nova, as well as two factories in Lowicz and Wasosz. The group has also acquired the Dr Witt and Tarczyn brands from Agros Nova's non-carbonated beverages division.

IK will remain owner of the majority of Agros Nova's non-carbonated beverage brands, namely Fortuna, Garden and Pysio. It will also keep control of the Tymienice production plant, the distribution centre and related support operations.

The sale has resulted in an exit for the IK 2007 Fund, which held its final close in October 2007 on its hard-cap of €1.675bn, originally having a target of €1.25bn.

IK acquired Agros in June 2010, buying a 99% stake in the business via its IK 2007 Fund. At the time, Agros Nova generated around PLN 950m in revenues and employed 2,300 staff, according to unquote" data.

Company
Agros Nova's roots date back to 1963, but the company as it stands today was formed in 2003, when Sonda merged with Agros Fortuna to form a new business.

Headquartered in Warsaw, the company offers 170 products across several brands, including juices, jams, syrups, canned vegetables and soups.

The company operates three manufacturing plants in Poland. It employs 2,000 staff.

People
Marek Sypek is the CEO of Agros Nova. Detlef Dinsel is a managing partner at IK and adviser to the IK 2007 Fund.

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• Topics
• CEE
• Consumer
• Exits
• Poland
• Trade sale
• IK Investment Partners
• Partial sale