Marco Polo acquires majority stake in Wakame

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European Capital-backed Marco Polo Foods has acquired a 51% stake in German company Wakame Foods in its first build-up deal since the private equity house took a majority share in the company. The financing of the deal was provided by Marco Polo's bank pool managed by Fortis. Producers of fresh and frozen sushi, Marco Polo Foods will seek a number of synergies with Wakame, which produces and distributes fresh sushi in Germany, as well as seek to increase its European distribution. Cologne-based Wakame was founded in 2003 and generated a turnover of EUR5m in 2007.

The company has around 70 employees. Marco Polo Foods has been part of European Capital's portfolio since 2005 when the private equity house purchased a 51% equity stake for EUR29m, alongside the company's founding CEO, Jean-Charles Halimi. The deal saw SPEF Venture exit the minority shareholding it held since 2000 (December/January 2005, Page 27). Marco Polo Foods was established in 1999 as the first commercial producer of fresh and frozen sushi products to the French and European retail markets. The company is headquartered in Contres, south of Paris and generated a EUR40m turnover in 2007.