CEE - Bancroft, CCMP sell Nowaco for EUR 250m

CCMP and Bancroft paid EUR 90m for Nowaco to buy it off its Danish parent in May 2005 and swiftly bolted on a number of complementary businesses. In December that same year the backers paid $18m to acquire Poland's Farutex off its parent BHJ, around the same time it purchased Czech Garant. In 2007, Gastrostella Group was added to the business, enabling Nowaco to secure a complementary food distribution channel.

Czech-Republic based Nowaco focuses on the Czech Republic and Slovakia while Farutex serves the Polish market.

CCMP, formerly JPMorgan's private equity arm, counted Nowaco as its sole investment in the CEE region.

Bancroft launched its first fund for CEE in 1996 and invested in Nowaco from its second fund. It is currently investing its third.

Bidvest is listed on the Johannesburg Stock Exchange.

Weil Gotshal & Manges provided legal advice for the private equity vendors, while Baker & McKenzie advised Bidvest.

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