Ongoing negotiations between Iglotex and Iglokrak

Penta Investments, the owner of Iglokrak, and Ipopema 3 FIZAN, the owner of 100% of shares of Iglotex, have been negotiating the potential merger of the two companies. Both of the companies, together with their subsidiaries, operate on the frozen food market. One of the main requirements to finalize the merger is the approval of the Polish Office of Competition and Consumer Protection (UOKiK). The companies submitted all necessary documents on Aug 12th, 2010. The transaction is planned to be closed till the end of 2010.

Iglotex is the leading producer and distributor of frozen food in the North of Poland. The company specializes in production of pizzas, French bread pizzas, flour- and potato-based culinary products. Iglotex also offers other frozen products as well as products dedicated to the gastronomical sector (HoReCa).

Iglokrak is a leading regional producer and distributor of frozen food and ice cream for retailers and gastronomy (HoReCa) in Southern Poland.

"I am convinced, that the synergy of the two companies will enable us to significantly expand the scale of our business and we will become the nationwide Polish distributor, providing our customers, suppliers and partners with the best quality products and the highest standards of services" - claims Tadeusz Wlodarczyk, the President of Iglotex.

"Together with Iglotex, we are determined to become the leaders of the consolidation of the Polish frozen food market for retailers and gastronomy (HoReCa). The merger of these two complementary companies, both acting as a producer and distributor of frozen food, will enable to lay strong foundations for the holding group, operating in this sector" - says Rafal Sosna, Investment Director of Penta.

After the closing of the transaction, the main shareholders of the established company will be Penta Investments and IPOPEMA 3 FIZAN, holding 50% of the stakes each.

About Iglotex

  • Holding Group Iglotex is a leading producer and distributor of frozen, chilled and dry food in the Western and Northern Poland, focused on retailers and gastronomy.
  • The Group consists Iglotex S.A and its 15 sibsidiaries, mainly distributive. The production is lead by Iglotex and Chłodnia Grudziądz.
  • The Group supplies more than 20 thousand of retail and gastronomy outlets and supplies provides around 30 thousand freezers.
  • Production lines of the Group include pizza, French bread pizzas, frozen fruit and vegetables, flour- and potato-based culinary products sold through all distributive channels - under its own label an well as under private labels.
  • The production facility based in Skórcz - developed in 2006 - is one of the most modern factories producing frozen food in this part of Europe.
  • In 2009 the Group reached revenue of nearly PLN 400 million.

About Iglokrak

  • Iglokrak is a leading regional frozen food and ice cream distributor and producer in Poland with a top position in distribution in Southern Poland.
  • The company consists of 7 distribution entities and 2 production units.
  • Iglokrak Group reached PLN 330 million in revenues in 2009.
  • It provides service to 14,000 outlets and around 25,000 freezers in retail POS
  • Iglokrak also has a strong production base of frozen food labels: Fritar (frozen fries, vegetables), Lewil (frozen pastry based ready-to-eats).
  • Fritar has been upgraded in 2009 by a EUR 10 million investment programme.
  • Fritar is now one of the most modern frozen food production facilities in Europe with substantially increased production capacity.

About Penta

Penta is a Central European investment group established in 1994. It operates mainly in healthcare, financial services, manufacturing, retail, media and real estate development. Its portfolio companies provide jobs to more than 41,000 people and reported assets of EUR 9 billion in 2017. Penta operates in more than 10 European countries and has offices in Prague, Bratislava and Warsaw.

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Gabriel Tóth
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