Penta acquired 100% stake of the company. The acquisition has been already approved by the Antimonopoly Office, the value of the transaction has not been disclosed.
"Through Iglokrak acquisition, we are determined to consolidate and restructure the frozen food sector and HoReCa supply markets in Poland. Frozen food share in total food expenditure in Poland (currently at 2.3%) is far below the European average of 4.4%, thus we see very strong growth potential for companies like Iglokrak. As Iglokrak Group consists of 9 entities, we see also on the operating front room for improvement of the business through streamlining of the operations," Rafal Sosna, Investment Director of Penta said.
Penta has a development plan for all the business units of Iglokrak with the aim to deliver constant improvement of services for Iglokrak´s trading partners.
"We are very happy to see Penta becoming the investor in Iglokrak. We share the same vision of the market and its development. Having such an experienced and strong shareholder is very good news to me," Kazimierz Wozniak, Management Board Member at Iglokrak Sp. z o.o said.
"We are ready to capitalize our rich experiences for Iglokrak, which is our 8th investment in Poland. This transaction proves again our strong commitment. Poland is the most promising market for Penta and we expect other acquisitions here," Jozef Janov, Local Partner of Penta for Poland said.
- 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 entities in distribution and 2 production units.
- Iglokrak Group reached PLN 320 million in revenues in 2009.
- It services 14,000 outlets and around 25,000 freezers in retail POS.
- Iglokrak also has a strong production base for frozen food, Fritar (frozen fries, vegetables) and Lewil (frozen pastry based ready-to-eats).
- Fritar has been upgraded in 2009 by a EUR 10 million investment program. Fritar is now one of the most modern frozen food production facilities in Europe with substantially increased production capacity.