Polish Enterprise Fund VII, a private equity fund managed by Enterprise Investors (EI), has signed an agreement to acquire a 65% stake in Croatian baker and retailer Pan-Pek, EI said on March 27.
The transaction, whose value was not disclosed, will support the Croatian company to strengthen its position on the market.
EI will team up with Ivan Parac, the founder and CEO of Pan-Pek, to facilitate the company’s dynamic future growth, EI said in a statement.
“Under Ivan Parac, who is an exceptionally experienced and skilled entrepreneur, Pan-Pek will strengthen its leading position in the Adriatic region,” Michał Kedzia, partner at EI responsible for the investment, said. “In addition, we believe that in the next five years we will significantly expand Pan-Pek’s retail operations,” he added.
Pan-Pek was established in 1992 and is one of the biggest producers of frozen bakery products in the Adriatic region, serving modern grocery retailers in Croatia. Pan-Pek also operates its own network of bakery outlets numbering around 50 stores, predominantly in the Zagreb area.
Last year, Pan-Pek generated over €32mn in revenue. The company currently employs over 700 people.
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