Lódz-based private equity firm Avallon has exited its investment in Polish rice waffle-maker Good Food after two years with a 4x return. Central and Eastern Europe-focused private equity firm Resource Partners has acquired the Polish food manufacturer for an undisclosed amount in a secondary buyout, the firms said.
Resource Partners said in a statement it planned to help grow the company beyond its native market, expanding into other European countries.
Robert Czajkowski, chief executive of Good Food, said of Resource Partners: “[It] will not only provide the financing, but will also support us in the expansion to new markets and new products.”
The seller, Avallon, acquired Good Food from its Australian founders in 2009. The company’s progress under the firm included areas such as production volume growth, export surge, brand refreshment and new product introduction.
Resource Partners was advised by GESSEL, Deloitte and Environ, with Avallon advised by WKB and KPMG. Local lender Bank Gospodarki Zywnosciowej provided debt financing for the deal.
This is the second deal Resource Partners have completed in Poland this week, after its portfolio company Interchem, a household product wholesaler, bought personal care retailer, Polbita.