Innova Capital completes PLN 100 mln transaction in Polish foods sector

Innova Capital completed its first transaction in the Polish foods sector by acquiring a majority stake in desserts and baking mix products producer Delecta and listed Polish producer and supplier of nuts and dried fruits Bakalland, the Polish media reported in May 2014.

“I assess the transaction neutrally so far,” Marcin Stebakow, analysis department director at DM Bank BPS, told Polish business daily Puls Biznesu. “The financial results of the acquired company are not known, so it is difficult to assess whether it is a lot or a little.

“We are not familiar with Delecta’s management’s strategy as to its development, or how Delecta imagines its position in the Bakalland Group. The entire baking products sector does not seem to be perspective.”

Innova Capital has so far focused on TMT (Grupa Wirtualna Polska), financial (Bank Meritum, Expander) and construction (Libet) sectors in Poland. This is its first experience with the Polish foods industry.

The merger transaction is subject to approval by the Polish Office of Competition and Consumer Protection (UOKiK) or any other relevant antitrust authority.