Polish Enterprise Fund VII (PEF VII), a private equity fund managed by Enterprise Investors (EI), has signed an agreement to acquire the remaining 35% stake in PAN-PEK, a leading bakery producer and retailer in Croatia.
- EI agreed with Mr. Ivan Parać, the founder of PAN-PEK, to buy out his stake;
- PEF VII originally bought a 65% stake in the company in May 2018. Upon completion of the transaction, PEF VII will become 100% owner of PAN-PEK;
- The value of the transaction was not disclosed;
- The completion of the transaction remains subject to obtaining the customary anti-monopoly permit.
PAN-PEK was established in 1992 and is one of the biggest producers of frozen bakery products in the Adriatic region. The company serves modern grocery retailers in Croatia and operates its own 65-store chain of bakery outlets, predominantly in the Zagreb area but with a growing presence in other cities and larger towns as well as along the Adriatic coast. PAN-PEK sells a variety of breads, baguettes and sandwiches through grocery retailers and its own chain. It has been continuously developing its range in the past two years so as to offer its customer base the best products. The main factory is in Zagreb, with a second smaller plant located in Dakovo, Eastern Croatia.
“We would like to thank Ivan Parać for our partnership over the last two years. Mr. Parać is a highly experienced and skilled entrepreneur and under his management PAN-PEK has continued to acquire new customers and add new outlets to its retail chain, thus leading the company to achieve a record level of EUR 36 million of sales in 2019. We will carry on his efforts to strengthen PAN-PEK’s leading position in the Adriatic region under the leadership of the current CEO, János Király,” said Enterprise Investors partner Michał Kędzia, who is responsible for the investment.