ZAGREB, March 27, 2018 - The Polish private equity Enterprise Fund VII has signed a contract on the acquisition of a 65% stake in Croatian bakery retailer Pan-Pek, Enterprise Investors (EI), which manages the fund, said on Tuesday.
EI will join Pan-Pek founder and director Ivan Parać to facilitate the company's further growth, the Polish fund said in a press release, without revealing the value of the transaction. “We are convinced that the bakery in Croatia will develop on the back of continuous growth of the modern food retail channel," said Michal Kedzia, a partner at EI in charge of investment.
He said that, under Parać, "Pan-Pek will strengthen its leading position in the Adriatic region,” voicing confidence that Pan-Pek retail operations would significantly expand in the next five years.
Pan-Pek was established in 1992 and is one of the biggest frozen bakery producers in the Adriatic region. It operates around 50 stores predominantly in the Zagreb area. Last year, the business generated more than 32 million euro in revenue, and employs 700 people.
