CVC Capital Partners ("CVC") today announced that funds advised by CVC have agreed to acquire Żabka Polska ("Żabka") from Mid Europa Partners. The investment is subject to customary regulatory approvals.
Founded in 1998, Żabka is the leading Polish convenience retailer. In the last 19 years, Żabka has grown from a single convenience store in Poznań to a country wide network of c.4,500 stores all operated by c.3,000 talented and entrepreneurial franchisees.
István Szőke, Partner and Head of CEE for CVC, said: "I am delighted to announce CVC Funds' second direct investment in Poland, demonstrating our long-term commitment to the country and the Central European region. With our office and local team in Warsaw and CVC’s global reach we are best placed to support CVC Funds' portfolio companies in Poland."
Krzysztof Krawczyk, Head of CVC Poland, added: "Żabka is one of the clear market leaders in the modern convenience segment, with a high-quality business model and a talented leadership team. We look forward to working with the management as we continue to capitalise on growing market opportunities, enhance the existing store network and in the process create an international benchmark for modern convenience offering."
Tomasz Suchański, CEO of Żabka, added: "We are delighted to join the CVC family, with its strong track record globally in building great businesses in partnership with stakeholders. Their retail expertise and understanding of the local Polish market will be invaluable to us as we enter the next phase of our development."
CVC was advised by Greenberg Traurig, PwC, Pekao, UBS, Bain and McKinsey. ING, Pekao and Unicredit provided the financing.