Mid Europa buys Bambi, Imlek, Knjaz Milos
Mid Europa Partners, a leading investment fund focused on Central and Eastern Europe, signed an agreement on the acquisition of Danube Foods Group (DFG), the owner of Serbian companies Imlek, Mlekara Subotica, Bambi, and Knjaz Milos, DFG said in a release on Monday.
Mid Europa also bought all Imlek dairies operating in Macedonia, Republika Srpska and Montenegro.
The transaction is to be executed in the first half of 2015, after the terms and conditions of the agreement are met. The financial details of the transaction have not been made public.
The acquisition of Danube Foods shows our determination to continue to support the development of leading companies in Serbia and the region, said Robert Knorr, senior partner of Mid Europa responsible for investments in South East Europe.
With the total turnover exceeding EUR 400 million in 2014, Danube Foods Group is a leader in the Serbian and the regional markets for milk and dairy products, confectionery, mineral water, and energy drinks.
The group also exports its products to the markets of Western Europe.
Mid Europa Partners is a London-based investment fund with offices in Budapest, Istanbul and Warsaw.
Since its foundation in 1999, Mid Europa Partners has managed funds totaling EUR 4.2 billion.
One of the fund's high-profile investments in the region is cable TV and internet operator SBB/Telemach Group, which was sold in October 2013 to Kohlberg Kravis Roberts (KKR), a leading global investment firm based in the USA.
Danube Foods Group sold for EUR 575 million
London-based investment fund Mid Europa Partners purchased the Danube Foods Group (DFG) for EUR 575 million, the companies released on Tuesday.
Danube Foods Group gathers Serbian companies that conduct business in the dairy product sector, including Imlek, Mlekara Subotica, confectionery manufacturer Bambi and mineral water and soda plant Knjaz Milos, as well as the dairies owned by Imlek in Macedonia, Republika Srpska and Montenegro.
The transaction was performed by European Bank for Reconstruction and Development (EBRD) and leading European banks including UniCredit, Raiffeisen, ING, BNP Paribas and Citibank, as well as the local partner Andrej Jovanovic, DFG Director of Corporate and Regulatory Affairs Svetlana Glumac stated.
Glumac said that the transaction should be closed in the first half of the year, after the conditions of the sale contract have been met.
Mid Europa Partners is a leading investment fund focused on Central and Eastern Europe and it has a seat in London, with representative offices in Budapest, Istanbul and Warsaw. Since its foundation in 1999, the company had total capital of EUR 4.2 billion.
The fund became known in Serbia and the region for the creation of the leading cable and internet operator SBB-Telemach Group which it sold to the U.S. investment fund Kohlberg Kravis Roberts in October 2013.
With over EUR 400 million of turnover in 2014, DFG is the Serbian and regional leader in the milk and dairy product market and sale of confectionery products and mineral water and energy drinks which it exports to the Western European market.