Ecorse Investments, a company indirectly owned by private equity firm Advent International, has purchased 58.61 per cent of EKO Holding Group shares, giving it control of the group.
EKO is one of the largest trading groups in Poland.
First settlements have already taken place. Ecorse now owns 28,492,014 of EKO shares. The tender offer for 100 per cent of shares remains outstanding until 29 October.
Tamas Nagy (pictured), partner at Advent International, says: “Advent is pleased with the successful purchase of a majority stake of EKO Holding by Ecorse Investments. We look forward to working together with the management, employees and other shareholders in finalising the necessary changes in the company and to reposition it for growth in an increasingly competitive market. Advent brings to this investment 27 years of experience in partnering with founders, management teams and co-investors in successfully restructuring and developing retail businesses globally.”
As part of the necessary restructuring, Advent’s intention is to improve the value proposition for customers, introduce best in class processes and operating standards and accelerate the roll-out of new supermarkets.
Advent International has invested in 10 companies in the sector over the last five years. Relevant investments include Serta & Simmons Bedding, DFS, Five Below, Takko, Stokomani, and Poundland.
