Interchem SA, the leading Polish wholesaler of household products and personal care goods, controlled by Resource Partners, has finalised the acquisition of Polbita Sp. z o.o., the owner and operator of Drogerie Natura, the Polish personal care retail chain.
Interchem was acquired in January 2011 by Resource Partners, a private equity fund focusing on consumer goods companies in Central and Eastern Europe. In May 2010, Resource Partners established a strategic partnership with AXA Private Equity in Central and Eastern Europe and this collaboration has recently been strengthened which has allowed the financing of this build-up.
The combined companies will have sales of approximately PLN850 million and will operate a total of 400 retail stores.
Piotr Noceń, Managing Partner at Resource Partners, says: “Supporting local companies in consolidation of the fragmented and competitive Polish market is an important part of our investment strategy.”
Dominique Gaillard (pictured), Member of the Executive Board of AXA Private Equity, says: “We are thrilled to contribute, alongside Resource Partners, to the creation of the second largest drugstore chain in Poland. While this transformational acquisition marks a new and exciting phase in Interchem’s development, it also opens a new chapter in the strategic collaboration between Resource Partners and AXA Private Equity in Central and Eastern Europe.”
The combined business will be managed by a team comprising the current board members of both companies. Paweł Chodakowski-Malkiewicz, the current CEO of Interchem and future CEO of the combined business, said: “Our investors not only financed this transaction, but also brought their deep experience in managing mergers and coordinating the successful growth strategy.”
Wojciech Filipczyk, the current CEO of Polbita and future Head of Retail of the combined business, added: “We have all what is needed – critical mass, a dedicated and competent management team and supportive investors – to achieve a strong market position.”
The debt financing was provided by Alior Bank S.A. and Erste Group Bank AG, the Joint Mandated Lead Arrangers.
The purchaser and investors were advised by CMS Cameron McKenna, Clifford Chance, Linklaters, Deloitte and Environ.
