SGAM Alternative Investments’ private equity fund, SGAM Eastern Europe Fund, has acquired a controlling interest in Fornetti Wroclaw Sp. z o.o.
SGAM Alternative Investments’ private equity fund, SGAM Eastern Europe Fund, has acquired a controlling interest in Fornetti Wroclaw Sp. z o.o. Fornetti Wroclaw is the master franchiser for Poland of the Fornetti baking franchise, which retails freshly baked products for take-away consumption.
Fornetti Wroclaw operates a franchise network with over 200 outlets, which is expected to sell approximately 1,400 tons of pastries across Poland in 2007, and also runs a production facility for the products.
SGAM Eastern Europe Fund, a EUR 156 million private equity fund focused on expansion and buy-out capital investment in mid-sized companies in Central and Eastern Europe, acquired its interest in Fornetti Wroclaw from the founders who had developed the business since 1999.
Following the acquisition, the minority shareholders will include Staf Beems, who will step in as President of the Management Board of the company. Beems has many years experience in top executive positions in companies operating in frozen food and consumer related industries. Post-acquisition, Fornetti Wroclaw plans to continue to expand its franchise network, rolling out new outlets to increase penetration and expand the brand’s footprint.