German food giant Unternehmensgruppe Theo Muller (UTM) is looking to expand its footprint in Poland by snapping up part of Polish seafood company Graal Group.
UTM's subsidiary in Poland, Lisner, signed an agreement Feb.16 to purchase the part of the Graal Group's business related to canned fish, ready meals and pickles.
Private equity firm Abris Capital Partners, signed the preliminary agreement to sell 100 percent of its shares in Graal, alongside the company’s founder, Bogusław Kowalski.
The transaction excludes Koral's fresh and smoked fish business, produced under the Superfish brand and private label.
Abris is exiting its investment following a six-year period during which the company has grown revenues and EBITDA consistently, despite the COVID-19 pandemic and geopolitical challenges.
UTM includes numerous major global brands in the dairy, fish, delicatessen and service industries. In Poland, it is mainly represented by the Muller and Lisner brands.
The transaction is subject to approval from Poland's competition authorities.
Headquartered in Wejherowo, Poland, Graal manufactures a wide range of canned and chilled fish-based products, as well as meat-based prepared foods.
It produces branded products under the Graal, Neptun and Kuchnia Staropolska brands, and is a major private label supplier.
Muller has sales of an estimated €7 billion ($7.5 billion), 19 production sites around the world, and 37,000 employees.
Graal Group was co-advised on the deal by Antarctica Advisors and Rothschild.
Abris acquired a majority stake in Graal in February 2017.
Graal Group -- consisting of Graal and Koral -- now operates from three manufacturing facilities and a distribution center in Poland, employing more than 2,200 people, and exports to 38 countries across Europe, North America, Asia, Africa and Australia.
The Group recorded sales of PLN 1.6 billion (€350 million) in 2022.
"I'm grateful to Abris, my business partner, for all we have jointly achieved over the past six years, which is more than we thought possible," said Bogusław Kowalski, CEO and founder of Graal.
"After 33 years of development of the company, I will step aside at Graal after a short transition period."
