Advent International has sold its stake in Poland’s second largest snack foods producer, Star Foods Sp.z o.o. to PepsiCo Light NV for an undisclosed sum. Advent International first invested in Star Foods in 1996, when the founding Mitzalis family sold a substantial majority stake for $8m to a group of four private equity investors led by Advent International and Copernicus Capital Management. The investors assisted in building the management team. Star Foods then refined its strategy, introducing a direct sales force, developing new products based on high-value potato crisps alongside its high-volume corn-based snacks, and selling a non-core division. Advent International and Copernicus later acquired the stakes held by the two other investors, European Convergence Partners and an undisclosed venture investor.
Advent International has invested in Central Europe since 1994 and closed its third fund for the region at €330m in April 2005. Its investments include Brewery Holdings, a Romanian group built under Advent’s ownership from a number of small Romanian breweries and acquired by BBAG; Czech & Slovak fuel card and fleet services company, CCS, and the Bulgaria Telecommunications Company (BTC.)
Advent International’s advisers on the sale were Clifford Chance (legal) and Boer & Croon Corporate finance BV.