Orkla sells Rieber Foods Polska S.A.
Orkla has entered into an agreement to sell Rieber Foods Polska S.A. ("Delecta") to an investment fund managed by Innova Capital.
Under the agreement, Orkla Foods Norge AS will divest 100 per cent of the shares in Rieber Foods Polska S.A. for PLN 100 million (NOK 195 million).
Delecta is a leading branded consumer goods company in the cake mixes and desserts categories in Poland. The company has been part of the Orkla International business area since April 2013 when Orkla closed the acquisition of Rieber & Søn ASA. In 2013, Delecta's net sales totalled PLN 149 million (NOK 276 million). As of year end 2013, the company had 341 employees.
"Delecta has delivered a very positive improvement in financial performance under Orkla's ownership and has good prospects for the future. At the same time, we think that other owners are better positioned to further develop the company's operations in Poland. The transaction only encompasses Delecta, and we remain fully committed to our Orkla Home & Personal and Orkla Food Ingredients businesses in Poland," says Paul Jordahl, Orkla Executive VP and CEO of Orkla International.
The agreement is subject to the approval of the Polish competition authorities.
Lazard AB and Raiffeisen Centrobank AG have acted as financial advisors to Orkla in this transaction.