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.
Oslo, 24 May 2014
About Orkla ASA:
Orkla ASA is a leading supplier of branded consumer goods and concept solutions to the grocery and out-of-home sectors in the Nordic region, the Baltics and selected markets in central Europe, Russia and India. Orkla ASA is listed on the Oslo Stock Exchange (OSE: ORK) and headquartered in Oslo, Norway. The Group's turnover in 2013 totalled NOK 33 billion. As of 31 December 2013, Orkla had approximately 17,000 employees.
Please visit www.orkla.com for more information.
About Innova Capital:
Innova Capital is a leading mid-market private equity firm based in Central Europe. Founded in 1994, Innova Capital has, so far, invested almost EUR 500 million in 40 companies, across 10 countries in the region. In 2010, the Unquote magazine honoured Innova Capital with the CEE Fund of the Year Award for the subscription of its fifth fund Innova/5.
Please visit www.innovacap.com for more information.
Group Director Communications and Corporate Affairs
Tel.: +47 928 45 828
Senior VP, Investor Relations
Tel.: +47 977 13 250
Tel.: +48 22 544 94 00