Bancroft investment fund to develop Farutex

APA - Austria Presse Agentur
26-05-2006, 13:43

Warsaw (Puls Biznesu) – The investment fund will support Farutex which wants to consolidate the market of restaurant deliverers.

Warsaw (Puls Biznesu) – The investment fund will support Farutex which wants to consolidate the market of restaurant deliverers.

 

Farutex, the distributor of food for the restaurant sector, plans to grow in upcoming years.

“We have only 2 percent of this dispersed market. We want to increase the market share to 10 percent within five years, mainly through organic growth but mergers and acquisitions are also possible”, Jaroslaw Turkowiak, Farutex sales director and a minority shareholder said.

The company plans to increase sales by 30 percent annually. Farutex will be supported by its new investor. The previous investor was Danish BHJ group which sold its 91 percent stake to Bancroft Private Equity connected with the U.S. JP Morgan.

 

Farutex’s clients include Ikea, restaurants of gas stations (BP, Orlen, Lotos), hotel chains, restaurants (Sfinks, Pizza Dominium) as well as single catering companies. The company has 5,000 clients altogether. This year, it plans PLN 100m (EUR 25.5m) of sales. In the last four years, the sales tripled from PLN 24m in 2001 to PLN 84m in 2005. The company’s main rivals are wholesalers like Makro Cash & Carry, which modernizes its shops to provide the same type of clients. Bancroft’s stakeholder plans wider acquisitions.

“Bancroft is interested also in other food companies. We may be a platform for merges and acquisitions on this market. Bancroft is leading negotiations with other Polish firms”, Jaroslaw Turkowiak said.

(PLN 1 = EUR 0.255)

 

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Podpis: APA - Austria Presse Agentur

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