September 2013

Delicpol acquired Cuprod

Our portfolio company, Delicpol, is consolidating the Polish confectionery market by acquiring 100% of the shares ofCuprod, a Polish manufacturer from Kluczborg. The transaction was financed by us and by AXA Private Equity.

 The acquisition of Cuprod is the next step in our strategy to build one of Europe’s major confectionery producers. Tomasz Grzybowski, the CEO of Delicpol, will manage the Group. Cuprod's founders and management team will remain in the Group.

"Consolidation of fragmented markets is an important part of our strategy. We don't exclude further M&As in Poland an in the region," said Ryszard Wojtkowski.

"Thanks to this transaction our production capacity increased, as well as the ability to diversify our product portfolio. It will allow us to better address customers' needs and to increase our presence on the market," said Tomasz Grzybowski, Delicpol's CEO.

"The merger with the market leader will help us fully utilize our production capacities createdin recent years and open the company to new challenges," added Krzysztof Kozłowski, CEO of Cuprod.

Increasing our stake in Golpasz S.A.

In accordance with an earlier agreement, we bought additional shares from the minority shareholders and increased our stake in Golpasz S.A. from 67 per cent to 85 per cent. We have been an investor in Golpasz S.A. since December 2015.

Kent Orrgren at the European Health and Fitness Forum in Cologne

Kent Orrgren, CEO at World Class, performed at the European Health and Fitness Forum in Cologne. The 5th annual event brought together top experts from different sectors of the industry and over 400 delegates from 34 countries to discuss human capital in the European fitness sector.