May 2015

Good Food exit

We sold our majority stake in Good Food, a leading Polish rice cake manufacturer, to a Czech-based investment fund,Hartenberg Holding, generating a three-foldROI in less than four years. The deal is supported by the Management of Good Food, whichwill continue to run Good Food together with the new owner.

Good Food Products was established in 1991 as the first Polish manufacturer of rice waffles. Todayit has two production facilities based in Skórzewo and Plewiska (both near Poznań). Its products are sold primarily under private labels through Polish and Western European modern trade channels, as well as under the Good Food brand in Poland. Due to our involvement, Good Food sales nearly doubled and are expected to exceed PLN80 million in 2015.

“We are delighted to exit from Good Food as we have achievement 100% of our initial investment goals. We managed to transform the company into the leading player not only on the Polish market, but also on major European markets, including the UK, the Netherlands and Scandinavia. This was achieved thanks to the company's clear growth strategy and its people. I'm convinced that Good Food will continue to grow," said Piotr Noceń, Managing Partner of Resource Partners.

“It is an important step in the history of Good Food. Resource Partners with its industry experience has helped us to change ourgrowth strategy, and focused us on a further expansion to new markets and new products. I believe that Hartenberg will support us in exploringnew CEE and German markets,” said Robert Czajkowski, CEO of Good Food Products.

"We have been looking for attractive assets in the FMCG sector in Poland for more than a year. Good Food fulfils our criteria, as the company generates a strong and stable cash flow and has an experienced management team that will stay and help us in the further growth of the business. We are acquiring Good Food because we like its products. We support the health food industry through organic growth or via acquisitions. I am personally happy that we are returning to Poznan, where our team has had a very successful experience from the Zabka deal,” said Jozef Janov, Managing Partner of Hartenberg.

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