October 2011

We acquired Good Food

With the support of the Management of Good Food, we bought through a secondary buyout, Good Food from its previous owner Avallon MBO Fund.

Good Food was established in 1991 as the first Polish manufacturer of rice waffles. Its products are sold in Polish traditional and modern trade channels under the Good Food brand, as well as under private labels. Good Food is also a significant exporter of rice waffles to EU countries. In 2010 Company sales exceeded PLN47 million.

“Resource Partners actively supports development projects, especially in the Polish consumer products sector. Good Food is the volume market leader with the growth potential. This investment was driven by excellent financial results, the company's clear growth strategy, and its human capital, including the high quality, capable and effective management team,” said Małgorzata Bobrowska-Jarząbek, Partner and Investment Director at Resource Partners.

“In the past, we had already managed to attract one financial partner – Avallon Fund – which allowed Good Food to become the largest manufacturer of rice waffles in Poland. Resource Partners with its sector experience will not only provide the financing but will also support us in the further expansion of new markets and new products,” said Robert Czajkowski, CEO of Good Food S.A.

“In the summer of 2009, we acquired Good Food from its Australian founders, involving management in the transaction. Over the last two years the company has made a great progress in many areas, including production volume growth, export increase, brand refreshment and new product introduction. All these achievements resulted from the personal involvement of managers, who consistently followed the company strategy. An action plan initially scheduled for four years was successfully completed within two years. Now, the company has a clear vision of further development. Our mission as the owners of Good Food has come to an end, so we looked for an investor who would support management in executing the new strategy. We believe that Good Food will fulfill its ambitious plans under the auspices of Resource Partners funds,” said Michał Zawisza, an AvallonPartner.

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