We closed a new fund and acquired a majority stake in Torf Corporation
We closed REEEP II fund above the target of EUR100 million as of the end of December. Three returning investors from REEEP I were joined by two new investors.
Immediately after the closing, we signed our first transaction for the new fund and acquired a 70% stake in Torf Corporation, a leading Polish cosmetics manufacturer specializing in “healthy and natural” products. Torf is also a leading producer of oral hygiene products.
Wojciech Piasecki, CEO of Torf Corporation, and Ryszard Guminski, the company’s Director General, will retain the remaining 30 percent stake in Torf, and will continue to manage the company.
“The acquisition of Torf Corporation is in line with our strategy to support Polish entrepreneurs, and to help them in developing new products, as well as to expand exports of their products, mainly to European countries,” said Małgorzata Bobrowska-Jarzabek, a newly promoted partner with Resource Partners and the leader of the transaction team. “At Resource Partners we are engaged in the management and strategic decisions of our companies. Thus, we create value and the best conditions for an exit strategy. Together with entrepreneurs, we focus on implementing modern sales channels of their products and services in Poland and abroad.”
“Many years ago, we created a company that now is one of the leading Polish producers of natural and healthy cosmetics, as well as leading producer in Central Europe of oral hygiene products,” said Torf CEO Wojciech Piasecki. “We are looking forward to cooperating with Resource Partners because this private equity fund has a unique and unparalleled experience in this sector. With their support we will be able to implement our growth strategy.”
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, 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.