February 2022

Assisi Pet Care acquires Maced

Resource Partners exits Maced to Assisi Pet Care Ltd realizing 80% IRR over the two years holding period. 

On February 10th 2022, Assisi Pet Care Ltd, a UK-based investment company of Harwood Capital and Peter Mangion, and the owners of Maced, the leader on meat-based dog snacks market, announced the execution of a transaction incorporating Maced under Assisi’s structure. Whereas Resource Partners fully exits the Company, Tomasz Macionga, the CEO and son of the founder, will continue as Maced’s CEO and Assisi’s shareholder.

The transaction confirms Resource Partners’ ability to support Central European market leaders in the consumer space in their growth. Maced is one of the leading producers of meat-based dog treats in Europe. The Company, established in 1993 by Edmund Macionga, offers its products under the Maced and Dogway brands, as well as under private label both domestically and in export.  In December 2019 a majority stake of Maced was acquired by Resource Partners, a private equity fund specializing in mid-market consumer investments in CEE, while Tomasz Macionga remained the minority shareholder and CEO.

Over the 2-years holding period the Maced’s revenues have almost doubled whereas CAPEX spent and improved operations allowed to improve the profitability leading to almost tripling the EBITDA. The company grew mainly on export markets resulting in the current share of export sales at 70%. Further growth came from market consolidation. In April 2021 Maced acquired Atlantic Products – second largest Polish producer of natural dog treats with 100% sales generated on the export markets. Resource Partners achieved the returns of almost 80% IRR and 2.8x MM.

The acquisition of Maced represents another stage of Assisi’s development process in a consistent strategy to consolidate the pet care market and build a Europe wide leader on this dynamically growing market. Assisi Pet Care, established in September 2020, is a joint venture between founder Peter Mangion and a UK-based private equity fund Harwood Capital. Since its inception, Assisi has made two acquisitions on the UK market - Hollings in October 2020 and Town & Country (owner of the HiLife brand) in March 2021. The investment in Maced, who is one of the key suppliers of Hollings, is a continuation of its strategy.

“I am very happy that Maced will be part of the Assisi Group whose goal is to become one of the key players in the European pet care segment. Over the last two years of our holding period, with the support of Tomasz Macionga, we managed to transform Maced from a traditional family business to a professional organization. We have invested into the team which managed to increase the scale of the Company, especially on the export markets, and significantly improved the Company’s operations. We have also increased the production capacity through acquisition of Atlantic Products and prepared for the expansion of the Maced’s production facility, positioning Maced as one of the key players on the European market in meat-based dog snacks, the fastest growing niche in an overall attractive market of pet care. All these initiatives enabled us to achieve our expected returns in only two years. We hope that joining Assisi will allow Maced to maintain its excellent growth rate” says Małgorzata Bobrowska-Jarząbek, Managing Partner at Resource Partners.

We are glad that Assisi, owner of Hollings, one of Maced’s key customers, recognized our potential and appreciated the highest quality of our products. Joining the bigger group will allow us to further increase sales in the UK and other Western European markets which is the core of our strategy going forward.” says Tomasz Macionga, Maced’s CEO who will maintain his function post transaction.

Peter Mangion, Assisi’s CEO, said: “We are delighted to be adding Maced, its brands, customer relationships and its people, to Assisi’s growing European footprint in this very dynamic pet care market. We are particularly pleased to welcome Tomasz Macionga to the Assisi management group and are confident that Tomasz and his excellent team will continue the impressive performance improvements which they have delivered at Maced with the support of Resource Partners. We have ambitious plans to continue this growth trajectory, building on the investments and achievements of the recent past”.

Maced and its shareholders were advised by DLA Piper and Grant Thornton Poland.

Assisi Pet Care was advised by: Clarion, Peterka & Partners, Alvarez & Marsal and RSK Polska. Crescent Capital Group will be financing the transaction.

Assisi Pet Care is a joint venture between founder Peter Mangion and a UK-based private equity fund Harwood Capital.

Resource Partners is an independent private equity investor founded in 2009 by a team of experienced managers, who previously conducted similar investments in leading regional and international financial institutions and funds. So far, Resource Partners has invested more than EUR 300 million in the development of 16 medium-sized companies in Poland and other Central and Eastern European countries. Resource Partners invests in fast-growing companies with experienced management, whom they support with their experience in managing fast organic growth and through acquisitions.


Contact for media:

Resource Partners Sp. z o.o.
Zebra Tower
Mokotowska 1
00-640 Warsaw, Poland
+48 22 377 7900

Assisi Pet Care Ltd
Pera Business Park, South Annexe, Nottingham Rd,
Melton Mowbray, LE13 0PB
01664 563 209

Resource Partners with two PSIK 2022 awards

Resource Partners was recognized as Private Equity House of the Year for 2022 at PSIK, the Polish Private Equity & Venture Capital Association awards gala on September 19, 2022. Resource Partners made five investments in the evaluated period and executed two exits from Fund II: from Maczfit and Maced, achieving in both cases above 70% IRR, as well as an exit from Fund I investment in Golpasz. Fund II was fully invested, on top of that first future Fund III investment was made. Piotr Noceń – Managing Partner at Resource Partners, was honoured with a Person of the Year award for leading a successful transaction in Maczfit, and 2 new portfolio investments. Piotr is also involved in PSIK activities as Head of PSIK Na zdrowie! Committee.

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