November 2023

Resource Partners exits Tołpa to Bielenda

Resource Partners exits Tołpa to Bielenda Kosmetyki Naturalne („Bielenda”). Bielenda, supported by Innova Capital will acquire 100% of shares in Torf Corporation, the owner of Tołpa and ON brands.

"Tołpa is a well-established and recognisable brand. I value its scientific, long-standing heritage and its approach to creating cosmetic, based on the use of the properties of Polish peat. The acquisition of Torf Corporation will enhance the complementary nature of our offer, as well as increase our product diversity and price range. I am convinced that the acquisition of the Tołpa and ON brands and their potential for further development under the Bielenda Group's wings will contribute to the growth of the company's value and its competitiveness, both on the Polish and foreign markets," emphasises Marek Bielenda, CEO of Bielenda Natural Cosmetics.

"The acquisition of Tołpa brand is another step in Innova Capital's implementation of the Bielenda Group's development strategy," says Leszek Muzyczyszyn, Senior Partner at Innova Capital. "We are looking forward to further developing the Tołpa brand in all product categories covered by the Bielenda Group," he adds.

Torf Corporation is a well-established company operating on the Polish cosmetics market for 20 years. Torf Corporation's products are available both in Poland and in other Central and Eastern European countries. In 2017, a majority stake in Torf Corporation was acquired by Resource Partners, an independent private equity investor operating in Poland and Central and Eastern Europe.

About Bielenda Kosmetyki Naturalne

Bielenda Kosmetyki Naturalne is a Polish cosmetic company established in 1990. It manufactures valued face, body and hair care products for women and men of all ages, which combine natural active ingredients with the latest achievements of biotechnology. The company's offers several hundred products in dozens of skincare categories. They are available in Poland and in almost 60 countries worldwide, on five continents. The company has its own R&D laboratories and modern factories.

About Torf Corporation

Torf Corporation was founded in 1989. It owns tolpa® brand, which manufactures cosmetics based on a combination of two active substances - peat extract and mud. Its portfolio consists of products for men and women in face-, body- and haircare category. The group also includes two brands of oral hygiene products - ON toothpaste and dentica by tołpa® mouthwash. The Company's products are available in drugstores and other wide distribution networks, as well as online.

 About Innova Capital

Innova Capital is an independent private equity advisor operating in Poland and investing in majority buy-outs of mid-sized companies with operations in Central and Eastern Europe. Since its foundation in 1994, Innova Capital has invested EUR 1.2 billion in almost 70 companies located in 10 countries in the region. Innova has been recognised by the Polish Private Equity Association (PSIK) as Management Company of the Year 2023.  

 About Resource Partners

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:

 Innova Capital Press Office

Katarzyna Kaczmarek / Innova Capital


Biuro prasowe Bielenda Kosmetyki Naturalne

Edyta Śmiłek / Great Story Community


2023 ESG Annual Report

On June 5 we celebrate World Environment Day, the perfect occasion to announce the publication of Resource Partners' first ESG Report. Sustainability is in our DNA. We are passionate advocates of incorporating sustainability considerations into our investment decisions and practices. We’re proud to showcase the tangible results of our efforts, both at the fund level and within our portfolio companies. In this report you’ll discover our ongoing journey towards making an impact in the world. Find out more about Resource Partners, our portfolio companies and the efforts we’re making to Empower Change. 

RP invests in Flex To Go, backing car rental agency’s expansion

Resource Partners is acquiring a significant stake in Flex To Go via its Luxembourg-registered fund, backing the largest chain of airport car rental outlets in Poland as it expands its operations in Germany and enters new European markets.