The Czech-Slovak investment group Penta Investments has reported selling
the Polish convenience store chain Žabka Polska to the Mid Europa
Partners
fund. A Penta representative said in total 2,400 convenience stores and 55
Freshmarket stores had been sold. He confirmed that the price had been
around 10 billion crowns (the equivalent of roughly 563 million US
dollars)
but declined to give the exact value, citing a deal with the buyer. In
2010, Žabka's sales turnover totalled 2.5 billion zloty (869 million
dollars).
Founded in 2005, new owner Mid Europa Partners is a private equity
investment company focusing on Central and Eastern Europe, with offices in
London, Budapest and Warsaw. The transaction, which is subject to
regulatory approval, is to be closed in three or four months. Penta bought
Žabka in 2007 for 3.7 billion crowns and expanded its network by more
than
400 new shops in Poland and the Czech Republic. It sold the 128 Czech
Žabka stores to Tesco last December.