CEE-focused private equity firm Enterprise Investors (EI), alongside minority co-investor Morgan Stanley, has bought a controlling stake in sports nutrition company Scitec Holding through its new fund.
EI’s Polish Enterprise Fund VII (PEF VII) vehicle, together with minority co-investor Morgan Stanley Alternative Investment Partners, has bought a significant majority stake in Scitec.
Financial terms of the deal and the size of the stake were not disclosed.
Scitec makes a range of sports nutrition products, primarily under the Scitec Nutrition brand.
The company was initially founded in the US but currently has a significant market presence in Europe and an extensive international sales reach, with products available in more than 70 countries.
The company has more than 20 years of experience in the sports nutrition sector.
“Scitec has built a strong reputation with the users of its sports nutrition products over the past two decades,” EI managing partner Robert Manz said in a statement.
“The company delivers true quality and reliability in a market where users know what they want, and Scitec supports this with a heavily customer-focused business model.
“We believe Scitec has the right mix of experience and talent to continue its fast growth and we are ready to support the company’s further development.”
Scitec founder Zsolt Bengyel, who remains a minority shareholder following the deal, added, “Scitec welcomes the involvement of Enterprise Investors and its co-investor, which we believe can provide important know-how and resources for the further expansion and growth of our company.
“I look forward to our cooperation and to making Scitec the global leader in sports nutrition.”
In November last year AltAssets reported that PEF VII, a €650m hard-capped vehicle, has raised €300m to date after hitting a €247m first close in May from investors including EBRD.
The firm has hired Triago to help raise the fund and in August appointed US-based placement agent Thomas Capital Group to help it raise capital in North America, a source said, adding that a final close for the vehicle is scheduled for May 2013.
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