Regionally-focused investment firms ARX Equity Partners and Darby Private Equity have partnered with food industry executive Gerard Lenihan to acquire Hungarian beverage company Gramex 2000. Financial details of the transaction were not disclosed.
Gramex manufactures and bottles of nonalcoholic beverages, under its own brands, as well as in partnership with local and international retailers and producers.
ARX, Darby and Lenihan said they intend to grow Gramex in the coming years organically, via regional expansion. Among other previous executive roles, Lenihan was also the CEO in a private equity-backed management buyout in Hungary in 1996.
“Gramex has grown sales dynamically over the past three years, exceeding the overall market trend, and we believe that Gramex can further leverage its reputation and service capabilities to grow in Hungary as well as internationally”, said Lenihan.
The investments were made by the firms’ ARX CEE III and Darby Converging Europe Fund III vehicles.
ARX targets mid-sized buyouts in Central and Eastern Europe, operating from offices in Bucharest, Budapest, Prague and Warsaw. To date ARX III has previously made six investments in Poland and the Czech Republic.
DCEF III has previously made two investments in Turkey. Including DCEF III, Darby manages two Central and South East Europe dedicated funds, which have collectively made 18 investments in the region.
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