Published: October 5, 2010
PE firm to fund juice company’s product development.
Private equity firm Horizon Capital has announced its second deal in less than a month by backing a Ukrainian juice company.
The firm, which focuses on emerging Europe, completed the undisclosed investment in Vitmark-Ukraine through its US$390mn Emerging Europe Growth Fund II.
Vitmark-Ukraine has an almost 30% share of the country’s non-alcoholic beverage market through brands including Jaffa and Nash Sik. It currently operates two production sites in Odessa, a processing plant in Rakhny and a national distribution network with 12 regional sales offices.
Vitali Vinitski, the target company’s chairman, says the transaction will increase investment in its products to strengthen its position in its core market and expand into new segments.
Natalie Jaresko, Horizon’s co-managing partner, described Vitmark-Ukraine as “dynamic” with a track record in developing new products. “The company is uniquely positioned to build on its brand strength and capture a significant part of the as-yet underpenetrated market in the region,” she added.
In September, Horizon struck a deal with insurance company Ageas to buy Fortis Life Insurance Ukraine.