logo good food

Creating a leading food manufacturing player in Europe.

Investor: Resource Partners

Industry: Food manufacturing

Year of investment: 2011

Year of exit: 2015



When acquired by Resource Partners, Good Food was one of the local leaders in manufacturing rice cakes in Poland. Since then, the Company has become a clear leader in the Polish market and a significant player in the European Union. The Company operates two adjacent production plants with the capacity of up to 100m packs of versatile rice cakes products annually. Following a strategic shift towards private labeling more than two thirds of revenues is generated on non-Good Food branded sales.


wykres good food

Revenues (PLNm) EBITDA

Main objectives of the funding

  • Support the Management in buying out the Company from the owners.
  • Shifting the strategy to explore the growth prospective of private label manufacturing.
  • Continue production efficiency improvements.
  • Provide financing for the ambitious Capital Expenditure program.
  • Support growth in export markets in order to limit the dependence on key clients.
  • Increasing the efficiency of the domestic distribution model.

Achievements of the company

  • The production capacity more than doubled from ca. 45m packs in 2011 to 100m packs in 2015.
  • Significant reduction of production losses and cost per pack was achieved by continuous operational improvements (-16% of the original figure).
  • Export sales grew at CAGR’11-’15 exceeding 25%.

export sales growth

production capacity growth

Value added by PE/VC fund

  • Supported the Company growth from PLN56m revenues and PLN11.7m EBITDA in 2011 to PLN86m in revenues and PLN18.1m EBITDA.
  • Refocused the strategy on rice waffles and private label manufacturing and pushed for export sales turning Good Food into a Europe’s Top3 player.
  • Expanded the product portfolio by introducing new flavoring technologies, grain mixes and convenience packaging.
  • Introduced ESOP program to align the interest of the key managers with the Company.