Enterprise Investors Buys Into Polish Supermarket Chain

Enterprise Investors has agreed to acquire a 49% stake in Polish supermarket chain Dino, for approximately €50 million.


Polish Enterprise Fund VI (PEF VI), a private equity fund managed by Enterprise Investors (EI), has signed an agreement under which it will acquire 49% of shares of Dino, a company operating a chain of proximity supermarkets in western Poland. The PLN 200 million (approx. €50 million) investment will take the form of a capital increase. The transaction will be finalized following approval by UOKiK, the Polish Office for Competition and Consumer Protection.

Dino is a chain of proximity supermarkets funded with Polish capital. It has been developing since 1999, when the first stores were opened in the Wielkopolska voivodeship. Since then, Dino has been expanding very fast. At present the chain numbers 97 stores, located mainly in western Poland, and on average the company opens 1-2 new stores each month. Dino’s revenues totaled PLN 420 million (€97 million) in 2009, and this year are expected to grow by 30% and to exceed PLN 540 million (€135 million).

“We consider Dino to be an attractive investment. We are impressed by its rapid development in the last three years, during which time the company tripled its profit. We can see opportunities for Dino’s further dynamic growth through the chain’s expansion in various parts of Poland. The Dino stores stand out against the competition, especially as regards meat, cold meats and other fresh goods on offer, which gives the chain an advantage over its rivals”, said Michał Rusiecki, managing partner of Enterprise Investors who leads this investment.

“We are glad to have won over Enterprise Investors, which is an experienced investor in the retail sector. Our goal is to dynamically expand our chain by opening at least 30-40 stores a year within the next few years. It will be much easier to achieve this together with EI”, said Szymon Piduch, Dino’s president.