“We are thinking of other acquisitions as a way to develop,” Grabowski told ZF in an interview.
Tymbark Maspex’s business grows step by step but acquiring other companies or brands allows it to grow faster, he added.
The Polish group has developed both in Europe and in Romania by acquisitions, with a focus on the food industry.
The largest deal in the history of the group was the takeover of jam and sauce producer Agros Nova in Poland this year. The deal took Maspex Wadowice to a EUR1 billion revenue. The group of entrepreneur Krzysztof Pawinski has made more than 15 acquisitions in the region in the past twenty years.
Maspex has bought pasta producer Arnos (Oradea), the snacks brands of the Pan Group and the mineral water producer Rio Bucovina in Romania so far.
It has been investing in Romania since its entry on this market in 1996, because of the potential it saw here. Investment will continue and the group is considering expanding onto food industry segments with growth potential for the future. At the moment, it is only expanding on the packaged product segment, Grabowski said.
Tymbark Maspex has recently struck a deal to buy Rio Bucovina, one of the largest mineral water businesses in Romania, but the deal has to be approved by the Competition Council and needs the due diligence required for the takeover. The deal entails takeover by Maspex of three production facilities in Vatra Dornei, Timisoara and Giurgiu and of the Bucovina brand.
Bucovina had an almost 10% share of the mineral water market in May, according to AC Nielsen data.
Tymbark Maspex and Rio Bucovina will operate as two separate companies. The mineral water market accounts for 50% of the non-alcoholic ready to drink beverage market. Entering this market was very important because the segment Tymbark already operates on, non-carbonated beverages, accounts for only 10% of the total, Grabowski added.
Rio Bucovina posted 152 million lei (EUR34 million) revenue in 2014, according to the Finance Ministry website.
Grabowski says growing the Bucovina brand will become the main goal once the acquisition has been completed.
Tymbark Maspex Romania set a 10% increase in revenue as its target for this year, which Krzysztof Grabowski says it will attain. Sales went up in the first half, the summer was outstanding, it was really hot so consumption of non-alcoholic ready to drink beverages was up. The VAT cut helped, too, he added. It posted more than RON300 million revenue in 2014.
(English version by Loredana Fratila-Cristescu)