Norway-based consumer goods company Orkla has signed an agreement to divest Rieber Foods Polska (Delecta) to an investment fund managed by Innova Capital for about PLN100m ($29.34m).
In Poland, Delecta is one of the leading branded consumer goods company in the cake mixes and desserts categories. The company has been part of the Orkla International business area since April 2013 when Orkla completed the acquisition of Rieber & Søn.
Delecta generated net sales totalling PLN149m ($46.2m) in 2013. It had around 342 employees as of year end 2013.
Orkla executive vice president and Orkla International CEO Paul Jordahl said the firm has delivered a very positive improvement in financial performance under Orkla's ownership and has good prospects for the future.
"At the same time, we think that other owners are better positioned to further develop the company's operations in Poland," Jordahl added.
The agreement is subject to the approval of the Polish competition authorities.
