Cedo Capital, a fund founded by Monika Wincel, has acquired 100% of Rolfroz – Poland’s leading processor and sterilizer of vegetables. This marks one of the largest search fund transactions to date in Europe, with 15 global investors participating in the project.
Rolfroz is a family-owned company with over 30 years of history, specializing in sterilized and pickled vegetables as well as aseptically packed concentrates and purées. The company generates revenues of nearly PLN 100 million and serves as a strategic partner to many leading food brands in Poland and abroad.
Thanks to its long-term purchasing policy, Rolfroz cooperates with over 150 farms in the Kuyavian-Pomeranian region and central Poland, fostering lasting relationships and actively supporting local agriculture. The company is distinguished by its stability, high quality standards confirmed by widely recognized certifications, and strong growth potential – all aligned with global consumer trends and the consolidation of the food industry. With its own laboratory, Rolfroz is the domestic leader in sterilized vegetables.
Cedo Capital – the first and only search fund in Poland led by a woman – was selected by Rolfroz’s owners, Renata and Andrzej Skorupa, from a wide pool of interested investors. The search fund model is unique in that the fund’s operator is not only a capital investor but also actively takes over management of the company. This allowed the Skorupa family to sell 100% of the shares while ensuring succession and continuity of operations.
Monika Wincel, founder of Cedo Capital and the new CEO of Rolfroz, commented:
“Rolfroz is a stable family business built by two generations of the Skorupa family and a great team of employees. The company has an exceptional history and strong reputation – I feel honored to continue and expand on this legacy. Our goal is to combine the values and quality that form Rolfroz’s foundation with new avenues of growth. We plan to invest in a sustainable production base and accelerate expansion in Poland and internationally. Together with the team, we aim to leverage favorable market conditions and give the company new momentum. I am grateful to the Skorupa family for their trust and to my global investors for their support. I hope our story will inspire the next generation of searchers and entrepreneurs facing succession challenges.”
Renata and Andrzej Skorupa, former owners of Rolfroz, added:
“Out of the many investors interested in acquiring Rolfroz, we chose Cedo Capital and Ms. Monika Wincel. Two factors were decisive. First – our trust in Monika, her competence, and her vision for the company’s development. As owners, it was crucial for us to ensure that the hard work of many years, the reputation, and the team we built would be maintained and further developed. Second – the unique structure of a search fund acquisition. In this model, the fund leader is not just an investor but actively takes over management. This allowed us to transfer 100% of shares while ensuring succession and a thoughtful development plan, safeguarding continuity for clients, employees, and suppliers. The long transition period, during which we will work side by side with Monika, will help ensure a smooth entry into the company’s new chapter. The search fund model impressed us greatly, and we believe it can be a real opportunity for many Polish entrepreneurs.”
The project is backed by 15 renowned investors from around the world who trusted in Monika Wincel’s vision and Cedo Capital’s professionalism.
Monika Nachyła, investor in Cedo Capital and Chair of Rolfroz’s Supervisory Board, summed up:
“Cedo Capital’s transaction with Rolfroz is a textbook example of how a search fund should operate. Throughout the process I was deeply impressed by Monika’s professionalism and determination, and I am delighted to join this project. I believe the growth of search fund investments represents the future of small-cap investing in Central Europe. This model is an excellent answer to the succession challenges faced by Polish entrepreneurs, filling the gap left by traditional funds. Search funds are closely aligned with ESG and impact investing principles, opening the door to a new generation of entrepreneurs – highly educated, innovative, and ready for operational leadership. I am convinced they will play an important role in building value for investors.”
Source: CEO.com.pl
