The private equity fund MCI.EuroVentures 1.0 has signed a deal to purchase 55% of shares in NTFY, Poland’s leader in high-quality box dieting.
The company operates under the brand Nice To Fit You in the rapidly growing market of dietary catering. MCI aims to support the development of NTFY as one of the strongest digital brands of the Polish food e-commerce sector, with the potential for international expansion.
The market for box diets is dynamically evolving, it has grown more than threefold in the last 5 years. The driving force behind industry growth is the increasing popularity among Poles of home meal delivery services and healthy eating. Nice To Fit You offers high-quality diets in Poland, Czech Republic, and Germany.
“NTFY’s investment is the biggest in MCI’s history, with a committed capital value of around PLN 186 million, supported by debt financing in the structure of leveraged buyout (LBO). This is the 4th transaction in the last 4 quarters, after Webcon, Profitroom and Focus. This aligns with the fund’s strategy of making 2-3 investments per year. Along with our partners and professional NTFY team, we plan to support the company in its further development as a leading digital brand in the food e-commerce market in Poland,” says Paweł Borys, Managing Partner at MCI.
For MCI, this will be another transaction in the food e-commerce industry since its successful investment in Frisco.pl – the national leader in online grocery shopping, which in 2020 was sold to the Eurocash Group.
“Nice To Fit You is one of the leaders in dietary catering and the longest-standing company of its kind in the Polish market. Development of the sector will be facilitated by trends such as the growing preference for convenient nutrition especially among new generations, migration to the largest cities and further enrichment of society,” says Paweł Sikorski, Investment Partner at MCI.
NTFY was the first in the industry to introduce the option of a meal choice menu which many have come to see as an integral part of such services. The hallmark of the brand is high-quality meals, which allowed Nice To Fit You to build a large and loyal customer base, especially in the biggest cities. MCI plans long-term investment in developing NTFY. Company founders Sebastian Rabiej and Radosław Jeżak remain active shareholders, holding 45% of shares.
“We are proud of the role that Nice To Fit You has played in building the entire industry of dietary catering in Poland and its current position gained over the years. We have a great team and believe that this is the right time to begin the next phase in the company’s development, in cooperation with such an experienced and professional capital partner as MCI,” says Sebastian Rabiej, one of the founding members of Nice To Fit You.
The transaction still needs to be approved by The Office of Competition and Consumer Protection.
Advisors to the buyer:
Legal advisor: DJM Law firm.
Financial advisor: Deloitte
Financing bank: Pekao S.A.
Transaction advisor: VCP
Advisors to the seller:
Legal advisor: Baker McKenzie law firm.
Transaction advisor: PwC
Tax advisor: MDDP
Source: https://managerplus.pl/mci-inwestuje-w-zywieniowe-nice-to-fit-you-59603
