Enterprise Investors has sold its entire stake in PAN-PEK, a Croatian frozen bakery specialist, to Polish market leader Inter Europol, marking a strategic exit from one of the Adriatic region’s leading food producers.

The transaction, completed by Polish Enterprise Fund VII, sees Inter Europol acquire 100% of shares in PAN-PEK. While financial terms were not disclosed, the exit marks a full divestment for Enterprise Investors, one of Central and Eastern Europe’s most active private equity firms.

Enterprise Investors first acquired a majority stake in PAN-PEK in 2018 and took full ownership in 2020. During its holding period, the firm supported the company’s operational expansion, boosting production capacity and launching exports to international markets including Italy and the United States.

Founded in 1992, PAN-PEK operates two production facilities in Zagreb and Đakovo, and supplies major retailers such as Lidl, Kaufland, Konzum, and Spar. It also runs a retail network of more than 70 outlets and serves the HoReCa sector. The company generated more than €50m in revenue in 2024 and employs close to 800 staff.

The buyer, Inter Europol, is a family-owned Polish bakery group with over 1,500 employees. Originally a local Warsaw-based bakery, it has grown into Poland’s largest player in both fresh and frozen bakery categories, with a presence across the EU, Asia, and the Middle East. The company continues to expand through acquisitions and is known for its clean-label product range.

This exit adds to Enterprise Investors’ track record, having raised ten funds and exited 141 companies to date, with total committed capital of €2.4bn across 161 investments.

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Can`t stop reading? Read more.Enterprise Investors has sold its entire stake in PAN-PEK, a Croatian frozen bakery specialist, to Polish market leader Inter Europol, marking a strategic exit from one of the Adriatic region’s leading food producers.