November 23 (SeeNews) - Investment company Integral Venture Partners said it has completed the acquisition of a controlling stake in Serbian salty snacks producer Chips Way, alongside its Belgrade-based co-investor and industrial partner Nelt Group.
“The investment underlines Integral’s commitment towards identifying the best growing branded consumer assets within the broader central and east Europe region,” Integral said in a press release last week. It did not disclose financial details of the deal.
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Supported by a new institutional shareholder group, Chips Way aims to continue growing its market share across both local and regional markets, while further strengthening its legacy brand equity and product portfolio, while Integral will work with its partners and the management team on improving Chips Way’s manufacturing operations and corporate infrastructure, according to the press release.
Chips Way was set up in 1971 as the first and only potato chips manufacturer in back-then Yugoslavia. It is operating a focused legacy brands portfolio anchored around its flagship potato chips product.
Integral Venture Partners is an independently owned private equity and growth capital investments company focused on the Evolving Europe region operating out of hubs in London, Budapest, and Belgrade, according to its website.
The acquisition marks Integral’s tenth investment from Evolving Europe Principal Investments I fund in just over two and a half years since the fund’s launch.
Nelt Group, founded in 1992, is distributor of consumer goods across the region of the former Yugoslavia, with widespread distribution network covering 12 markets.
According to eralier Serbian media reports, a consortium of five owners bought the bankrupt snacks manufacturer in 2012, and restarted its production later the same year.