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  LaSalle Capital Our Investment Approach

Pudliszki


Business
A leading processor of ketchup, canned vegetables and vegetable-based sauces based in Poland.

Transaction
In the early 1990s most of the food processing sector in Poland was available for privatization and in need of capital and management expertise. One of LaSalle’s partners identified Pudliszki as an attractive opportunity due to its strong local brand name and reputation for quality. A deal was negotiated with the Polish government to privatize the company.

Opportunity
At this time Eastern Europe was an attractive emerging market for western investment, thus there was an opportunity to purchase assets relatively cheaply, improve the operations and sell to strategic buyers. Given the quality and reputation of the Pudliszki product line and brand, the Company appeared well-positioned to attract western strategic buyer interest if it was under private ownership.

Growth Strategy
Numerous changes were implemented at the Company to drive growth and increase profitability, including refocusing distribution on large growth accounts, purchasing new machinery and equipment to upgrade quality and efficiency, unifying and modernizing product packaging, refocusing the product assortment on a smaller core group of products and completing a waste water treatment facility to bring the Company into compliance with pending EU environmental standards. In addition, the management team was strengthened with the addition of a new CFO and a group of mid-level operating managers.

After completing the restructuring, Pudliszki was able to more than triple sales and increased profitability by over 10 times, thus attracting the interest of several foreign strategic buyers. Through a limited auction the Company was sold to H. J. Heinz.
  Deal Snapshot
Privatization of foreign food processing business

Facility upgraded with new equipment and systems

Tripled sales and increased EBITDA 10x

Invested in 1994, Realized 1997

www.heinz.com/our-food/products/pudliszki




 
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