Kartesia, the European specialist provider of capital solutions for small and mid-sized companies, is pleased to announce its investment in Project Morel, the acquisition and merger of Okechamp S.A. Poland and Greenyard Prepared Netherlands, owner of the Lutece brand (together “Okechamp Group” or “the Company”).
Headquartered in the Netherlands and Poland, Okechamp Group is Europe’s leading producer of highest quality preserved mushrooms with an annual production volume of over 115kt. The company operates a large mushroom farming unit in Poland and two mushroom processing units in Poland and the Netherlands as well as distribution capabilities across more than 40 countries on six continents.
Kartesia has committed a total of €78m debt and equity in the Company from its Kartesia Credit Opportunities Funds (KCO) IV & V. The capital injection will be used to strengthen the group’s balance sheet, allowing it to pursue further organic and external growth and accelerate its international development. The deal team at Kartesia comprised Giuseppe Mirante, Sebastian Afflerbach and Jorge Gimenez-Arribas.
Andrzej Klesyk, Managing Partner at Cornerstone Investment Management: “The Okechamp group will become a leading player in the highly attractive mushroom industry, which is experiencing sustainable growth based on healthy diets and emergence of meatless alternative foods. With its pan-European production set-up and a highly capable management team, the company is in a unique position to benefit from this trend.”
Leszek Ejsmont, CEO and founder of Okechamp S.A. noted: “We are very pleased to partner with Kartesia and Cornerstone in this unique opportunity to consolidate two leading and highly complementary players in the mushroom industry. The product offering of the combined group will enable us to provide best-in-class services for our customer base and position us as a one-stop-shop to deliver large quantities with short lead times.”
Giuseppe Mirante, Senior Advisor at Kartesia, added: “Okechamp Group is now the leading player in the European mushroom production market. Under the current management team, it has a proven track record of steady and sustainable growth, setting it up perfectly to participate in the trend for mushroom-based vegan meat products. Together with our partners at Cornerstone, we look forward to working closely with management to continue to expand the Company’s development in Europe and beyond.”