New PE fund targets food industry in Romania, Poland

Trinity Investments Management, a private equity fund with Romania’s Scandia Group as anchor investor, was set up focusing exclusively on investments in the food industry, primarily in Romania and Poland, which together account for 57% of the region’s population and 53% of its GDP.

“Trinity Investments focuses on creating long-term value. We will invest in family-owned businesses that we will support to grow. After 12 months of careful market analysis, we decided to focus our attention on Poland and Romania,” said Mateusz Topp, co-founder and managing partner of Trinity Investments, as quoted by Ziarul Financiar.

The fund sees strong growth potential in both countries, particularly as many businesses founded in the 1990s face generational transitions, with succession gaps creating opportunities for mergers and acquisitions.

Trinity Investments, which has been approved by the Polish Financial Supervisory Authority, plans to invest between EUR 10 million and EUR 30 million per transaction, with the ability to extend to EUR 50 million. It aims to complete two transactions per year over the next five to seven years, with the first deal expected in 2025.

The fund’s anchor investor is Romania’s Scandia Group, one of the largest players in the country’s food industry, which reported EUR 160 million in revenue in 2024.

Trinity Investments will be co-led by Mateusz Topp and Andrei Ursulescu, CEO of Scandia Food and co-founder of the fund. The two executives have extensive experience in M&A, having completed seven acquisitions for Scandia in under six years.

The fund will raise capital for each transaction, allowing it to collaborate with a range of investors. Scandia Group will participate in the first deals alongside other partners.

(Photo source: Designer491/Dreamstime.com)