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Private-equity group CVC has agreed to buy Zabka, a Polish convenience-store operator, from Mid Europa Partners for just over €1bn, according to two people familiar with the transaction.
The sale followed fierce competition among private-equity players keen to get into the Polish market following the sale of Allegro, the Polish online retailer, to Cinven last year.
TPG made it to the final third round but lost out last-minute after CVC was able to put all the financing in place and sign the deal in a matter of hours, a person familiar with the transaction said.
The speed of the transaction is indicative of a sellers’ market in private equity, with sellers dictating the terms as record amounts of capital struggle to find high-quality assets, experts have said.
Zabka operates 4,500 stores through franchise agreements.