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Cornerstone, Kartesia and OKECHAMP invest into a joint project

Cornerstone Investment Management (formerly Cornerstone Partners), a private equity investment manager, in co-operation with Kartesia, a European specialist financing provider, and Polish mushroom producer OKECHAMP S.A. will combine forces to create a global player in the mushroom production sector.

The new group will have day one revenues of EUR 180 million annually, which are the result of a series of complex, multi-stage transactions involving four entities from different countries. One of the key elements will be an investment project of EUR 80 million, aimed at developing a new platform consisting of Dutch assets (Greenyard Prepared Netherlands, the owner of Lutèce brand) and Polish assets (OKECHAMP).

“Tworzymy polsko-holenderski holding, który stanie się światowym graczem na rynku grzybów hodowlanych – mówi Andrzej Klesyk, managing partner w Cornerstone Investment Management, który nadzoruje transakcję. – Cornerstone jest inwestorem, który nieustannie szuka atrakcyjnych okazji w sektorach o ogromnym potencjale rozwoju Tym razem dostrzegliśmy ten potencjał w branży grzybów hodowlanych, a konkretnie – w polskiej spółce Okechamp i w Greenyard Prepared Netherlands – właścicielu marki Lutèce. Nie wykluczamy też kolejnych akwizycji. “

„This is a milestone for our company,”says Leszek Ejsmont, CEO at OKECHAMP .„We will become a global player on the processed mushrooms market, and thanks to the use of operational synergies, we have a chance to optimize production in both entities.”

Optimization of production, adds Ejsmont, means more modern production lines that increase efficiency and solutions to ensure greater comfort and safety.

With an annual volume of about 340,000 tonnes of mushrooms per year, Poland is the largest producer - this applies primarily to the two highest types of mushroom quality - harvested manually and intended for the so-called fresh market. The second largest producer in Europe is the Netherlands, which produces almost 300,000 tonnes per year and specializes in lower-class mushrooms; mechanically harvested and then used for processing.

“Z ogromnym entuzjazmem podchodzimy do wspólnego projektu. Wierzymy, że ta współpraca przełoży się na ekspansję naszego biznesu” says Ewa Michalak, OKECHAMP's COO. “Połączenie sił z holenderską spółką sprawi, że będziemy mogli znacznie rozszerzyć asortyment oferowanych przez nas produktów.”

“Okechamp is the entity that operates in the entire value chain - from compost and casing production to mushroom production and processing. Such vertical integration may become a source of numerous benefits in the future,” adds Piotr Pirogowski, OKECHAMP’s CFO.

CFO

“Okechamp jest podmiotem, który działa w całym łańcuchu wartości – od produkcji kompostu i okrywy, po produkcję i przetwórstwo pieczarek. Taka integracja pionowa może w przyszłości stać się źródłem licznych przewag konkurencyjnych” adds Piotr Pirogowski, OKECHAMP’s CFO.

Okechamp, together with Cornerstone and Kartesia, intends to invest in developing the value chain in Poland, primarily in increasing compost production and partially expanding the cultivation of mushrooms.

The company also plans to invest in expanding production in the Netherlands. The company is also interested in new product innovations and categories. One of the ideas is to make protein concentrates and cultivate other mushrooms for meat substitute products.

About Cornerstone Investment Management

Cornerstone Investment Management, founded by Przemysław Krych in 2001, is CEE’s leading private equity, investment management business. With a team of experienced professionals, delivers superior returns in the sectors it invests in - corporate private equity, corporate private debt and private equity real estate - by leveraging the deep reservoir of knowledge, relationships and skillset of the team to unlock situations and create exceptional investment opportunities.

The company’s track record includes investments in various sectors including real estate, IT outsourcing, cable operators, renewable energy, healthcare, and financial services. Spravia – formerly Budimex Nieruchomości, LUX MED, Avenga, ProService and Griffin are all prime examples that illustrate the diversity of industries and sectors in which Cornerstone Investment Management has invested.

For more go to: www.cornerstone-im.com

About OKECHAMP

OKECHAMP S.A. specializes in producing a high-quality substrate to produce mushrooms, high-quality fresh mushrooms for processing. In addition, it deals with the processing of other vegetables from around the world. The company sells its products in countries on six continents. In 2020, the group's turnover amounted to EUR 64 million. The company owns the brand Ole!

For more go to: http://www.okechamp.pl

Contact person:

Cornerstone Investment Management:

Andrzej Cytrycki, Public Relations Manager

T: +48 501 13 14 17

E: acytrycki@cornerstone-im.com