Next chapter for your business

We provide a proven, fair, and trustworthy succession solution

Cedo Capital was created with a singular mission: to identify, acquire, and elevate a successful Polish business facing a succession challenge

Cedo Capital, inspired by the Latin essence of movement and progression, is a fund created by entrepreneurs, experienced operators, and seasoned investors. Our mission is to identify, acquire and personally operate a single Polish SME that demonstrates solid history of performance and significant growth potential.

Cedo Capital plans to actively engage in the business’s management, offering a seamless and flexible transition for entrepreneurs looking to divest and retreat from the daily operations. Our primary aim is to honour the founder's legacy, while infusing the enterprise with fresh energy, visionary leadership, and a wealth of international expertise to secure its continued prosperity and expansion.

Cedo Capital completed the acquisition of Rolfroz

Together with its investors, Cedo Capital finalized the acquisition of Rolfroz in a transaction that ranks among the largest search fund deals in Europe

We are pleased to announce that Cedo Capital has completed the acquisition of 100% of Rolfroz, a national leader in vegetable processing and sterilization. This represents one of the largest search fund transactions in Europe to date.

For Cedo Capital, this marks the culmination of a one-year search fund journey. More than 3,000 companies contacted, hundreds of conversations, and dozens of meetings with business owners across Poland led to one transaction – and a company that meets most of the key investment criteria I set at the very beginning.

We are particularly pleased that most of the investors who trusted us at the initial stage of the search fund have remained with us through the acquisition. We are deeply grateful for their trust, their time, and their willingness to share knowledge based on their extensive business experience in Poland and abroad.

Monika Nachyła, investor in Cedo Capital and Chair of the Supervisory Board of Rolfroz, emphasized:

“Cedo Capital and its transaction in Rolfroz are a model example of how a search fund should operate. Throughout the entire process I was deeply impressed by Monika’s professionalism and determination, and I am delighted to join this project. I believe search funds represent the future of small-scale investments in Central Europe. The model directly addresses the challenges of succession among Polish entrepreneurs, filling a gap left by traditional funds. Search funds are close to ESG and impact investing principles, opening the door for a new generation of entrepreneurs – highly educated, innovative, and ready to take on operational leadership. I am convinced they will play an important role in building value for investors.”

Rolfroz – 30 years of family business success

Rolfroz is a family-owned company with over 30 years of history, specializing in sterilized and pickled vegetables as well as aseptically packed concentrates and purées. The company generates revenues of nearly PLN 100 million and is a strategic partner for many leading food brands in Poland and abroad. Through a long-term sourcing policy, Rolfroz works with a wide network of agricultural suppliers in the Kujawsko-Pomorskie region and central Poland, actively supporting local farming. The company is recognized for its stability, high quality standards certified both domestically and internationally, and strong growth potential, aligned with global consumer trends and food market consolidation. It is a national leader in sterilized vegetables with its own laboratory.

We are excited about the future and look forward to working with our employees, customers, suppliers, and investors on the next chapter of Rolfroz’s growth.

OUR TEAM

Cedo Capital is led by a Founder & Managing Partner, Monika Wincel, and backed by an international group of highly experienced search fund investors from Poland, U.S., Mexico, Australia, Spain, Germany and Belgium. Monika and the team are responsible for conducting a methodical search and assessment of potential acquisition targets, which are further vetted by the investors and industry advisors. Our adviser base includes former executives, entrepreneurs, search fund investors, and professionals with global and local expertise. Monika has professional experience from Poland, Europe and Australia and is well versed in private equity investments and line management.

Highlights

Born and raised in Poland
20 years of experience Poland, Australia, Italy, UK, Spain
Background in entrepreneurship, SME management, management consulting and private equity
Family history of business ownership
Leads with integrity and focus on long-term relationships

Monika Wincel

Founder & Managing Partner

Monika founded Cedo Capital to realize her goal of owning a business. Monika has the drive, leadership experience, and funding necessary to achieve this goal in a professional and timely manner.

Monika is currently fully engaged in the search process—identifying, evaluating, and purchasing a reputable medium-sized business in Poland from a current owner who is ready to pass the baton. Once acquired, she'll steer the company forward with energy, care and dedication, ensuring its long-term stability and growth. Monika and her family are ready to relocate in order to fully integrate into the business and community.

With two decades of experience in management consulting, private equity, management roles in SMEs and engaging in entrepreneurship Monika is well prepared to become a business owner. She has a proven track record of delivering tangible results across a spectrum of organizations, ranging from start-ups and SMEs to large corporations, and within boardroom settings. With experience spanning the financial, services, industrial, and technological sectors, Monika is adept at navigating a wide range of business contexts.

Monika was born and raised in Poland in a family of hard working entrepreneurs and business owners. She was a first member of her family to graduate with a university degree. She held her first job (window washing) at age 12 and started working full time at 19 years old in order to afford education. Monika's life journey, originating from humble beginnings in a small Polish town and culminating in her present position, underscores her relentless drive and commitment to personal and professional growth.

Monika is committed to integrity, open communication, building long-term relationships and people development. As a mentor, she is dedicated to supporting young, aspiring talents, especially from underprivileged backgrounds, believing in the power of role-modelling and guidance.

Outside of work, Monika, mother to Gabriel and wife to Giorgio, strives for a balanced and fulfilling life, embracing both personal joy and professional achievements.

Education: MBA (INSEAD, Singapore/France), Master's degree in Strategic Public Relations (University of Sydney, Australia), Bachelor's degree in Management and Marketing (University of Warsaw, Poland)

Selected professional experience: KKR Capstone (Australia), Boston Consulting Group (Australia, Poland, UK, Italy, Spain), Institute of Management (Poland), Training Centre CSFRR (Poland)

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INVESTMENT CRITERIA

Our investment criteria are based on four pillars

Reason for sale

Companies whose owners, due to reasons not connected to the business itself (for example, retirement, pursuit of new business ideas, or personal circumstances), are looking to sell. We aim to offer a solution for transition and succession challenges, customized to their specific situation and future plans.

Financial

Well-functioning companies with a turnover of 10-130 million PLN, EBITDA of 5-25 million PLN, and an EBITDA margin of over 15%. These companies also feature recurring revenues, high returns on assets, and a solid history of profitability and cash generation.

Business

Companies that have been operational for more than 5 years and occupy a leading position in their niche market, with potential for organic growth, a straightforward business model, low customer concentration, and an excellent management team and culture.

Sector

Non-cyclical, large markets that are fragmented and growing, characterized by low regulatory and technological risks,.

We don't expect that a company meets all of the criteria perfectly. We encourage business owners, brokers, M&A advisors and other professionals to reach out if they have a business that generally fits our parameters.

SELECTED MEDIA AND RESOURCES

Search funds, popular in the USA and Western Europe, are emerging in Poland

Managers are looking for businesses to buy

Marcel Zatoński, Puls Biznesu

Search funds, popular in the USA and Western Europe, are still in their infancy in Poland. However, there are more and more experienced managers who convince investors to such a business model.

Monika Wincel is also starting to look for a company to take over. (...) the manager worked in the training and event industry before moving to Australia, where she m.in managed a large restaurant and her own start-up (...). She later joined BCG, where she spent eight years in offices in several countries. Finally, she joined KKR, one of the largest private equity funds in the world, where she worked with portfolio companies on the Australian market.

"(...) I'm going to systematically comb through the most interesting industries – from business services to software, senior care, private education, electromobility and energy transition to services for the logistics industry. (...) Even a theoretically capital-intensive manufacturing industry can be attractive (...). A search fund always has quite a few investment criteria, but it's not about finding the perfect company that meets all of them. It's all about finding an attractive, stable and growing business"– explains Monika Wincel.

Former KKR Capstone principal raising search fund with new firm Cedo Capital

Joanna Socha, Mergermarket

Cedo Capital, a newly established Poland-based sponsor (...). Ultimately, Warsaw-based Cedo expects to acquire at least an 80% stake in a Polish company, with Wincel then becoming the target's CEO or its most senior manager (...). The search fund will look for a target with strong profit margins, with recurring revenue or repeat revenue streams.

Search funds, which are typically raised by an entrepreneur to acquire and take a leading management role in one specific company, are rare in Poland. Stability Capital is one of the few Polish sponsors that has raised a search fund in recent years (...) and ended up investing an undisclosed amount in Software-as-a-Service prop-tech business Velis Real Estate Tech.

Wincel, a first-generation university graduate, has an MBA from INSEAD and worked across Europe and Australia before launching her search fund. Apart from working for KKR Capstone, the US-headquartered private equity firm’s operations arm, she has consulting experience at Boston Consulting Group, and as an entrepreneur (...).

Search Funds Characteristics of a New Group of Investors in Poland for Family Businesses Facing the Lack of Succession

Mateusz Biegajło, Central European Management Journal

(...) there are about 1.7 million family businesses in Poland and (...) only 8.1% of successors want to take over the family business (...). Therefore, the scale of the problem of lacking succession is enormous.

A search fund is an investment vehicle run by one or two managers who partner with a small group of affiliated investors and mentors to search for, acquire completely, and operate a business of their choice (...).Unlike private

equity funds, after acquiring the chosen business Managers personally manage it on a day-to-day basis and generally move with their families to the vicinity of the acquired company’s headquarter.

(...) search funds are a type of investor that is not only able to accept the specific characteristics of family businesses but even actively seek them out. Moreover, search funds as investors can meet a number of expectations of a family business owner who wants to sell the business due to the lack of succession possibilities.

EXPLORE OPPORTUNITIES

Get in touch

Whether you are the entrepreneur / owner, represent a great company or owner, or have one in mind, we’d like to hear from you. We understand the sensitive nature of sharing info about your business. As such, discussions will be kept strictly confidential.

We also look forward to hearing from anyone interested in cooperation, referrals, or just interested in learning more about Cedo Capital and search funds.

+48 572 240 204

monika@cedo-capital.com

www.cedo-capital.com