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Monika Wincel founded Cedo Capital in the second quarter of 2024, raising commitments in just two weeks, a record-breaking fundraising close. She was backed by Ambit Partners, Istria Capital, Cerralvo Capital, Innesto Partners, Gernot Eisinger, Thomas Buhler, Evolutiq, León Bartolomé Velilla, TTCER Partners, Robert Coombe, Search Fund Pioneers, Pawel Malon, Konrad Winiarczyk, among others. Fifteen of these investors have continued with Cedo to finance the acquisition of Rolfroz, a Polish leader in B2B vegetable processing and sterilization. The transaction was financed through a combination of equity and bank debt. While the exact amount remains confidential, market sources estimate the deal value in the PLN80-170M (€20-40M) range, making it one of the larger solo-searcher transactions in Europe to date. Bank financing was provided by mBank S.A., a leading Polish bank known to be an early supporter of the SF ecosystem in Poland. Over the past 15 months, Monika contacted more than 3,000 companies in Poland before finding the one that best matched her investment criteria.
Rolfroz is a family-owned company with over 30 years of history, specializing in the vegetable and fruit processing with a focus on sterilized and salad vegetables, pickled vegetables, as well as aseptically packed concentrates and purees. The company employed around 100 staff and generated over PLN 80M (€19M) in revenues in 2024, with an EBITDA of over PLN 25M (€5.8M). It is a strategic partner to many leading food brands in Poland and abroad. Through its 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 also a national leader in sterilized vegetables, operating its own laboratory. Rolfroz has consistently grown in recent years (>20% revenue CAGR), with EBITDA margins reflecting strong operational efficiency, innovativeness and market positioning.
Monika Wincel, founder of Cedo Capital and the new CEO of Rolfroz, commented: “Rolfroz is a stable family business built by two generations of the Skorupa family and an excellent team of employees. The company has a unique history and a strong reputation—I feel honoured to carry this legacy forward. Our aim is to combine the values and quality that are the foundation of Rolfroz with new directions for growth. As a first step, we have already decided to invest in a new production line to meet the evolving needs of our clients and to open opportunities for new business partnerships. I am grateful to the Skorupa family for their trust and to my investors from around the world for their support. I hope our story will inspire the next generation of searchers and entrepreneurs facing succession challenges.”
Cedo Capital, the first and only SF in Poland led by a woman, was chosen by Rolfroz founders Renata and Andrzej Skorupa from among a wide group of interested investors. They added: “Among the wide group of investors interested in acquiring Rolfroz, we chose Cedo Capital and Ms. Monika Wincel. Two things were decisive: our trust in Monika—her competence and vision for the company—and the unique structure of a search fund acquisition. This allowed us to transfer 100% of the shares and ensure succession, while implementing a thoughtful development plan that guarantees continuity for clients, employees, and suppliers. The long transition period, during which we will work side by side with Monika, will ensure a smooth entry into this new stage.”
M&A: Fidea Corporate Finance / MFW Fiałek
Legal: MJH Moskwa, Jarmul, Haładyj i Partnerzy / Bufete Barrilero y Asociados
Tax: KPT Tax Advisors
Financial DD: TS Partners
