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PRINT THIS PAGE European HgCapital to acquire Hofmann-Menü Group from Pricoa Capital Group14/10/2005. Source: AltAssets. 
 European mid-market private equity investor HgCapital has agreed to acquire Boxberg-Schweigern, Germany-headquartered Hofmann-Menü Group from Pricoa Capital Group. Financial details of the transaction have not been announced.
Hofmann is a provider of frozen food products and related on-site catering for small business canteens and social organisations such as care homes, hospitals and schools in Germany. The company is expected to generate sales of over €90m in 2005.
Pricoa took full control of Hofmann in 1999 when it bought out a stake held by Schroders, to whom it had already supplied mezzanine capital in 1996.
Dr Karsten Hartmann, director, HgCapital Frankfurt, said, 'CEO Johannes Ulrich and his team have done a tremendous job at Hofmann. They have significantly increased EBIT and put the business back on an attractive growth path.
'Hofmann is the market leader in Germany in the production and delivery of frozen food and a strong number two in the "meals-on-wheels" business. Hofmann is well-positioned to continue its highly successful development. We see a lot of untapped potential in the German market and look forward to working with the management,' Dr Hartmann continued.
HgCapital, the successor to Mercury Private Equity - a division of Mercury Asset Management, has funds under management of €1.3bn. The group specialises in mid-market investments ranging from €40-400m.
Pricoa Capital Group is the private capital institutional investment management business of Pramerica Investment Management.
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