CVI’s collaboration with the bakery Nowel began in 2015 when a fund co-managed by CVI and Noble Funds TFI S.A. provided debt financing to the company. In 2016, the fund increased its capital investment to PLN 30 million and acquired a minority stake in the company. With the funds obtained, Nowel financed the relocation of its factory to a new location, additional production lines, and the expansion of warehouse space.

Over the course of more than eight years of cooperation with CVI, Nowel invested over PLN 800 million, which was allocated to automating production (including increasing the number of modern automated production lines from 2 to 12), constructing a second plant in Nowy Modlin, expanding into new markets (currently exporting products to 30 countries), broadening its product range, and increasing production capacity from approximately 25,000 to around 160,000 tons of baked goods per year.

At the time of the investment exit at the end of 2024, Nowel reported revenues exceeding PLN 700 million and a company valuation surpassing PLN 1 billion! The fund managed by CVI achieved an 8x return on invested capital (cash on cash) and an almost 30% IRR!

More information about the success of the investment and the role CVI played in the development of the Nowel bakery can be found in the article:

Rekordowy wykup menedżerski. Rodzina przejęła Nowela od funduszu CVI