theCFO as the exclusive M&A advisor to Lisner in the acquisition of Graal

Poznań, February 20th, 2023

theCFO is pleased to announce the signing of a share purchase agreement between Lisner Holding (“Lisner”) and Abris Capital Partners (”Abris”) and Bogusław Kowalski to acquire 100% shares in Graal Group, including canned fish, ready meals and marinades categories. The signing took place on February 16th, 2023 in Warsaw. Transaction is subject to Polish antimonopoly office approval.

theCFO has acted as Buyer’s exclusive M&A transactional advisor and member of deal negotiation team.

Press release: Lisner ma apetyt na nowe kategorie (


theCFO is the M&A transactional specialist firm supporting corporates, entrepreneurs and PE firms operating in Poland and the CEE region with primary focus on takeovers, majority stake equity transactions, raising growth capital and founder’s succession. We support our clients from the very beginning to the end of the transaction process, actively defining the criteria for a transaction to successfully executing a deal.

  • Buyer – Lisner (, headquartered in Poznań, Poland is part of UTM (Unternehmensgruppe Theo Müller), which owns several globally significant brands in the dairy, fish and delicatessen (including dressing) and service sectors. In Poland, UTM is mainly represented by the Müller and Lisner brands. It is he ambition of UTM and Lisner to meet consumer needs by expanding the product offering in the fish and delicatessen segment. The intended acquisition of Graal Group supports these aspirations and has the potential to enrich the portfolio with new, complementary products.
  • Sellers – Abris (, headquartered in Nicosia, Cyprus, is the specialist private equity fund manager, focused on mid-market opportunities in the major countries of Central Europe. Bogusław Kowalski is the founder of Graal S.A, who partnered with Abris back in 2017.
  • Target – Graal Group (, headquartered in Wejherowo, Poland is a producer offering a diversified portfolio in the fish and meat category, amongst others under the Graal, Neptun and Kuchnia Staropolska brands, as well as under private labels. The flagship products of the group are canned fish.