Minority Recap
Innova Capital Sells OSHEE Stake to Mid Europa Partners in Minority Recap
•February 16, 2026
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Why It Matters
The deal validates the rapid growth of the functional‑drink sector and gives Mid Europa Partners a strategic foothold in a brand that has proven export scalability and strong EBITDA margins.
Key Takeaways
- •OSHEE revenue reached PLN750m by 2025.
- •EBITDA grew over fivefold during Innova ownership.
- •Export sales increased fivefold, leading markets in Finland, Lithuania, Bulgaria.
- •Mid Europa Partners gains foothold in functional drinks market.
- •Founders remain active, focusing on Western European growth.
Pulse Analysis
Private‑equity exits in the consumer‑goods space have accelerated as investors chase high‑growth, high‑margin brands. Innova Capital’s sale of OSHEE illustrates how a focused PE fund can nurture a niche beverage company from a regional player to a multi‑market leader. The transaction likely reflects a valuation premium tied to OSHEE’s quadrupled revenue and five‑fold EBITDA lift, underscoring the market’s appetite for functional drinks that combine health benefits with lifestyle appeal.
OSHEE’s success rests on a disciplined expansion playbook. By continuously adding vitamin‑infused and hydration‑solution products, the brand created new categories that resonated with health‑conscious consumers. Simultaneously, it reengineered its distribution network, shifting from local distributors to direct‑sales subsidiaries in key overseas markets, which drove a five‑fold rise in export sales and secured top‑rank positions in Finland, Lithuania and Bulgaria. Strategic sponsorships with athletes and cultural figures amplified brand visibility, further fueling domestic and international demand.
Mid Europa Partners now inherits a platform primed for deeper penetration into Western Europe, where premium functional beverages are gaining mainstream acceptance. The founders’ continued involvement ensures operational continuity while the new partner can inject capital for R&D, scaling of production capacity, and targeted marketing campaigns. This alignment positions OSHEE to capitalize on emerging trends such as personalized nutrition and sustainable packaging, potentially setting a benchmark for future PE‑backed roll‑outs in the fast‑moving consumer goods sector.
Deal Summary
Innova Capital’s private equity fund has sold its stake in Polish functional beverage brand OSHEE to international fund Mid Europa Partners. The minority recap transaction leaves founders Dariusz Gałęzewski and Dominik Doliński in control while bringing a new strategic partner on board. The undisclosed deal is expected to close pending regulatory approvals.
Article
Source: Private Equity Wire
Innova/6 private equity fund, part of the Innova Capital group, has sold its stake in functional beverages and snacks brand OSHEE, to the international fund Mid Europa Partners. During nearly seven years of partnership with Innova Capital, the company almost quadrupled its revenue, reaching over PLN750m in 2025. In the same period, EBITDA increased more than fivefold.
Throughout the investment period, OSHEE consistently expanded its product portfolio. Innova said that the company played a leading role in creating new market segments, including vitamin products and the rapidly developing category of hydration solutions in the form of water additives.
At the same time, production capacity under the Kinga Pienińska brand was expanded, accelerating sales growth in the mineral water segment. In parallel, the group reportedly implemented a marketing and sponsorship strategy that strengthened brand recognition and supported dynamic international expansion. The brand’s ambassadors and partners included athletes, musicians, and actors.
During Innova Capital’s investment period, OSHEE developed and implemented a structured export strategy. The operating model was transformed from one based primarily on local distributors into a network of direct sales structures in key foreign markets, supported by local marketing strategies. Export sales increased fivefold, and OSHEE achieved market leadership positions in several countries, including Finland, Lithuania, and Bulgaria.
Following the sale, OSHEE’s founders – Dariusz Gałęzewski and Dominik Doliński – will retain control of the company and remain actively involved in its development alongside their new partner. Moving forward, OSHEE plans to continue investing in product innovation and international expansion, with particular focus on Western European markets.
The transaction is expected to close following the receipt of customary regulatory approvals and the satisfaction of standard closing conditions.
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