Retail / Discount
Poland
Carve-out
10 Jul 2026
Pepco Group completes sale of Dealz Poland to Modella Capital for a nominal PLN 1
Pepco Group has completed the disposal of its Dealz Poland FMCG discount chain to Blackline (Bidco) Limited, an affiliate of UK investor Modella Capital, for a symbolic consideration of PLN 1. Announced on 3 June 2026, the deal closed once UOKiK antitrust clearance — the sole condition precedent — was received. Pepco provided asset-backed vendor financing of up to £20 million and retains 35% of the net cash proceeds from any future onward sale. The exit closes Pepco's FMCG chapter and refocuses the group on its core discount format.
Our take
The most instructive entry on this page, precisely because the headline price is one zloty. A nominal price does not mean a worthless business — it means the buyer is absorbing liabilities, funding needs and turnaround risk that together price above the equity. Note who actually financed the deal: the seller, through £20M of vendor financing, plus a 35% share of any future upside to make the terms palatable. If a business is loss-making or capital-hungry, this is the shape its exit takes — and the buyer's real price is what it takes on, not what it pays.