Polish private equity firm Enterprise Investors (EI) acquired a majority stake in the Croatian bakery chain Pan-Pek, the company said on Monday.

The company’s Enterprise Fund VII bought a 65 percent stake in the company for an undisclosed amount. EI said in a press release that the company would join forces with Pan-Pek founder and CEO Ivan Parać to grow the business and expand its retail network within the next five years, Poslovni Dnevnik reported on Tuesday.

Founded in 1992, Pan-Pek is a major producer of frozen baked goods in the region. It also operates a chain of 50 bakery shops, mostly on locations around Zagreb. In 2017 Pan-Pek posted a €32 million income, and currently has more than 700 employees.

Enterprise Investors are one of the largest private equity management companies in central and eastern Europe. Established in 1990, the company manages nine equity funds worth €2.5 billion.