Alfi Sells Stake in Slovenian Tomato Producer Paradajz, Returning Control to Founders

Alfi Sells 23.4% Stake in Paradajz as PE Fund Closes Its Tomato Investment

Alfi, the Slovenian private equity firm that invested in tomato grower Paradajz in 2020 through its Generali-branded fund, has sold its entire 23.4% stake back to a group of existing shareholders. The transaction, notified to the national competition authority on 21 July, marks the scheduled end of a typical five-to-ten-year holding period for the fund.

The buyers are the company’s two managing directors, Kristjan Magdič and Martin Žigo, along with other long-standing investors. Magdič and Žigo now each control 17.3% of Paradajz indirectly through their personal holdings and their companies Cuber and Frontal. Two other backers—Kremen, a quartz raw materials producer controlled by Matjaž Satler, and Trebia Invest, linked to the family of entrepreneur Aleš Okorn—each retain 11.7% stakes. In total, the bid group already held 57.2% before the purchase; the remaining 19.5% is owned by Paradajz itself.

Alfi founder Matjaž Filipič told Forbes Slovenia the exit was planned and that the fund is “very satisfied” with the return. While he declined to disclose the exact multiple on this deal, he noted that Alfi’s investments typically generate around twice the capital deployed. Paradajz last year reported revenue of €17.5 million and a net profit of just under €3 million—more than double the €8 million in sales it posted when Alfi first backed the company in 2018.

The Turnišče-based company, founded in 2007 and planting its first tomatoes in 2012, is best known for its Lušt brand. It operates two large greenhouses: a 9-hectare facility in Renkovci for summer production using geothermal heating, and a 3.4-hectare winter production site in Mala Polana. Annual output is around 5,000 tonnes of tomatoes. Director Magdič said 2025 results so far are in line with last year’s performance.

Behind the Deal: Why Alfi Walked Away and How Paradajz Built a Premium Brand

Why Alfi Chose to Exit Now

Alfi’s move fits a standard private equity playbook. The growth equity fund that originally made the investment—then under Generali Investments—had already been transferred to a new manager and rebranded. Filipič explained that the investment period had ended, and the fund sought the best exit route. Selling to existing co-owners was seen as “the best for the company… least stressful for the people and for the business.” The fund’s average return target of doubling its money, combined with Paradajz’s strong margin profile, suggests the exit was profitable, though no precise figure was given.

What the Buyback Brings Paradajz

With Alfi out, control consolidates firmly in the hands of Magdič and Žigo, the operational leaders since the early days. They now hold a combined 34.6% of the equity directly, and together with long-standing industrial investors Satler (via Kremen) and the Okorn family (via Trebia), the group controls over 80% after the acquisition. This removes an external shareholder and likely streamlines strategic decisions—an important advantage for a mid-sized grower facing rising input costs and energy challenges, even with its own geothermal heat source.

The Growth Story Behind the Numbers

Paradajz has consistently expanded since the PE investment. Revenue more than doubled from 2018 to 2024, while net profit reached €3 million on €17.5 million in sales—an enviable margin for a fresh produce business. The investments in winter production capacity and geothermal heating have clearly paid off, insulating the company from fossil fuel price swings and extending its growing season. For Alfi, this exemplifies a successful agribusiness play in a small Central European market: a niche premium brand, strong operational management, and a clear exit pathway back to the founders.

What the Ownership Consolidation Means for Paradajz and the Sector

• Paradajz’s directors must now navigate the next investment cycle alone. The company’s plan to match 2024 results this year suggests near-term stability, but adding capacity or launching new products will rely solely on internal cash flow or fresh external debt—without the financial buffer of a PE partner.
• For other Slovenian and regional agribusinesses, Paradajz demonstrates that a branded fresh produce company can attract private equity and deliver a 2x return even in a small market. The use of geothermal energy was a critical cost advantage, a capital-intensive move that the PE backing partly enabled.
• Investors in the two remaining outside shareholders—Kremen and Trebia—should note the increased concentration of voting power. While both have been passive backers for over a decade, their 11.7% stakes now sit inside a much more director-controlled entity, which could affect liquidity if they ever seek an exit.
• The competition authority review is likely a formality; no competitive concerns arise from a buyback among existing owners. Any conditional approvals could, however, delay final transfer of shares; the AVK filing date was 21 July 2025.