BAAR, SWITZERLAND / June 4, 2025 / – Novastone Capital Advisors (“NCA”) has announced the successful exit of Formeds, a leading Polish clean-label supplements company, to Enterprise Investors (“EI”), a premier private equity firm in Central and Eastern Europe. Formeds was a portfolio company of the Novastone Partners – NP Operator-led Buyout Global Fund I, and this marks the second exit from the fund’s portfolio.
Founded in 2012, Formeds has built a strong position in the Polish supplements market through its dedication to clean- label formulations — free from preservatives, artificial additives, and fillers. Today, the company offers over 160 products addressing immunity, cardiovascular health, prenatal care, and more, and operates its own production facility near Poznań, ensuring full quality control and rigorous laboratory testing.
NCA Operator Waldemar Pilch acquired Formeds in 2022 and assumed the role of CEO. Under his leadership, the business scaled its e-commerce presence, expanded its product portfolio, and optimized in-house production. Waldemar Pilch will remain as CEO and co-owner alongside Enterprise Investors to continue driving growth.
“Formeds was built with a singular vision: to offer the purest and most effective supplements possible. NCA’s support across the acquisition, transformation, and exit process was instrumental in realizing that vision,” said Pilch. “Our new partnership with Enterprise Investors will allow us to further accelerate our development while remaining true to our core values.”
Michał Kędzia, Partner at Enterprise Investors, added: “We are excited to support Formeds in its next phase. The
company’s strong in-house R&D and loyal customer base make it an ideal platform for growth. With Waldemar’s continued
leadership, we look forward to unlocking its full potential.”
Christian Malek, CEO of NCA, stated: “This transaction exemplifies the strength of our Operator-led Search Fund model: a capable Operator steps into a CEO role, preserves the founder’s legacy, and builds sustainable value. We are proud of Waldemar’s achievement and thankful to our global team for their role in this outcome.”
ABOUT NOVASTONE CAPITAL ADVISORS (NCA)
Founded in 2019, NCA is a global investment firm focused on solving SME succession through its Operator-led Search Fund Program. The platform supports experienced mid-career professionals in acquiring and leading companies across Europe and North America.
About Enterprise Investors (EI)
Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Since 1990, it has raised ten
funds, invested €2.4 billion in 161 companies, and exited 140 investments successfully.
ABOUT NOVASTONE PARTNERS (NP)
Novastone Partners is the exclusive Fund Advisor to the NP Operator-led Buyout Global Fund I, a Luxembourg-based RAIF. The fund targets buyouts in the lower mid-market across Europe and North America and exclusively invest in acquisitions from NCA to ensure seamless execution and long-term value creation through succession-driven investments.
