Horizon Capital has exited its stake in Ukrainian confectionery producer Yarych after nearly eight years of investment, according to Asters, the law firm that acted as legal advisor to Horizon Capital on the deal.
Asters said it provided full legal support to Horizon Capital throughout the transaction, including preparing and negotiating the transaction documents, structuring the deal and advising on antitrust matters.
Yarych, a confectionery factory that produces biscuits and crackers, was founded in 1986. It was owned by Nestle between 2000 and 2008 before being resold several times. Horizon Capital acquired the company in 2018. The company's ultimate beneficial owner is Volodymyr Hnatiuk.
Market leader in biscuits
Yarych is the leading brand of packaged dry biscuits in Ukraine, holding more than 70% of the market in the "Maria" biscuit segment. It is also known for its Petit Beurre, The Crackers, Matusyne and La Siesta brands.
After the launch of the free trade zone between Ukraine and the European Union, Yarych became one of the pioneers of biscuit exports to EU countries. Within three years, the export share of the company's sales grew from zero to more than 20%. Yarych signed direct contracts with major European retailers, including Biedronka, Auchan, Eurocash and Carrefour.
Revenue growth and customs status
In the autumn of 2023, the Yarych confectionery factory received Authorized Economic Operator status in Ukraine, which gives benefits and simplifications during customs clearance. In 2025, the company's revenue grew by 12%, reaching almost 1.1 billion hryvnia.
In early July 2026, Yarych raised $10 million from Norfund, Norway's state investment fund. The funds were provided under the Ukraine Investment Fund, a special vehicle created by the Norwegian government to support the reconstruction and development of Ukraine's economy through backing the private sector.
The investment will allow Yarych to modernize its production site in the Lviv region. The company plans to launch a modern pretzel production line, which will let it enter new product categories, expand its range and significantly increase sales volumes.
About Horizon Capital
Horizon Capital is one of the leading private equity firms operating in Central and Eastern Europe. It is backed by more than 40 institutional investors and manages assets worth more than $1.8 billion. Horizon Capital has been active in the region for 29 years.
In January 2026, Horizon Capital said it had raised 150 million euros to support Ukraine. The private equity firm completed the first close of a fund for reconstruction and plans to mobilize 3 billion euros into strategic sectors of the economy.
