CVC Capital Partners, the private equity and investment advisory firm, has announced it will buy Zabka, one of Poland’s biggest convenience stores, from Mid Europa Partners for just over €1bn ($1.05bn).

Mid Europa, a buyout investor focused on the growth markets of Central and South Eastern Europe bought Zabka in 2011 for €400m.

In the 19 years since its formation, Zabka grew from a single convenience store in Poznan, a small city in western Poland to now operating 4,500 stores through franchise agreements.

It is currently worth an estimated €1.5bn.

The deal comes amid a scramble among private equity players to break into the Polish retail space following the sale of Allegro, the Polish online retailer, to Cinven, the private equity firm headquartered in London, last year.

“Zabka is one of the clear market leaders in the modern convenience segment, with a high-quality business model and a talented leadership team,” said Krzysztof Krawczyk, head of CVC Poland in a statement issued today.

Earlier this month, CVC bought a stake of between 11 percent and 12 percent in the Pension Insurance Corporation, one of the UK’s biggest bulk pension buyout businesses.

CVC currently manages more than $50bn in assets.

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