• Operating since 1990, Bielenda Kosmetyki Naturalne (Bielenda) is a popular Polish cosmetic brand, available in stores in 55 countries. Bielenda is a portfolio company of Innova Capital, a leading, independent Polish private equity firm
  • Torf Corporation produces the well-known lines of Tołpa branded cosmetic and personal care products. Torf Corporation has built a strong brand in Poland since its launch in the 1980s and is a leading producer of oral care products in Central and Eastern Europe (CEE)
  • Torf Corporation has been backed by Resource Partners, an independent Polish private equity firm, since 2017


  • DC Advisory acted as exclusive financial advisor to Bielenda to provide strategic advice in relation to the acquisition of Torf Corporation
  • DC Advisory led the process and leveraged local relationships to guide Innova Capital and Bielenda to a mutually satisfactory agreement


  • In November 2023, Resource Partners agreed to combine Torf Corporation with Innova-backed Bielenda
  • The transaction is subject to customary antitrust closing conditions
  • The deal provided a successful exit for Resource Partners and will help to cement Innova Capital’s place as owner of the premier domestic leader in personal and cosmetic care in the CEE region