KARPATSKY CHEESE CO.
Verified
2014
Artisan Carpathian Cheese — Built for Export
Ivano-Frankivsk region
Production
ABOUT THE COMPANY
Karpatsky Cheese Co. is a Ukrainian producer of artisan and semi-hard cheeses, founded in 2014 in the Ivano-Frankivsk region of Western Ukraine. The company specialises in Carpathian-style cheeses made exclusively from milk sourced from local GlobalG.A.P.-certified farms within an 80 km radius. Over the past decade, the company grew from a small 300 kg/month workshop into a mid-scale production facility with a current output of 18 tonnes per month. Products are exported to 4 countries, including Poland, Germany, and the UAE. Despite the full-scale war, the company retained 100% of its workforce and increased export revenue by 34% in 2023.
Founded | Capacity | Export Markets | Employees |
2014 | 18 t / month | 4 countries | 34 people |
Investment
The point: how much, for what, and on what terms.
Amount (€)
€ 350,000 — € 700,000
Investment Type
Minority equity / Strategic investment (up to 25%)
Company Valuation
€ 2,000,000 — € 2,800,000 (pre-money)
Preferred Investor
Impact investor / EBRD-type fund / Diaspora investor / Strategic partner
Expected Exit
Strategic M&A or buyback in 4–5 years
Use of Funds:
- New ageing chamber construction (€ 200k) — capacity increase to 35 t/month
- EU food safety certification — BRC Grade A (€ 60k)
- Export marketing & distribution setup in Germany and Poland (€ 120k)
- Working capital for export order fulfilment (€ 120k) — (€ 200k)
Key Investor Terms:
- 1 board observer seat (non-voting option available)
- Quarterly financial reporting (P&L, cash flow)
- Annual independent audit
- Approval rights on transactions above € 50k
Partnership
The point: who we need and how we grow together.
Looking for
Distribution / Joint Venture
Partnership Type
Distribution partner / Strategic JV
Target Region
DACH (Germany, Austria, Switzerland), Poland, Netherlands
Partner Role
Access to retail / HoReCa networks, local distribution, market expertise
Economics
Revenue share: 15–20% of wholesale price; regional exclusivity available
Timeline & Format
12-month pilot → 3+2 year contract; JV option from Year 2
What the partner gets:
What the partner gets:
- Regional exclusivity upon hitting volume targets
- White-label option under partner’s own brand
- Co-branded marketing materials (EU standard)
- Dedicated export support line
Available for other regions:
Region | Key Markets | Notes |
🌎 South America | Brazil, Chile, Argentina | Halal-certified product; strong diaspora channel |
🇺🇸 North America | USA, Canada | FDA registration in progress (Q4 2025) |
🌏 Asia | UAE, Malaysia, South Korea | Halal certified; premium segment focus |
Technology / Expertise
What we need to scale.
Needs
Production / Digital Traceability
Type
Production tech + Export certification + Digital (ERP/WMS)
Goal
Cut production cost by 10%, automate quality control |
Format
Technology licence / Service contract / Partnership
Format
Fee + Success fee (% of cost savings) / equity option
Specific needs:
- Automated slicing and MAP packaging line for retail-ready format
- Ageing control system (IoT sensors — temperature, humidity, CO2)
- ERP integration with European retailers (EDI / GS1)
- BRC / IFS food safety consulting and audit preparation
Story & Uniqueness
Founded by the Boichuk family in 2014 in Yaremche, Carpathian region. Started with traditional 19th-century recipes. Today — 9 cheese varieties: from soft ‘Karpatskyi’ to aged ‘Hutsul Bryndza 12M’.Read more
Only Ukrainian producer to receive a Silver Medal at the World Cheese Awards 2022 (Newport, UK). Despite the war, maintained all export contracts and added two new markets in 2023.| Product Line | Volume (t/month) | Key Market |
| Karpatskyi (soft) | 5 | Ukraine, Poland |
| Hirskyi (semi-hard) | 6 | Germany, UAE |
| Hutsul Bryndza 12M | 3 | Poland, Austria |
| Smoked Cheese | 2 | Netherlands, Germany |
| Organic Spread Line | 2 | UAE, UK |
1. Financial Snapshot
Revenue (current year)
€820k
EBITDA Margin
€130k
15.9%
CapEx
€70k
OpEx
€620k
Net Cash Flow
+ €60k
Export Revenue Share
38%
Debt / EBITDA
1.2x
Key Takeaways:
- Revenue CAGR 2022–2024: +31% — steady organic growth, no donor funding
- EBITDA margin improving 3 years in a row — scaling economics working
- Debt load declining: D/EBITDA on track below 1x by 2025
- Positive cash flow since Year 1 — self-funded to this point
- Export share growing from 18% to 38% — market validation
2. Unit Economics
Does the company make money on a single jar of product?
Metric | Karpatskyi (soft) | Bryndza 12M (aged) |
Pack Weight | 250 g | 180 g |
Cost of Goods (€/kg) | € 3.80 | € 6.20 |
Wholesale Price (€/kg) | € 6.50 | € 12.50 |
Gross Margin | 41% | 50% |
Logistics (€/kg) | € 0.40 | € 0.50 |
Marketing (€/kg) | € 0.25 | € 0.35 |
Contribution Margin | 37% | 46% |
Verdict: Scalable for export — YES
- Contribution margin >37% comfortably absorbs EU distribution and marketing costs
- At 35 t/month production scale, COGS drops an estimated 8–10% (economies of scale)
- Aged cheeses (12M+) are the flagship: >46% margin, premium positioning, less price pressure
3. Export Readiness Score
Can this company enter a new EU market in 3 months or does it take 2 years?
Criteria | Status |
Packaging meets EU labelling standards (multilingual) | YES |
Shelf-life: minimum 60 days for international shipping | YES |
Volumes: stable supply capacity from 3 t/month | YES |
Export track record (active contracts) | YES |
EU food safety certificate (BRC / IFS) | NO |
Halal certificate (for UAE / Asia) | YES |
EAN / GS1 barcoding | YES |
EDI integration with major retail chains | NO |
International cargo insurance | YES |
EU-based logistics partner (3PL) | YES |
Export Readiness Score: 8 / 10
The company is ready to supply most markets today. For full entry into EU retail (REWE, Kaufland, Carrefour): BRC Grade A needed (~4 months) + EDI setup (~2 months). Both can run in parallel.
4. IP / Brand Assets
We don’t invest in a brand that might lose its name or market tomorrow.
Asset | Status |
Trademark ‘Karpatsky Cheese’ | ✅ Registered in UA + EU (EUIPO) |
Recipes & Formulations | ✅ Proprietary, documented, fully company-owned |
Milk Supply Exclusivity | ✅ Long-term agreements (5 years) with 3 farms |
Packaging Design | ✅ Original, registered, ready for regional adaptation |
Brand Book / Storytelling | ✅ Developed (Carpathian heritage, handcraft narrative) |
Awards | ✅ World Cheese Awards 2022 — Silver Medal |
Domain + Social Media | ✅ EU-oriented website; Instagram 14k followers |
5. ESG / Sustainability
Critical for EU funds, institutional investors, and major retail chains.
Criteria | Details |
Raw Material Origin | 100% local milk (80 km radius), GlobalG.A.P.-certified farms |
Environmental | 60% biodegradable packaging; rooftop solar panels (25% of electricity) |
Social Impact | 34 jobs in rural area, local school partnership, wartime employment retained |
Traceability | QR code on every unit — full farm-to-shelf traceability |
CO2 Footprint | Measured since 2023; target: -25% by 2027 |
ESG Fund Eligibility | Meets EBRD Green Economy Finance criteria |
6. Regulatory Status
ISO 22000
HACCP
Funds secured — but can you actually sell?
Certificate / Licence | Status | Markets |
HACCP | ✅ Active | All markets |
ISO 22000:2018 | ✅ Active | EU, CIS, MENA |
Halal (UQCS) | ✅ Active | UAE, Malaysia |
EU Veterinary Certificate (EV) | ✅ Active | Poland, Germany, Austria |
BRC Food Safety Grade A | ⏳ In progress (Q3 2025) | EU Retail (REWE, Kaufland) |
Alcohol Regulation | N/A | Non-alcoholic product |
FDA Registration (US) | ⏳ Planned (Q4 2025) | USA market |
What grows after the deal — volume, quality, export, brand.
Phase | Action | Timeline | Outcome |
🚀 1 | Launch exports to Germany (first sales) | Days 1–90 | € 15k/month revenue |
📋 2 | BRC Grade A certification + EDI setup | 4 months | EU retail chain access |
🏭 3 | New ageing chamber construction | 6 months | Capacity: 35 t/month |
🤝 4 | JV launch with DACH distributor | 6 months | Exclusivity in 3 countries |
🎨 5 | EU retail packaging redesign | 3 months | Sales uplift est. +20% |
🔧 6 | IoT ageing control system | 4 months | Waste reduction –35% |
🌱 7 | ESG report + Green label | 6 months | Access to ESG/impact funds |
🇺🇸 8 | FDA Registration (USA) | Q4 2025 | US market entry |
💰 9 | Series B prep / strategic M&A | Year 3–4 | Exit or next round |
Post-Investment P&L Forecast:
Metric | 2025E | 2026E | 2027E |
Revenue (€) | € 1.1M | € 1.6M | € 2.2M |
EBITDA (€) | € 190k | € 320k | € 490k |
EBITDA Margin | 17.3% | 20.0% | 22.3% |
Export Share | 50% | 65% | 75% |
