Kateřina Dvořáková

Genesis Growth Equity Fund I has completed the acquisition of a majority stake in Cross Masters. The Czech company, which specializes in data architecture, business intelligence (BI), artificial intelligence (AI), data analytics, and customized product development, previously owned by Jan Hornych, is planning further significant expansion. The combination with the investment fund will enable it to implement its international acquisition strategy and grow at a faster pace than before.

Genesis Growth Equity Fund I specializes in investments in small and medium-sized companies with growth potential, particularly in the Czech Republic and Slovakia. In September, the fund successfully completed the acquisition of a majority stake in Cross Masters, which was founded in 2012 by Jan Hornych.

The company provides consulting, advisory services, and custom IT solutions in the field of data and technology. Cross Masters has been growing at a rate of 20% per year for a long time and currently employs a strong team of 50 consultants, data engineers, and developers, led by CEO Alois Balíček since April of this year.

Genesis Growth Equity Fund I, together with the current owner, will actively support the company’s development activities on the domestic and international markets through the newly established holding company. “We were convinced by the deep expertise of the founder, management, and entire Cross Masters team, as well as the company’s focus on technology consulting based on an understanding of its customers’ business needs. We believe that cooperation with a strong financial partner will accelerate the company’s already dynamic growth, which will enable it to supplement selected acquisitions as needed,” says Marek Hoščálek, partner of the fund, about the transaction.

The current owner, Jan Hornych, plans to continue working at Cross Masters as a strategic consultant and to devote himself to the development of the entire holding company from the position of its director. “The fund’s entry will enable us to realize our long-term vision of creating a strong holding company with an international reach. The expected changes in the market related to the further development of technology bring opportunities for acquisitions of several companies in the industry. I would like to focus primarily on this area, in which I will be working closely with the current CEO, Alois Balíček. During his six months in office, he has brought several positive changes to Cross Masters, and I am confident that under his leadership, the company is on an excellent path to further growth,” says Jan Hornych.

Polish Enterprise Fund VII, a private equity fund managed by Enterprise Investors, today announced it has sold 100% of shares in PAN-PEK, a leading Croatian producer and distributor of bakery products. The company was acquired by Inter Europol, the largest player in Poland’s bakery market. The value of the transaction was not disclosed.

Founded in 1992, PAN-PEK has grown into one of the Adriatic region’s top producers of frozen baked goods. The company supplies major modern retail chains such as Lidl, Kaufland, Konzum and Spar, and operates its own retail network of more than 70 locations. PAN-PEK employs nearly 800 people and generated revenues of over EUR 50 million in 2024. It runs two production facilities, in Zagreb and Đakovo, and offers a broad assortment of breads, pastries, snacks, sandwiches and regional specialties, catering to both retail customers and the HoReCa sector.

Enterprise Investors became PAN-PEK’s majority shareholder in 2018 and assumed full ownership in 2020. Under its stewardship, the company significantly expanded its production capacity and launched exports to Italy and the United States.

Inter Europol SA is a family-owned Polish company established in 1989. Originally a local bakery in Warsaw, it has grown into the leading player in Poland’s bakery market and employs more than 1,500 people. Its fresh and frozen products are distributed across the European Union as well as in Asia and the Middle East. Most of its products carry a clean label, meaning they are made exclusively from natural ingredients and the company’s own sourdough, without emulsifiers or stabilizers. Inter Europol continues to grow dynamically, pursuing an acquisition-led strategy. In recent years it has acquired healthy food producers Bezgluten and Primavika as well as a bakery, Trimar, strengthening its position in the natural products and retail segments.

Enterprise Investors Fund IX announces its acquisition of a 77% stake in Formeds, a leading Polish premium brand of clean-label vitamins, minerals, and dietary supplements. The transaction, which represents a strategic partnership with the company’s co-owner and CEO Mr. Waldemar Pilch, underscores Enterprise Investors’ commitment to investing in companies in the health and wellness sector that have high growth potential. The value of the transaction, which requires antimonopoly approval, was not disclosed.

Founded in 2012, Formeds has carved out a strong position in the competitive supplements market through its steadfast commitment to clean-label formulations. Its products are free from preservatives, artificial additives, and fillers, thus meeting the growing consumer demand for pure, simple, and high-quality solutions. The global market for vitamins, minerals and dietary supplements is expanding rapidly, driven by increasing interest in wellness, self-care and longevity. With its premium clean-label approach, Formeds is well positioned to capitalize on these trends.

“Formeds was built with a singular vision: to provide consumers with the purest, most effective supplements possible,” said Waldemar Pilch, co-owner and CEO of Formeds. “Partnership with Enterprise Investors gives us the resources to accelerate our growth while maintaining core values. We have significant room for expansion, both in developing new products addressing multiple health needs and introducing new delivery forms including liquids, gummies and droplets.”

Formeds currently offers over 160 products targeting key health areas such as immunity, beauty, cardiovascular support, digestion and prenatal care. The company has achieved significant success in e-commerce, ranking among the most popular vitamin and supplement brands in Poland. With its own production facility near Poznań in western Poland, Formeds retains full control over manufacturing quality and conducts rigorous testing in certified laboratories to ensure product purity and effectiveness. This commitment is reflected in the company’s strong financial performance and dynamic growth. Formeds aims to reach EUR 15 million in revenue this year, which represents a 46% year-over-year increase.

“Formeds’ in-house product development capabilities and loyal customer base make it an attractive investment,” said Michał Kędzia, a partner at Enterprise Investors who is responsible for this transaction. “We see strong potential for sustained growth. Importantly, Mr. Waldemar Pilch, the company’s co-owner and CEO, remains deeply involved in its strategic development, ensuring continuity and leveraging his expertise to drive future success. We look forward to supporting Formeds in the next chapter of its accelerated growth.”

Enterprise Investors (EI), the most experienced and one of the largest private equity firms in Central and Eastern Europe, today announced the final closing of Enterprise Investors Fund IX (EIF IX) at EUR 340 million.

EIF IX attracted significant interest from commercial investors, who accounted for over 60% of total commitments. For the first time in the firm’s 35-year history, they included Polish institutional and private investors, reflecting growing domestic confidence in the private equity asset class. The remaining commitments came from development finance partners, the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC).

“Securing commitments from a diversified base of investors, particularly under the current turbulent global circumstances, is a strong endorsement of our track record and the quality of our team,” said Jacek Siwicki, president of Enterprise Investors. “We view the participation of Polish investors as a strong vote of confidence in our strategy, and the private equity asset class in this region.”

EIF IX builds on Enterprise Investors’ long-standing strategy of backing market leaders with strong growth potential in Poland and across the broader CEE region. The fund targets fast-growing sectors including technology, financial services, consumer products, business services, healthcare, retail, and manufacturing, all of which benefit from the convergence of CEE’s dynamic domestic markets with Western European demand and from the region’s increasing global integration. Since its first closing, EIF IX has completed six investments: APS (anti-drone systems and radar technology), eTravel (corporate travel management), Expobud (modular housing construction), Scan Lab (digital dental services), Sescom (technical facility management), and Unity Care (outpatient healthcare services). Several of these companies are already entering new markets in both Central and Western Europe through their acquisition-driven expansion strategies.

Sandberg Capital and ARX Equity Partners have jointly acquired a majority stake in Travelnode GmbH, the holding company of Phobs d.o.o., a leading SaaS technology provider for the hospitality sector in the Adriatic region.

Founded in 2004 and headquartered in Dubrovnik, Croatia, Phobs delivers innovative software solutions designed to drive revenue growth for hotels and campsites. With a client base managing over 3,500 properties handled by approximately 9,000 hospitality professionals, Phobs has built a robust market presence and maintains strong customer retention.

“The partnership with Sandberg Capital and ARX Equity Partners is especially meaningful, as we have found partners who deeply understand our mission — that the quality we deliver to our clients is our greatest strength. Their appreciation for our values and long-term vision gives us the confidence that we can accelerate our growth while staying true to what defines Phobs.” said Miho Borković, CEO at Phobs.

The investment will accelerate Phobs’ strategic growth initiatives, including expanding its product offerings. It will also enable geographic expansion and support acquisitions to further enhance its market position and capabilities.

“Phobs represents an exceptional opportunity to invest in a market leader with strong growth potential,” said Michal Rybovič, Partner and CIO at Sandberg Capital. “At Sandberg, we specialise in supporting ambitious companies in technology-driven sectors, providing strategic guidance, operational expertise, and resources to accelerate growth. We are committed to helping Phobs thrive by tapping into new markets and driving innovation.”

Phobs has demonstrated strong performance, achieving annual revenues of EUR 7 million with double-digit growth rate over the past few years. Currently, Phobs generates the majority of its revenues from Croatia, supplemented by Slovenia and other international markets. “We see significant potential in Phobs’ established leadership position and scalable business model,” added Martin Medo from ARX Equity Partners. “The company is well-positioned to benefit from continued digitisation in the hospitality industry, and we are excited to support its ambitious growth strategy.”

Advisors on the transaction on the buyers’ side were law firms Mamić Perić Reberski Rimac (Croatia); Bär & Karrer (Switzerland) and JŠK (Czechia); financial advisor KPMG (Croatia) and financing partner Tatra Banka (Slovakia). The parties have decided not to provide further details on this transaction.

EMUN is expanding its range of investment funds with EMUN Global Private Infrastructure OPF (hereinafter GPI or the Fund) – the third in its series of funds focused on investment opportunities in private markets in cooperation with leading global asset managers. The Fund focuses primarily on areas of digital infrastructure such as the development and holding of data centers, as well as energy and transport infrastructure. In its initial period, the Fund raised more than half a billion CZK in initial capital from the EMUN group and EMUN Family Office clients. It built a fully invested portfolio composed of institutional funds of leading global infrastructure managers. After a successful start, the Fund is now being opened to external investors and will be available in quarterly subscription windows through selected private banks and distributors. In the upcoming periods, the Fund will aim to reach assets under management of over one billion CZK. Investments in infrastructure have historically offered an attractive combination of stable returns resistant to economic cycles, low correlation with publicly traded assets, and a good level of inflation protection.

The Fund will invest across three key segments. The largest part of the portfolio will target investments in digital infrastructure, especially the construction and long-term ownership of data centers, telecommunications towers, and fiber-optic networks necessary for modern digital communication. The energy segment will form the second largest part of the Fund’s portfolio and will offer investments in the production, transmission, and storage of energy, such as gas pipelines or transmission systems. The portfolio will be complemented by investments in the transport infrastructure segment, such as highways or airports. From a risk profile perspective, the fund will primarily target stabilized projects with inflation-linked contracts and a smaller representation of value-added projects such as greenfield development.

“Private infrastructure is currently one of the fastest-growing asset classes in private markets. In the last five years, assets under management have globally grown around 15% annually and have even outpaced larger classes such as private equity or venture capital. Key investors have historically been mainly sovereign wealth funds. At this moment, however, we are observing a democratization of this class, with other types of investors beginning to perceive its attractiveness. It is particularly interesting due to long-term contracts, inflation indexing, or the benefits of real assets, which can provide protection against shocks in the financial markets. We believe that in the future, infrastructure will, thanks to these qualities, replace a large part of investors’ real estate exposure,” says Filip Savi, partner and portfolio manager at EMUN.

By establishing the GPI fund, EMUN investiční společnost builds on more than 10 years of investment management in private markets, in which it currently manages over 6 billion CZK of invested and committed capital. Similar to previous funds in the “global private” series, GPI will offer exposure to developed Western markets in cooperation with leading global asset managers. The Fund will be available in an evergreen semi-liquid form with a CZK-hedged class, thus providing efficient access to foreign markets for local qualified investors. Investors in the Fund will thus have the opportunity to participate in some of the largest global infrastructure projects and profit from societal megatrends such as the adoption of AI, electrification of mobility, or deglobalization of supply chains.

“EMUN Global Private Infrastructure is another key piece in the broader mosaic of investment opportunities that we have made available to our investors in recent years. Unlike investments in private equity or private credit, it offers a different risk and return profile. Infrastructure investing should primarily be viewed as a long-term hedge against inflation, financial market volatility, or geopolitical risk. For the stable, multigenerational portfolios we manage at EMUN, these advantages are ideal. We believe that opportunities in global infrastructure will be especially attractive for investors who feel at risk due to their excessive exposure to local real assets such as commercial and residential real estate. We are probably the first investment company in the Czech Republic to decide to establish such an ambitious fund, and in the current environment, we see it as a necessary part of a well-diversified portfolio,” says Leoš Jirman, partner and CIO of EMUN, who has more than thirty years of experience in capital markets.

Enterprise Investors Fund IX has announced its plan to invest in Expobud, a supplier of prefabricated single-family houses. The fund will acquire 80% of the company’s shares, partnering with its founders Michał Puciński and Krzysztof Martyna. The value of the deal remains undisclosed.  The transaction is subject to approval by the Polish Office of Competition and Consumer Protection.

Since 2011, Expobud has specialized in providing individual clients with prefabricated single-family houses built of lightweight concrete based on expanded clay aggregate. This innovative material ensures excellent insulation and durability, making Expobud houses an attractive choice for customers seeking high-quality, energy-efficient solutions delivered reliably, quickly and seamlessly. The company offers a wide range of customizable designs, and it is this flexibility, coupled with a focus on quality, that has helped Expobud become the second-largest player in Poland’s prefabricated housing market and a leader in lightweight concrete technology.

This year the company will construct 140 single-family houses and expects to generate revenues exceeding EUR 14 million. With the fund’s support, it plans dynamic sales growth through market expansion and product development.

“Expobud has established a strong position in the local prefabricated housing market. We are impressed by its efficient business model and ability to respond to rapidly changing customer needs. Our investment will support the company’s growth across Poland,” said Sebastian Król, a partner at Enterprise Investors. He added, “Expobud is our second investment in the prefabricated housing sector after Danwood, a market leader in Germany that we owned for nearly five years. We intend to fully leverage our experience from that project.”

“The partnership with Enterprise Investors marks a milestone for Expobud,” said Michał Puciński, the company’s co-founder and board member. “They have extensive experience in fostering the growth of businesses and understand the needs of entrepreneurs. With EI’s support, we aim to strengthen our position in the Polish market, accelerate our growth and seize new opportunities. Together, we will continue delivering top-quality houses to our customers while expanding our product range and reach.”

Jet Investment has successfully finalized the sale of TEDOM, an energy-engineering group, to the global Yanmar Group. The transaction is one of the most significant mergers and acquisitions in the Czech market this year. For Jet Investment, this deal marks its most successful exit in size, with a nearly sevenfold return on the original investment.

Jet Investment entered the TEDOM group in 2019 through its Jet 2 Fund and became the 100% owner a year later. “We took over TEDOM with a clear vision – to transform it into a global player, and we have successfully achieved this goal,” says Marek Malík, Partner at Jet Investment. The sale of the group, which employs around 1,000 people and operates in both European and international markets, will be the largest project in Jet Investment’s history in terms of size, with a return of 6.8 times the original investment and an internal rate of return (IRR) of 44% per annum.

Under Jet Investment’s management over the past five years, TEDOM transitioned from being a manufacturer and provider of cogeneration units into a full-fledged provider of comprehensive energy solutions and services. Revenues have doubled, from EUR 160 million to a projected EUR 320 million this year. Oldřich Šoba, Project Director at TEDOM, commented: “We broadened our service and market offerings, navigating the company through challenges such as the global pandemic and the energy crisis. We turned these into opportunities, driving further growth through strategic acquisitions.”

One of the key strategic steps was consolidating the production of cogeneration units at the company’s facilities. In 2021 and 2022, TEDOM faced headwinds due to declining demand for gas and cogeneration units during the energy crisis. However, as Šoba noted, “We successfully turned these obstacles into growth opportunities.” Jet Investment invested in digital infrastructure, developing a cloud-based platform that connects cogeneration units into a virtual energy block. This allowed TEDOM to combine various decentralized electricity and heat production sources, providing regulatory services to the transmission system operator.

During Jet Investment’s ownership, TEDOM expanded its global footprint, establishing or strengthening its sales and service organizations in the U.S., UK, Poland, and Kazakhstan. In 2021, Jet Investment also acquired a small energy supplier, which grew into a mid-sized player under the TEDOM energie brand, serving over 50,000 customers. Earlier this year, TEDOM formed Polimex Energo, a joint venture with a Polish partner, to build and operate a portfolio of cogeneration units in Poland as part of the country’s large-scale decarbonization initiative. Additionally, TEDOM reinforced its market position by acquiring Italian cogeneration manufacturer Intergen.

“We are now handing TEDOM over to a strong strategic partner, Yanmar, who will further accelerate its growth within their global portfolio,” added Malík.

The sale of TEDOM is the first exit from Jet Investment’s Jet 2 Fund. With an investment horizon ending in 2028, the fund’s portfolio still includes other energy sector leaders such as 2JCP (Czech Republic), Rockfin (Poland), and the printing group EDS. Jet Investment currently has EUR 128 million in capital available for industrial acquisitions via its Jet 3 fund (total fund size of EUR 160 million) and plans to raise an additional EUR 50 million for its new Jet Venture 1 fund, targeting B2B industrial startups.

Jet Investment received legal advice on the TEDOM divestiture from DRV Legal, with a team led by Tomáš Rada and Tomáš Antal, and from PwC Czech Republic, represented by Jan Hadrava, Daniel Janeček, and Dominik Kohut.

Jet Investment has entered into an agreement to divest the energy and engineering group, TEDOM. Under the deal, Yanmar Group will acquire 100% of the shares in TEDOM.

The share purchase agreement (SPA) was signed on 4 September 2024, with the transaction pending approval from the relevant regulatory authorities. The transaction is expected to be completed in the coming months. Both parties have agreed not to disclose the transaction’s value or other details. Upon closing, Yanmar Group will acquire 100% of the shares in TEDOM. TEDOM will then become part of the Yanmar Group, which has more than 20,000 employees and annual sales of approximately CZK 170 billion.

TEDOM Group is a leading global manufacturer of cogeneration units and a provider of comprehensive solutions and maintenance for distributed energy systems. The company also offers a range of energy services including power generation, power balancing, electricity and gas sales, and ESG consulting. With around 1,000 employees and operations in the Czech Republic, Germany, Poland, Slovakia, the United States, the United Kingdom, and Kazakhstan, TEDOM Group is expected to generate approximately CZK 8 billion in revenue in 2024.

“Since the acquisition in 2019, we have succeeded in converting TEDOM Group into a true global organization. TEDOM today is not just a supplier of cogeneration units and services but also a supplier of comprehensive energy solutions.” says Mr. Oldřich Šoba, investment director of Jet Investment. Mr. Marek Malík, partner at Jet Investment, adds “TEDOM Group will surely rank among the most important and successful projects in Jet Investment’s almost 30-years of history. We successfully grew TEDOM with our active investor management despite the difficult business environment with COVID-19, supply chain problems, Ukrainian conflicts, followed by high inflation.”

Mr. Peter Aarsen, CEO Yanmar Energy Systems International commented “We are thrilled about this transaction and grateful for JET Investment’s support. This strategic move brings together TEDOM’s expertise in cogeneration and energy services with Yanmar’s global reach and innovative technologies. The strengths of both companies complement each other, creating a strong foundation for future growth. We remain committed to upholding the high standards and values that TEDOM and Yanmar are renowned for.”

The sale of TEDOM Group will be the first divestment of the Jet 2 private equity fund, through which Jet Investment owns the group. After the sale of TEDOM, Jet Investment’s portfolio will include 2JCP (CZ) and Rockfin (PL), which also specialise in energy, and the printing group EDS (DE). Jet Investment currently has an additional CZK 3,8 billion in the Jet 3 Fund, ready for acquisitions of industrial companies.

Enterprise Investors Fund IX (EIF IX) has announced an investment in Scan Lab, the largest digital dental prosthetics laboratory in Poland. The value of the deal has not been disclosed. EIF IX and the company’s CEO, Damian Waliłko, will acquire 100% of Scan Lab in this transaction. The seller is a Polish investment fund managed by Forum TFI.

Scan Lab is an innovative Polish company specializing in digital solutions for dental prosthetics and orthodontics. Since its establishment in 2017, the laboratory has offered dentists and orthodontists fully digital technology for fabricating prosthetic restorations such as crowns and veneers as well as orthodontic aligners. These solutions cover every stage of treatment, from diagnostics and analysis to design and production of custom-fitted products.

What caught the attention of Enterprise Investors is the uniqueness and high quality of Scan Lab’s solutions. The company’s business model, based on digital technologies and excellent logistics, represents a significant barrier to market entry and makes it difficult to replicate. This is reflected in the strong financial results and high growth dynamics – in 2024 Scan Lab plans to reach EUR 12 million in revenue.

Enterprise Investors partner Michał Kędzia, who is responsible for the investment in Scan Lab, commented: “This transaction marks another foray by EI into the healthcare sector. Encouraged by previous successes, we decided to invest in this key sector of the economy once again”. He added: “The foundations for the dynamic development of modern prosthetics and orthodontics are extremely strong, bolstered by growing patient awareness regarding health and aesthetics. We believe that Scan Lab, under the leadership of its CEO and our new partner Damian Waliłko, will significantly improve quality of life for many patients in Poland and abroad”.

Our goal is to support dentists and dental clinic owners in the adoption of modern digital prosthetics technology,” said Damian Waliłko, adding: “At the core of this process is the use of 3D scanners, which have transformed prosthetics and orthodontics in recent years. Full digitalization of the workflow provides unprecedented comfort for patients and gives both the clinician and the laboratory complete control over creating custom restorations. Ultimately, the most important factor is the quality of the final product, be it a prosthesis, crown, veneer or set of orthodontic aligners. Thanks to digitalization and the scale of our operations we can tailor our solutions to the specific needs of each dentist, which allows us to create many beautiful new smiles more expeditiously.”

Polish Enterprise Fund VII, a private equity fund managed by Enterprise Investors (EI), announces the sale of Nu-Med, a leading Polish company specializing in radiotherapy treatment for cancer patients. The buyer, Affidea, is a pan-European provider of specialist healthcare services, including cancer care, advanced diagnostic imaging and community-based polyclinics. The deal is subject to approval by the Polish Office of Competition and Consumer Protection.

Nu-Med’s journey with EI began in 2013 when PEF VII acquired a significant minority stake in the company, which then operated a single radiotherapy center in Elbląg, northern Poland. In the previous year EI made its first investment in radiotherapy in Katowice, southern Poland. The two radiotherapy centers subsequently merged under the Nu-Med banner and two more treatment centers were opened: one in Tomaszów Mazowiecki, located in the center of the country, and the other in Zamość, situated in eastern Poland.

Over the past decade, Nu-Med has maintained its commitment to high-quality treatment and patient care. The company’s strong position among healthcare providers is reflected in its solid financial standing, with 2023 revenues reported at the level of more than EUR 60 million.

Michał Rusiecki, EI’s managing partner responsible for the investment, said: “This exit represents a significant milestone both in Nu-Med’s growth and in EI’s investment strategy in the healthcare sector, underscoring the firm’s commitment to creating value in this critical sector. We are extremely proud that during our investment period we provided critical care to almost 70,000 patients.” He added: “From a single radiotherapy center, we’ve grown Nu-Med into a leading provider of cancer care. The sale to Affidea ensures that Nu-Med will continue providing high-quality, comprehensive cancer care to patients across Poland as part of a premier international organization.”

Mesut Göral, CEO of Affidea Poland, Senior Vice President and COO for Affidea Group, commented on the acquisition: “Cancer remains a leading threat in our communities, being the second most common cause of death in Poland with around 170,000 new cases and 100,000 deaths annually, according to WHO. This acquisition highlights Affidea’s commitment to supporting the National Oncology Strategy, ensuring better access to top-quality services for cancer prevention, early diagnosis, and treatment, in a comprehensive and integrated manner. Nu-Med’s renowned radiotherapy centre, led by their Senior Leadership Team and highly qualified clinical and non-clinical colleagues, perfectly complements Affidea’s operations and culture. We look forward to working together, after the closing, in our common mission of fighting against cancer.”

Genesis Growth Equity Fund I (GGEF I), a private equity fund specializing in investments in small and medium-sized companies with growth potential primarily in the Czech Republic and Slovakia, has successfully completed the acquisition of a majority stake in Předvýběr.CZ. The company provides specialized services of preselection of appropriate candidates in the HR consulting market. GGEF I will work with the reinvesting owners to further develop the company.

Předvýběr.CZ is a Czech company specialising in the time-consuming part of the recruitment process for mid-level and junior positions. The company searches for candidates using specialized databases and other sources, filters them according to specific criteria and personal interviews, and brokers them to its clients for a fixed fee. The company was founded in 2008 and is based in Prague.  The founders František Boudný and Vladimír Kočí decided to find a strong financial partner to support the further growth of Předvýběr.CZ.

František Boudný and Vladimír Kočí will retain a significant minority stake in Předvýběr.CZ and will continue to actively participate in the management of the Company. At the same time the intention is to strengthen the management team and allow additional employees to assume greater responsibility for the future direction of the Company.

Marek Hoščálek, Partner at Genesis Capital Growth, says: “The founders found an interesting niche in the established recruitment consulting market between ad servers and specialized recruitment consultants, and they have managed to gradually expand this new market position to several Czech regions. We are happy to support Predvýběr.CZ through our fund in further regional growth in the Czech Republic and prospectively also in neighbouring countries.”

František Boudný, founder and CEO of Předvýběr.CZ, said, “We are pleased to team up with Genesis Capital Growth, which we consider a value-add partner for future growth. Our common goal is to provide high quality services to our customers in the future and to support them in their further development, which will be helped by the strong financial background that the partnership with Genesis Capital Growth provides. At the same time, we will place emphasis on the continued development of our employees, which we see as key ingredient for the future success of the company. “

Enterprise Investors Fund IX (EIF IX) has signed an agreement to buy out a majority stake in Sescom, a facility management provider servicing the modern retail sector. Sescom is the undisputed leader in the Polish market and is successfully strengthening its position in Western Europe, with operations across 27 countries. Its customers include such established brands as Douglas, Rossmann and Mango.

• The planned EUR 24.7 million investment will give the fund a majority stake in Sescom, once the current majority shareholders acting in concert have, i.a., completed a squeeze-out;
• The fund, acting in agreement with Sescom’s founder and CEO Sławomir Halbryt, aims to speed up the company’s dynamic growth through foreign expansion. To this end, EI will provide additional equity to Sescom and plans its delisting;
• The transaction is subject to the necessary regulatory approvals.

Sescom was founded in 2008 by Sławomir Halbryt, who has played a key part in its success to date – from winning the first client through to formulating a clear business plan based on technological solutions and specialization in the retail sector. The company leads in Poland’s facility management market, is considerably strengthening its position in Germany and Austria, and – since acquiring a British competitor in 2023 – is expanding dynamically also in the UK.

Sescom’s high service quality is rooted in its effective management, professional know-how and successful integration of experience and technology. Thanks to this, its client portfolio contains close to 100 recognized brands and its technical teams serve more than 40,000 stores across Europe. Management’s effectiveness is borne out by the sound financial results Sescom achieved in the last fiscal year, when its revenues reached EUR 54 million.

“What drew our attention to Sescom was its attractive market requiring a combination of superior technical expertise with experience and mobility. We are highly impressed by the systematic growth of Sescom’s customer base, made up of companies that are European leaders in their respective segments and that demand the highest standards of service. All this, combined with the successful UK acquisition, allows us to plan the company’s further dynamic expansion,” said Sebastian Król, Enterprise Investors partner responsible for this investment. He added: “Operational effectiveness is one of the key factors we look at when choosing our business partners. We believe Sławomir Halbryt and his team have built a very effective business model that is proving itself both at home and internationally.”

The company’s founder and CEO Sławomir Halbryt commented: “One of our priorities is to skillfully combine the advantages of a large international player with the elasticity and agility of a small company. This approach enables us to maintain a fresh outlook and flexibility in building our offer while taking advantage of opportunities that present themselves in the market. Both we and the Enterprise Investors team assume that Sescom’s organic development will lead to rapid value growth and that further market consolidation will accelerate this process.”

Genesis Capital, one of the leading private equity groups in Central Europe, is preparing to launch its seventh fund. Genesis Private Equity Fund V (GPEF V) will build upon the group’s previous successful funds and will focus on investments in medium-sized enterprises in the Czech Republic, Slovakia, Poland, Hungary, and Austria. With a target size of EUR 250 million, GPEF V aims to become one of the largest private equity funds in Central Europe. The fund is expected to be launched in the first half of 2025.

Ondřej Vičar, Managing Partner of Genesis Capital Equity, presents the strategic intent of the new fund: “GPEF V will continue the proven strategy of previous funds in terms of sector, geography, and investment situations. The fund will target established companies with a strong growth potential, particularly in situations where founders are looking for successors or need financial support for further development, innovation, or international expansion. At the same time, we will also be active in cases where multinational companies are restructuring their operations and exiting non-core markets or divesting their assets.” 

Radan Hanzl, Partner at Genesis Capital Equity, adds: “As part of our strategy, GPEF V will continue to focus on four industries that we consider stable and at the same time with good future dynamics. These industries include B2B services, light and medium specialised manufacturing, IT services and technology outsourcing, specialty retail and consumer services. Focusing on multiple sectors will enable GPEF V to ensure diversification of its investments, thereby achieving an optimal expected return and risk profile for its investors.”

“With the new fund we aim to build upon the successful investments and attractive results we have achieved in our previous funds. Over its twenty-five-year history, Genesis Capital has become the most active private equity company in the Czech Republic, and I am pleased that with further development, we are now advancing among the leading firms in the industry within the broader Central European region,” adds Ondřej Vičar, expressing not only his confidence in Genesis Capital’s past achievements, but also his determination to further expand activities in the private equity sector in Central Europe.

The new fund targets companies with a responsible approach

“We want to invest in healthy, transparently managed companies that operate ethically and in accordance with principles of environmental protection, fair working conditions and positive social impact. We want to further encourage these steps as we believe that supporting a responsible approach to business benefits not only our investors, but all entities, individuals and communities that work with us,” adds Ondřej Vičar.

GPEF V, like previous Genesis funds, will invest primarily in the Czech Republic and selectively in neighbouring countries – Slovakia, Poland, Austria, and Hungary. The fund’s investors will be predominantly international and local institutions and investment companies.

“The preparation of the new fund at this time and its proposed size are supported by several factors: very good performance of the GPEF III fund (which started in 2015), the high investment pace and good outlook of the current fund GPEF IV and, most of all, the growing number of attractive and also larger investment opportunities, which we are able to process with our continuously expanding investment team,” concludes Tatiana Balkovicová, Senior Investment Director at Genesis Capital Equity.

International law firm CMS is pleased to announce two key leadership changes in its Prague and Bratislava offices, effective from 1 May. Tomáš Matĕjovský will assume the role of Managing Partner of CMS in Prague, while Juraj Fuska will become Managing Partner of CMS (CMNO) in Bratislava.

Helen Rodwell concludes her third consecutive term as Managing Partner in Prague – during which time she was also instrumental in establishing and leading the firm’s Bratislava office. She will continue to be based in Prague, focusing on clients and complex M&A transactions across CEE, for which she is renowned and acknowledged as one of only three Tier 1 Corporate/M&A lawyers in the entire CEE region by Chambers Global. Helen will also continue to serve as a member of the global Board of CMS Cameron McKenna Nabarro Olswang LLP.

Tomáš Matĕjovský, currently head of the Commercial, Regulatory, and Disputes practice at CMS Prague, brings a wealth of experience to his new role. Specialising in litigation and arbitration, compliance matters, white-collar crime, and various aspects of commercial law, including employment, IP, and competition, Tomáš has successfully represented clients in a range of litigation and arbitration proceedings at all judicial levels. Tomáš also advises a range of medical device and pharmaceutical companies on various matters, including sector-specific regulatory matters, clinical trial issues and anti-corruption issues.

Commenting on his new role, Tomáš said: “Becoming the Managing Partner of CMS Prague is a privilege. I’m genuinely excited about the opportunity to lead and contribute to the continued success of our Prague office and the firm as a whole. I would like to thank Helen for her unwavering commitment to leading the Prague office and building a world-class team dedicated to the success of our clients. The Prague office has grown significantly under Helen’s leadership to become one of the leading law firms in Prague and I look forward to working with Helen and the wider team to deliver on our ambitious plans.”

Juraj Fuska, currently head of the Corporate/M&A team at CMS Bratislava, has more than 20 years of experience in the international law firm environment in Slovakia and takes over management directly from Bratislava. Over the course of his career, focusing on multiple industry groups, Juraj has gained an extensive knowledge of the market and developed a wide breadth of expertise, which allows him to act on significant deals in the market, including complex cross-border transactions. In addition to being a highly sought-after M&A and capital markets expert, his broad range of expertise also includes corporate matters, greenfield investment projects, regulatory and financial institutions advice and PPPs.

Juraj comments: “I am honoured to take on the role of Managing Partner for CMS in Bratislava. Helen has done a remarkable job leading our Bratislava office since its inception and I am eager to build on this strong foundation. I look forward to bringing my experience to this new leadership role as I am committed to pursuing excellence in every endeavour while continuing to deliver exceptional service to our clients. I have no doubt that working with our talented, globally-minded team will fortify our market reputation as the leading law firm in Slovakia. I am very grateful for the trust and support that I have received from CMS and I am very much looking forward to building on that trust and support in the future.”

Genesis Growth Equity Fund I (GGEF I), a private equity fund specializing in investments into small and medium-sized companies with high growth potential in the CEE, has successfully completed an acquisition of a majority stake in Carussel. Co-investors in this transaction are the company’s founder, Mr. Mario Della Donna, and its current CEO, Mr. András Müller.

Carussel is a Hungarian company supporting car dealerships, distributors, and manufacturers in digitalization of their processes. It focuses on the development and operation of modular dealership management systems for car dealerships across Europe and globally. Furthermore, Carussel offers online marketing services that enable clients to maximize performance in traffic acquisition and lead generation.

Marek Hoščálek, the partner of Genesis Growth, remarked: “We were truly impressed by András, Mario, and their management team’s capability to establish Carussel as a trusted partner for major automotive players and successfully extend the company’s product offering internationally. We perceive that automotive industry and car dealerships are generally underdeveloped from an IT perspective and Carussel, with its expertise, is well-positioned to capitalize on the ongoing digital transformation within the sector.”

CEO of Carussel, András Müller, commented: “The automotive industry is going through a period of great turbulence and transformation. Digitalization is playing an increasingly important role in this transformation, and this opens up great business opportunities for Carussel. From the very first moment of the negotiations, we felt that Genesis Growth would be a great partner and could help us tremendously to capitalize on these business opportunities. Together, we can make big steps towards helping Carussel grow even faster and further strengthen its business position in the automotive industry.”

Jiří Beneš, the managing partner of Genesis Growth, added: “We are delighted to announce the latest investment completed by GGEF I, the fund targeting investments into companies with strong growth potential and ambitious management teams seeking funding and support to expand internationally, invest in new innovations, and develop their businesses further. We look forward to collaborating with Carussel’s team, who have been instrumental in driving the company’s successful development to this point.”

Both funds specialize in companies with high growth potential and own the same shareholding in UPS Technology. The new owners plan to strengthen the management team, expand critical infrastructure product offering of the company and add experience in expanding into foreign markets.

“The acquisition of UPS Technology marks another step in the execution of our strategy to invest in companies that deliver stable performance but need effective assistance with technology and business development that meets the needs of the current market to fulfil their high growth potential,” said Václav Salač, Executive Director of the ADAX Corporate Succession Fund.

The acquisition of UPS Technology marks the first joint investment for ADAX Fond firemního nástupnictví and Genesis Capital Growth. “Both investors, ADAX and Genesis Growth, complemented each other well during the acquisition process. We very much appreciate this cooperation, it can be the beginning of our long-term cooperation,” says Salač.

Jiří Beneš, Managing Partner of Genesis Capital Growth, added: “We are pleased to announce another investment by GGEF I, a fund focused on investing in companies with strong growth potential and ambitious management teams. We look forward to working with the UPS Technology team and believe the company has significant future growth potential in the uninterruptible power backup market.”

He also thanked the founders of UPS Technology, Dušan Dostál and Jaroslav Davídek, for their effective cooperation, under whose leadership the company has achieved a significant position, especially in the Czech market of backup systems.

Marek Hoščálek, partner of Genesis Capital Growth, also confirmed ambition to support the further growth of UPS Technology. “The founders of UPS Technology have managed to build a stable and successful company, which is one of the major players in its field and which is able to compete internationally on both domestic and foreign markets. We are pleased to support the growth of a company with a strong position in the attractive segment of uninterruptible power supply systems through our fund.”

Polish Enterprise Fund VII (PEF VII), a private equity fund managed by Enterprise Investors, today announced its planned exit from JNT Group (JNT), one of the largest domestic producers, importers and distributors of wines. The company is to be acquired by its CEO, Jakub Nowak, who, along with a group of investors, will conduct an MBO. As a result of the transaction, Nowak will become JNT’s majority shareholder.

• The value of the deal has not been disclosed;
• The transaction requires antimonopoly approval.

PEF VII acquired JNT (then Jantoń) from the founding family in 2017. Jakub Nowak had headed the company from the outset, having been with the firm for over 20 years, since the beginning of his professional career. Together with the EI team, he drew up a plan for JNT’s dynamic growth. The company has grown consistently since the change in ownership and gained more of the Polish wine market than its competitors. Today, its market share is estimated at close to 20%.

JNT achieved this position by investing in its production capacities and marketing, as well as through the acquisition of brands such as Grzaniec Galicyjski, Wino Makłowicz, Selekcja Makłowicz and Platinum Wines. The company also launched its international expansion last summer, when its products appeared in retail chains in Romania. In December JNT took over a local Romanian competitor, thus accelerating the growth through acquisitions.

EI partner Sebastian Król, who is responsible for the investment, summarized the transaction as follows: “I am pleased that JNT remains in the hands of such a capable manager as Jakub Nowak. His market expertise is unparalleled, and he knows the company inside out. Jakub has been instrumental in securing JNT‘s success to date. He is also best placed to build the company’s value going forward.”

“Our collaboration with Enterprise Investors over the last six years has been very fruitful and has taught us a lot. During this time we not only grew significantly, becoming Poland’s largest wine producer and distributor, but we also professionalized the team, substantially increased production capabilities, optimized the product portfolio and successfully completed domestic as well as foreign acquisitions. Our ambitious plan for the next stage of development is for JNT to become the largest group in Poland and to build a strong presence in many international markets,” commented Jakub Nowak, CEO.

BHS Private Equity Fund, managed by Versute Investments a.s., together with company´s managers Petr Havlík, Jaromír Kejval and Milan Křovina, has acquired Altran CZ a.s. (joint-stock company), which will now be called Tiyo a.s. Tiyo is a leading provider of research, development and testing services for various industries. Tiyo provides its services to more than 300 customers, mainly in Europe, with annual revenues exceeding CZK 300 million.

Tiyo is based in its premises in Hořice, Czech Republic, providing professional services of commercially used and accredited testing laboratories. These laboratories specialise in testing of various components for their environmental, mechanical, material, and electrical qualities. Tiyo also provides services in developing and manufacturing of test equipment, in vehicle engineering and electromagnetic compatibility testing.

The company was founded in 1993. In 2016, it was acquired by Altran International B.V., which was subsequently acquired in 2020 by Capgemini SE, one of the leading technology transformation partners for organisations across its value chain.

In 2022, Capgemini Group decided to sell Altran CZ for strategic reasons. The acquisition by the management team and BHS Private Equity Fund was chosen as the best fit. The transaction was executed on 18th of September 2023.

With the new shareholders, the company will continue to pursue long-term business continuity and provide high-quality services in the areas mentioned above. Simultaneously, it will intensify the research and development in the fast-growing segments identified above and further expand and diversify its customer portfolio.

“We are pleased to have partnered with Versute Investments and BHS Private Equity Fund, who have a successful track record in investing in small and medium-sized businesses of our type, to acquire Tiyo jointly. We are confident that this new milestone will bring positive changes and enable the company to meet the needs of our customers and partners even better and provide an even broader range of high value services,” says Petr Havlík, shareholder and board member of Tiyo a.s.

Tiyo becomes the fifth active portfolio investment of BHS Private Equity Fund, which expands its high-quality portfolio with another company that belongs to the group of European leaders in their fields.

“This transaction fits well to the fund’s investment strategy. The fund acquires a company with clear strategy and sustainable competitive advantage, high innovation and growth potential, all in a very attractive emerging sector. Key aspect is that this transaction was carried out with senior management team, whose members became shareholders and our partners. They are very experienced and highly motivated managers, and we are delighted to be opening this new chapter in the company’s life together,” says Luděk Palata, partner at Versute Investments.

In legal matters, the Schoenherr legal team, led by Michal Jendželovský advised on the transaction.

BHS Private Equity Fund, with Versute Investments a.s. being its general partner, is a sub-fund of BHS Fund II – Private Equity SICAV, which focuses on investments in small and medium-sized enterprises in the Czech Republic and Slovakia. Further information about the Private Equity Fund is available at:

https://www.investice.cz/bhs-private-equity-fund/

The Czech-based investment company Jet Investment has purchased a majority stake in the Czech company LIKOV through its private equity fund Jet 3. With a turnover of CZK 1.5 billion, the company is a leading European manufacturer of building profiles for insulation systems.

Jet Investment, through its Jet 3 Fund for qualified investors, has purchased 70% of the equity in LIKOV. The successors of the company’s founders, led by Radek Toman, who will continue to serve as the company’s CEO, will remain minority owners. The parties have agreed not to disclose the terms of the transaction.

“This is a successful family business with a long history of growth. We are entering as an investor at a time of generational change with the goal of supporting its further development and international expansion,” says Jet Investment founding partner Igor Fait.

LIKOV is a leading European manufacturer and distributor of plastic and aluminium building profiles and construction accessories, especially for external insulation systems. Last year, the company’s sales reached CZK 1.5 billion with EBITDA exceeding CZK 260 million. The company has a strong export orientation, selling its products to 250 customers in 39 countries, and it employs more than 150 people at its production and logistics facility in Kuřim, South Moravia.

In future, LIKOV should benefit from the European-wide trend of decarbonization and further increase the share of exports in its sales. “We see growing demand in European markets for greater energy efficiency and insulation of buildings. While the Czech Republic is already an insulation powerhouse, LIKOV, with its broad product portfolio and quality customer service, is seeing opportunities for further growth opening in European markets,” says Jet Investment Project Director Petr Filka.

Radek Toman, Managing Director of LIKOV, comments on the deal: “I believe that the entry of Jet Investment will be an impetus for further development of the company and together we will contribute a greater share to reducing the energy consumption of buildings in the Czech Republic and Europe.”

The acquisition of LIKOV is the first completed transaction of the Jet 3 Fund, in which Jet Investment pools individual and institutional investors’ capital and its own funds.

“We are pleased that we succeeded in intermediating the entry of an experienced investor, which is a guarantee for LIKOV’s further development in the promising field of building insulation,” said Marek Hatlapatka and Petr Ullmann on behalf of Cyrrus Corporate Solutions, which was the financial advisor to the sellers.

Enterprise Investors Fund IX is to invest in Advanced Protection Systems, the largest Polish independent manufacturer of state-of-the-art radars and comprehensive anti-drone systems. 

• EIF IX will acquire a significant minority share in the company;
• The value of this proprietary investment has not been disclosed.

Advanced Protection Systems (APS) is a pioneering technology company founded by Dr. Maciej Klemm, CEO of the company, and Dr. Radosław Piesiewicz, COO, after successful academic careers. Having commenced the project in 2015 with a focus on radar technology development and production together with dedicated software, over the years APS has become a fully fledged solution provider catering to the growing demand for drone detection systems. The company’s proprietary radar technology offers unparalleled advantages over its competitors: it allows for faster high-precision detection and classification of multiple low, slow, and small (LSS) flying objects at lower altitudes.

The key to APS’s remarkable growth over the past years lies in its ability to provide a state-of-the-art radar system, complemented by intuitive and customizable software. The company’s hardware based on a modular architecture adds to its adaptability and suitability for both commercial and military customers.

“APS has garnered a strong track record, building on past successes and unique features of its solutions. We believe that in the years to come the company is poised to execute a very ambitious international expansion strategy,” said Michał Kędzia, a partner at Enterprise Investors who is responsible for the investment, adding “APS is run by very entrepreneurial founders who are responsible for its rapid growth to date. We do look forward to partnering with them. I am convinced that EI’s vast experience in optimizing corporate structure, conceptualizing and implementing most favorable financing, as well as recruiting top executive talent will result in very fruitful” and lucrative collaboration”.

“With the support of Enterprise Investors, we plan to sustain dynamic growth and accelerate the development of our technological, manufacturing, and organizational capabilities. At the core of our business activity lies product quality and customer satisfaction, which are our top priorities. We are happy to have found a partner that shares our vision, supports our goals and believes in our potential,” said Dr. Maciej Klemm, co-founder and CEO of APS.

Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors, will invest in Goodspeed, Poland’s largest provider of highly specialized temperature-controlled logistics services for ready-to-eat meal producers.

• PEF VIII will acquire a 49.8% share in the company;
• Goodspeed’s founders, Sylwester Rypina and Paweł Rypina, will retain a majority stake and will work with EI on the company’s further dynamic development;
• The value of the investment has not been disclosed;
• The transaction requires antimonopoly approval.

Goodspeed was established in 2009, initially providing delivery services for a single meal box producer in one district of Warsaw. Today, it is the unchallenged leader in providing highly specialized cold chain logistics services for Poland’s ready-to-eat meal producers. The company serves more than 4,600 cities and towns across the entire country. It maintains the highest standard of service and an exceptionally effective delivery chain thanks to unrivaled know-how and logistics processes (with a proprietary IT platform) that are tailored to this market.

Size and nationwide reach allow Goodspeed to reap the benefits of scale. This, and the fact that a company wanting to deliver ready-to-eat meals must have a dedicated logistics chain, gives Goodspeed’s business model several competitive advantages and makes it to hard replicate. The financial results confirm the company’s market leadership: 2022 revenues reached PLN 80 million, while this year’s target is PLN 125 million.

“Goodspeed does what is hardest in logistics – last-mile temperature control,” said EI partner Michał Kędzia, who is responsible for this investment. “The company’s unique know-how enabling door-to-door delivery, and the growing role of direct sales in the food industry, create potential for expansion into new product categories. Since Goodspeed operates an extensive last-mile delivery network under temperature-controlled conditions, it can add a broad range of other services to its offer for end customers,” he added.

Sylwester Rypina, Goodspeed’s founder and CEO, summed up the development potential as follows: “Working with our new business partner, we plan to move the company’s dynamic development up another gear. We see we can expand our competencies by adding new solutions for our customers. Moreover, since we work with many ready-to-eat meal producers and serve a considerable part of this market, we believe we can use our lead position to offer those customers additional specialist services. For years we have been honing the very demanding logistics process for the catering industry. We allocate tens of thousands of meals every evening to production companies all over Poland and deliver them to consumers’ front doors within a few hours, maintaining full control over the cold chain logistics. We plan to develop these unique competencies in foreign markets with the support of our new partner. We also want to enter new industries and offer our existing customers other exciting and innovative solutions.”

Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors (EI), exits Unilink, a leading insurance distribution platform in the CEE region.  Unilink will become part of Acrisure, a fintech that operates a top-ten global insurance broker. As a result of the transaction, PEF VIII will sell all of its shares in Unilink. Unilink’s management team will remain with the business.

• The value of the transaction remains confidential;
• The deal is conditional upon obtaining regulatory approvals.

Enterprise Investors invested in Unilink in 2018, making a capital increase to support an extensive M&A program and completing a partial buyout in return for a 38.4% stake in the business. At the time, the company was a leader in the local Polish market and was looking to strengthen its position as well as build up presence in neighboring countries. Today, Unilink is the largest insurance distribution platform in the CEE region. It has boosted its standing domestically and has also gained a strong foothold in Bulgaria, Czechia, Moldova, Romania and Slovakia. Growth has been both organic and via acquisitions, with over 60 add-ons bought since EI’s investment. During this time Unilink has not only increased its level of professionalization and digitalization but has also expanded the value chain by building two managing general agents (MGAs) in Poland and Romania that provide comprehensive services to insurance carriers. The growth of Unilink’s gross written premium by around 400% in four years is just one measure of its strong market position.

“Supporting a company’s growth is about investing in its future, which also means believing in its potential, supporting the management team and founders and being part of its journey to success,” said Enterprise Investors managing partner Dariusz Prończuk, who is responsible for this investment. “Unilink is the leading market consolidator in its market in Poland and other CEE countries. It is also one of just a few companies that have set up an MGA program in the CEE region and have full insurance capabilities. This is a good illustration of how at EI we not only support companies in their growth but also identify unique opportunities that can bring added value and contribute to their long-term success,” he concluded.

Igor Rusinowski, CEO of Unilink, commented: “Our five years with EI are a win-win. We have transformed Unilink from insurance distribution market leader in Poland to the largest player in CEE, spearheading the segment in six countries and operating through all distribution channels. With EI’s support we have achieved remarkable growth and built a solid position for the future. We believe the Acrisure partnership will help us become part of the largest insurance distribution platform in Europe, which is our next goal and long-term ambition. We share the same values and business DNA, with a very strong focus on entrepreneurship, M&As and delivering excellence. Our team are extremely excited to become Acrisure shareholders and to continue our expansion as part of this global player while leveraging its capabilities and technology in our markets.”

Anwim was founded in 1992 and initially it dealt solely with fuel wholesale. In 2009 the company launched retail operations and created an independent nationwide chain of petrol stations. Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors, acquired a significant minority stake in Anwim in 2018. At the time the company had just over 180 fuel stations and EUR 730 million in annual revenues. Two years later – in 2020 – the fund increased its stake to majority position. Today Anwim, which operates over 400 service stations, is jointly owned by PEF VIII and minority shareholders, among whom are the company founders. Revenues last year approached EUR 2.8 billion.

MOYA is the largest independent chain of filling stations and the network is growing rapidly. MOYA stations are present in all Poland’s voivodeships, with outlets along the main transit routes and local roads as well as in towns and cities. In addition to fuel sales, the chain’s broad offer includes well-stocked convenience stores, Caffe MOYA outlets with food on the go, as well as other services. MOYA has also been growing quickly in the fleet segment, which was boosted by the company’s expansion into the international fleet card market in 2022 when it acquired The Fuel Company, TFC fleet card’s Dutch operator.

Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors, is poised to back Renters.pl, the second largest short-term rental manager in Poland.

• PEF VIII will invest up to EUR 19 million in the company’s growth;
• The fund will acquire up to 80% of shares in pl through this investment;
• The transaction is conditional upon obtaining antimonopoly approval.

Renters.pl was founded in 2018 by two couples, Marta and Kamil Krzyżanowski and Aniela and Sebastian Hejnowski. The company started off as an operator of 15 holiday apartments in Świnoujście, north-west Poland. Within just a few years, it has become one of the largest players in this market and the country’s fastest-growing short-term rental property manager. In 2019 Renters.pl acquired Little Home, a company owned by Wojciech Maniecki, and it now operates over 2,000 rental apartments. Enterprise Investors will buy both the Hejnowskis’ and Wojciech Maniecki’s stakes, as well as shares owned by bValue fund, while retaining the current CEO Kamil Krzyżanowski at the helm. The funds raised in the transaction will be deployed for further growth and acquisitions.

Renters.pl operates in the very attractive and fast-growing short-term rental management market. It has a highly scalable and cash-generative business model that benefits from the organization’s growing size. The company’s customers are private and institutional property owners seeking comprehensive short-term property management and high rates of return on their investment. In addition to marketing and demand generation, Renters.pl offers homeowners dynamic pricing, management of both bookings and guests, cleaning, maintenance, interior design and professional photo services. The company employs over 110 people and in 2022 generated gross bookings value of nearly EUR 27 million.

“Having recorded growth during the pandemic, Renters.pl has demonstrated it can successfully scale up its property portfolio even under the most challenging conditions. The Polish market is still very fragmented, so for businesses operating in this segment to remain competitive they have to employ increasingly complex technology and have the appropriate resources as well as funding to maintain high-quality services. This creates natural entry barriers for newcomers and a good environment for consolidation,” said Enterprise Investors partner Dariusz Prończuk, who is in charge of this investment. “Renters.pl is an excellent platform for consolidating this sector both in Poland and across the region,” he added.

”The management team has the market expertise and drive needed to continue building Renters.pl’s property portfolio and to pursue consolidation projects. We are proud that the Enterprise Investors team recognized our experience and further growth potential. Our plan is to become the largest short-term rental manager in Poland and, when the time is right, we may even look for expansion opportunities further afield,” said Kamil Krzyżanowski, co-founder and CEO of Renters.pl.

Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors, will acquire a 40% stake in BISAR, a fast-growing process outsourcing company operating in Poland and expanding to other Central European countries.

• The fund will invest up to EUR 27 million in the company’s further growth and foreign expansion;
• The transaction is conditional upon obtaining antimonopoly approval.

BISAR specializes in process outsourcing services. It was founded in 2015 and very quickly expanded by taking on large corporate accounts. Over time, the company built an impressive portfolio of reputable clients from various industries including retail, logistics and food processing. BISAR’s dynamic growth was spurred by macroeconomic trends – very low unemployment rates, a shortage of workers in almost all sectors of the economy and an aging population. As these trends are pan-European, BISAR has already started geographic expansion: the company entered Romania earlier this year and plans to move into new geographies in the CEE region.

BISAR is committed to ensuring its employees receive professional training, which greatly increases the quality of services provided by the company. Its operational excellence, ability to quickly adjust to customer needs and high standards are greatly valued by the company’s business partners. BISAR will reach EUR 70 million in revenues in 2022 and plans to grow dynamically in the future on the back of prevailing macroeconomic trends.

“BISAR provides essential services that respond to the increasing workforce shortages caused by demographic changes. Unemployment levels are low and are likely to stay that way even during the economic downturn. I am convinced that together with the founders we will be able to mitigate the growing imbalance on the labor market in Poland and the region,” said Sebastian Król, a partner at Enterprise Investors who is responsible for this transaction.

Commenting on the deal, BISAR’s management board member Robert Abramek said “We strongly believe that together with our partners at Enterprise Investors we can take BISAR to the next level. This new partnership will accelerate implementation of technological solutions that we have already planned. Given the company’s strategic positioning and outstanding prospects, we plan to expand not only our existing accounts but also new ones outside of Poland.”

Polish Enterprise Fund VII, a private equity fund managed by Enterprise Investors (EI), has sold Noriel, Romania’s number one toys, games and children products retailer. The company has been acquired by Sunman Group, a Turkish market leader in toy retail, distribution and manufacturing that operates under the Sunman and Toyzz Shop brands. The value of the transaction will remain confidential.

Enterprise Investors acquired Noriel in 2016 for an undisclosed amount. At the time, it was a family-owned company backed by a financial investor. It operated a network of 47 shops. As part of the deal, EI provided Noriel with EUR 2 million in funding to boost its growth.

Today, the company is a robust omnichannel business with 88 modern stores located all across Romania. Noriel is a top brand on the Romanian toy market – a one-stop-shop for kids and their parents. The company offers the broadest assortment of toys, games and other baby products in the country. Its fast-growing, scalable e-store with an even broader product offering and highly efficient fulfillment function is a perfect platform for entering new markets, as evidenced by the company’s recent expansion to Bulgaria. Noriel’s modern CRM and loyalty systems put it at an advantage over local competitors. The company’s solid sales growth confirms its strong position: in 2022 Noriel is expected reach revenues of RON 312 million, its highest result to date.

“We are proud to be part of Noriel’s journey toward market-leading retail and e-commerce formats that provide the best shopping experience. Today, this is the only player in Romania to offer a true omnichannel service that maximizes online and offline synergies,” said Dariusz Pietrzak, a vice president at Enterprise Investors, who is responsible for the investment. “A shift in preferences toward innovative, entertaining and educational products will further benefit Noriel thanks to the company’s strong product development and sourcing capabilities,” he added.

Studenac, an Enterprise Investors portfolio company and Croatia’s most dynamically growing grocery retail chain, has announced that it will acquire Lonia, a retailer with 300 stores.

• The deal is part of Studenac’s ambitious growth strategy to become the leading pure-play proximity supermarket chain in the Adria region;
• The value of the transaction has not been disclosed.

Lonia Trgovina is a chain of 300 grocery retail stores operating in continental Croatia. Seventy-five of its shops are in the Zagreb metropolitan area, where Studenac has only a handful of stores. The acquisition will complement Studenac’s geographic coverage and will transform the company into a fully fledged nationwide player with the highest number of stores.

Enterprise Investors acquired Studenac in August 2018. At the time, the chain numbered over 380 shops located predominantly on the Croatian coastline and islands, with a hub in Dalmatia. Studenac subsequently integrated five large add-ons – Istarski Supermarketi and Sonik in 2019, Bure in 2021 and Pemo and Lonia in 2022 – as well as several smaller targets with fewer stores. The acquisitions, jointly valued at over EUR 120 million, added 595 shops to the chain. The company has also been growing organically and is on track to complete 100 store openings in 2022. After taking over Lonia, the Studenac chain will have more than 1,050 shops and countrywide coverage. The company’s dominant position is reflected in its strong financial results – the merged company is set to generate revenues in excess of EUR 500 million in 2022.

“I am extremely proud of the results of the hard work my team and I have put into this project. When we took over Studenac in 2018 we had an ambitious plan to become the number one player in Croatia. It took us three years to become by far the largest proximity supermarket chain in the region. We are no longer the brand of choice only for tourists visiting the Adriatic riviera but also for the many Croatians who do their quick daily shopping under the Studenac brand,” said Michał Seńczuk, Studenac’s CEO.

“We have injected over EUR 260 million into Croatia’s grocery retail and plan to continue investing in this sector. We are delighted with the results attained by Michał Seńczuk and his team and are convinced the company will keep growing in the years to come,” added Enterprise Investors partner Michał Kędzia, who is leading this investment. “The change we brought to Studenac is both quantitative and qualitative. Today, a Studenac store is a place where you can conveniently do your quick daily shopping, enjoy a coffee and snack on-the-go, collect deliveries and pay utility bills. Studenac is clearly raising the quality of proximity shopping to the next level,” he concluded.

Investment company Jet Investment is opening a branch in Poland Warsaw. The unit will be headed by Marek Chłopek, an experienced Polish private equity executive. Jet Investment plans to invest in up to eight companies in Poland over three years with a total value of over EUR 100 million. The plan is to open another branch in Germany next year.

Jet Investment, a Czech Republic-based investment company that manages assets of over €500 million (including committed capital) in its private equity and real estate funds, has opened its own office in Warsaw. An office in Germany will follow next year. “We have been investing in industrial companies in Poland and the whole Central European region for twenty-five years. Our investment approach is based on hands-on management, i.e. close cooperation between us and the management of the companies and participation in the decision-making process, which we will do even more effectively thanks to our expansion through local offices,” says Jet Investment partner Marek Malik.

Jet Investment, which used to own the Polish railway manufacturer Kuźnia Ostrów Wielkopolski and bought Gdansk engineering giant Rockfin and several industrial properties last year, plans to invest at least EUR 100 million in Poland and grow by three to eight acquisitions, each with an equity value of between EUR 10 million and EUR 50 million, over three years. Jet Investment already has eight projects in the pipeline, five in Poland. The company’s sectoral focus is renewable energy equipment, the rail industry, aerospace and automotive industry, industrial machinery, speciality and biochemicals, industrial waste processing and recycling, technical textiles, composite materials, speciality alloys, building materials or ICT. “42 per cent of European industrial companies are concentrated in the Central European region, and large, economically growing Poland offers investors a huge pool of attractive companies with management that is on a par with Western Europe. Our advantage as a local investor is that we are culturally and now, with our office in Warsaw, geographically close to local companies,” explains Marek Malik.

Experienced investment executive Marek Chłopek will lead Jet Investment Poland. “Warsaw is the centre of Central European private equity and still has a lot to offer to investors like Jet Investment, especially because investors of our size are mainly focused on the IT and technology scene here. In the field of industrial investments, we see the room for medium-sized investors on the Polish market and much less competition compared to Western Europe,” says Marek Chłopek, who previously co-founded and headed Penton Partners’ equity group and managed a multi-family office.

The Polish team will prospectively have 6-7 employees, including four experienced investment directors. They will be responsible for sourcing investment targets and their subsequent management, and, once the investment horizon has been reached, also for sourcing potential buyers. Jet Investment plans that the Polish office will also start fundraising after obtaining the relevant license from the Polish authorities and will also offer investment in Jet funds to qualified Polish investors. The current investor base of Jet funds consists of Central European HNWIs, family offices and local and international financial institutions.

Following the Polish office, Jet Investment also plans to establish its investment arm in Germany next year, where the investment team will identify acquisition opportunities and manage German and Austrian companies.

CMS bolsters its CEE corporate offering with key partner appointment in Slovakia.

International law firm CMS is bolstering its Central Europe Corporate offering with the appointment of Juraj Fuska as Partner in its Bratislava office.

Widely acknowledged as a leading individual for Corporate, M&A and Commercial, Juraj has over 20 years of experience advising on complex negotiations, major domestic and cross-border mergers and acquisitions, corporate matters, and greenfield investments. He is also an expert in capital markets. As part of his move, Juraj brings with him a team of three associates, Martin Melicher, Demian Boska and Richard Svocak.

Helen Rodwell, Managing Partner of CMS in Prague and Bratislava commented: “We are delighted to welcome Juraj and his team to CMS. Juraj has a strong practice and client base that perfectly complement our existing offering in Bratislava, building on our strong capabilities in deal execution in complex multijurisdictional CEE transactions. We are looking forward to work with our new colleagues.”

Juraj commented: “I am excited to be joining CMS. This truly international law firm has long been committed to the region. Its strong platform in CEE and across the rest of Europe made it an obvious choice for me to take my practice to the next level. I look forward to joining an ambitious team and growing the firm’s presence in Slovakia and Europe.”

Juraj joins CMS from his own law firm Aldertree. Prior to this, he was the managing partner of White & Case Slovakia and the head of the M&A, corporate and capital markets practice teams in Slovakia.

MidEuropa announced today that it has entered into a definitive agreement to acquire a majority stake in Optegra Eye Health Care (“Optegra” or the “Company”), a leading European ophthalmology platform operating in Poland, Czech Republic, Slovakia and the UK. The Company is led by an experienced management team who are reinvesting alongside MidEuropa and the current sponsor, H2 Equity Partners. The transaction, which is subject to customary competition and regulatory approvals, is expected to complete in the first half of 2023.

Optegra is offering a wide range of procedures including cataract, AMD, and vision correction for both public and private patients. The Company operates 29 highly integrated state-of-the art facilities and performs over 100k surgical procedures per year with a focus on industry-leading clinical outcomes and outstanding patient experience.

Pawel Malicki, Principal at MidEuropa, commented: “Optegra is a fast-growing European healthcare player ideally positioned to deliver organic growth within its current footprint and expand into new geographies. We have closely followed Optegra’s development over the past few years and are impressed with its progress and excited to work with the management and H2 Equity Partners in building a pan-European ophthalmology champion.”

Dr. Peter Byloos, CEO of Optegra, commented: “Optegra has a proven track record of delivering outstanding clinical outcomes and patient service, enabled by highly standardized pathways. We have built a strong foundation with H2 Equity Partners and we look forward to welcoming MidEuropa to accelerate our expansion and continue our strong engagement with our doctors, clinical teams and staff.”

Robert Knorr, Managing Partner of MidEuropa, commented: “Our investment in Optegra demonstrates the firm’s continued focus on attractive and growth-oriented healthcare opportunities. MidEuropa has a strong track record in building and exiting national and regional healthcare leaders across the Central European region. We look forward to contributing our regional and sector experience to Optegra.”

The transaction was executed by Pawel Malicki, Eugeniu Prodan, David Nemcek and Ivo Cavrak.

MidEuropa was advised by Moelis (M&A), White & Case (legal), LEK (commercial), PwC (financial, tax and IT), and Houlihan Lokey (financing advisory).

H2 Equity Partners was advised by Lincoln International (M&A), Eversheds Sutherland (legal), Mansfield Advisors (commercial), PwC (financial), Grant Thornton (tax), and Diligize (IT).

On 1 October 2022, the amendment to the UBO Act came into effect in the Czech Republic, which places
obligations on Czech companies regarding their UBOs and specifies penalties for companies, which fail to comply
with these obligations.

Under the amended UBO Act, the UBO of a Czech company is now any individual who ultimately owns or controls the company. This includes any individual who directly or indirectly, through another person or legal arrangement,

• holds an ownership interest or a share representing more than 25% of voting rights in the Czech company;
  has a right to a share exceeding 25% of the profits, other funds or liquidation balance distributed by the Czech
  company;
• exercises a controlling influence in a corporation or corporations, which, individually or jointly, have an interest
  in the Czech company exceeding 25%; or
• exercises decisive influence in the Czech company by other means (e.g. by a side-agreement).

Contrary to the previous legal rules, the option of Czech entities to register their local directors as the UBOs in theUBO register, which to some extent is publicly accessible, is now very limited.

Company obligations and sanctions for non-compliance

According to the amended UBO Act, Czech companies’ obligations include the following:

• collecting and recording complete, accurate and up-to date data on its UBOs;
• recording the steps undertaken in the course of identifying its UBOs;
• keeping records of the above for the duration of the status of the UBO and for ten years after this position has
  ceased;
• keeping its entry in the UBO register current and updating the registration without undue delay after each
  triggering event; and
• providing all necessary cooperation to public authorities upon their request.

If a Czech company fails to provide information on its UBOs following a court request or update its registry records following a court decision on discrepancy, the company (and in some cases even the parent companies) could face a fine of up to CZK 500,000 (approximately EUR 20,000).

In addition, non-compliance could lead to a ban on payment of dividends to an unregistered UBO, as well as prevent
an unregistered UBO from exercising their shareholder rights at a general meeting.

Conclusion

Non-compliance with UBO rules may considerably impact transactions, any planned corporate restructuring or
financial distributions.

For example, if the UBO registration is not up-to-date and a seller has their shareholding rights suspended due to the missing or outdated UBO registration, such seller is prevented from adopting a resolution on the transfer of business or restructuring until the UBO register is updated. Considering that some UBO registrations may take days or even weeks to be processed, failure to comply may have a significant adverse effect on a transaction or restructuring.

For more information on the UBO Act, contact your CMS client partner or local CMS experts.

This article was written by CMS partner Lukas Janicek and was first published on CMS Law-Now on October 13, 2022, available here.

Düsseldorf – Gelsenwasser AG has sold its Czech business in water supply and wastewater disposal, as well as heat and power generation, to the Accolade Group. Gelsenwasser is ending its successful involvement in the Czech region of Karlovy Vary (Carlsbad) after more than 25 years and will in future focus on its activities in Germany and Poland.

100 percent of the shares of Gelsenwasser Beteiligungen SE were sold. Gelsenwasser Beteiligungen SE, in turn, held 28.16 percent of the shares in CHEVAK Cheb a.s. and 50 percent each in TEREA Cheb s.r.o. and KMS KRASLICKÁ MĔSTSKÁ SPOLEČNOST s.r.o.. The transaction is currently awaiting approval from the competition authorities.

An international CMS team headed by Dr Marcel Hagemann and Katharina Mareike Franitza advised Gelsenwasser AG on all legal aspects of this transaction.

Gelsenwasser AG is a listed German infrastructure and utility company. Its activities include, in addition to water, gas and electricity supply and wastewater disposal, services for infrastructure, renewable energies, digital networks and neighborhood concepts.

The acquirer is the Czech Accolade Group, which operates numerous industry parks in the Czech Republic, Poland, Germany, and Slovakia. The stakes in the three Czech companies are Accolade’s first investment in the infrastructure sector.

CMS Germany

Dr Marcel Hagemann, Lead Partner, Düsseldorf

Katharina Mareike Franitza, Lead Counsel, Düsseldorf

Artur Baron, Counsel, Düsseldorf

Nicole Mundhenke, Senior Associate, Düsseldorf

Jan Lukas Hölscher, Senior Associate, Düsseldorf

Kai Lichtenberg, Associate, Düsseldorf, all Corporate/M&A

Thomas Gerdel, Partner, Düsseldorf

Dr Martin Friedberg, Counsel, Düsseldorf, both Tax law

CMS Prague

Lukas Janicek

Lukas Reichmann

Jan Gerych

Huyen Vuova

You can find our press kit here: https://cms.law/en/media/local/cms-hs/files/other/cms-press-kit-en

Dear CVCA members,

We would hereby like to invite You with a 20% Discount as “sister members” to our event on the 14th October, Friday afternoon at the Budapest Music Center.

Please find hereunder Agenda for the event, along with all the speakers.

We would kindly like to ask you to REGISTER with the below code.

Coupon code: FRIENDS2022.

Online participation is also available, in case you are interested just let me know.

Kind regards,

Katerina

Dear CVCA Members,

The Board of HVCA is kindly invite you to the 23rd Annual Conference of the Hungarian Private Equity and Venture Capital Association (HVCA), which will be held on October 7, 2022, at the Budapest Marriott Hotel.

This one-day event brings together more than 150 participants representing private equity funds, Funds-of-Funds, venture capitalists, CEOs of PE-backed companies, Banks, ambitious start-ups, business angels and more.

Main topics:

• COVID, war, sanctions; the economic impacts of all of them on the economy
• Challenges of Hungarian Start-up Investing
• The challenges and rewards of cross border, co-investment
• Life after exit of the financial investors
• Workforce recruitment, retention, and motivation

For further information on the event please click on the below link:

HVCA 23rd ANNUAL INVESTMENT CONFERENCE 2022

For immediate registration please click on Registration

The member companies of CVCA will receive 20% discount of the conference participation fee. Please indicate the 20% discount in the registration form by ticking the box- discount for CVCA members-.  Please note that the registration fee contains intermediate services (catering), to this the discount does not apply.)

Kind regards,

Katerina

ESPIRA Investments (ESPIRA), a Prague-based private equity firm investing growth capital in SME companies based in Central Europe has exited ICON Communication Centres s.r.o. (ICON), a Czech multilingual business process outsourcer (BPO) to yoummday GmbH, the marketplace and technology platform that matches independent entrepreneurs with companies needing customer service talent.

ICON has provided international companies with outsourced customer operations functions since 2003. The company was co-founded by CEO Helen Hickin after identifying Prague as an ideal nearshore location due to its geography, advantageous price point, and the depth of multilingual talent available. ICON is capable of providing complex customer interactions in 30 languages and counts several of the world’s most well-known travel, telecommunication, and education technology companies within its client portfolio.

ESPIRA and ICON’s executive management team acquired ICON in 2019 in a management buy-out transaction that aligned with the private equity firm’s diversity-oriented investment focus. Emília Mamajová, ESPIRA’s Co-Founding Partner, stated “Our goal together with the management team was to develop ICON on the international arena as a successful independent provider of high value-added services – and over the past three years Helen and her team have succeeded in reaching this objective. We congratulate them and wish the team continued success in their partnership with yoummday.”

“Over the past twenty years, the BPO sector has changed significantly, and our investment cooperation with ESPIRA was key to strengthening ICON’s positioning in this fast-changing environment. Through innovative technology, yoummday has found an exciting new way for companies to outsource operations with greater flexibility. Now is the right time for ICON’s next phase of evolution and yoummday is the ideal partner to ensure ICON’s clients continue to benefit from innovative delivery solutions”, states Helen Hickin, CEO, ICON Communication Centres.

The purchase of ICON is yoummday’s first acquisition which accelerates the company’s international expansion as it seeks to disrupt traditional BPO and contact centre models. ICON brings significant benefits and expertise with respect to native-level multilingual capability, global reach, and B2B customer experiences.

“The acquisition of ICON furnishes the opportunity to strengthen our growth strategy, which is predicated on integrating traditional BPO operators into our own proprietary marketplace platform. We look forward to working with the ICON team and weaving their unique capabilities into the yoummday brand”, emphasized Dr. Klaus Harisch, CEO and Founder of yoummday.

ICON’s C-Team will continue to operate alongside yoummday, and the ICON brand remains in in operation for the foreseeable future.

The transaction was concluded on the 20th of July 2022 and the parties have agreed not to disclose the financial details of the transaction.

Global law firm Dentons has advised private investment firm B-Flexion and Affidea Group on the sale of the Group to Groupe Bruxelles Lambert.

Founded in 1991, Affidea is the largest European provider of advanced diagnostic imaging, outpatient, and cancer care services. Under B-Flexion’s ownership, the company has grown from 120 to over 320 centers across 15 European countries. With more than 11.000 professionals in its network, Affidea provides services to almost
12 million patients annually.

“Our team is delighted to have helped B-Flexion and Affidea for the next phase of the Group’s growth,” said Rob Irving, Co-Head of the Dentons’ Europe Corporate and M&A Group, who led the legal team on the transaction. “This deal showcases Dentons’ capabilities in major cross-border transactions throughout Europe, as well as in highly specialized and regulated sectors such as healthcare.”

“We were pleased to have had Dentons by our side to facilitate a smooth and efficient sale process,” said Carole Ducrest, General Counsel of Affidea Group. “With their broad experience and capabilities in both the healthcare and private equity sectors ensured that they were ideally positioned to support this strategic important transaction”.

Partner Rob Irving and Senior Associate Kamran Pirani co-led Dentons’ cross-border team on the deal, supported by associates Sebastian Ishiguro and Brigitta Kovács (Budapest); partner Petr Zákoucký and senior associate Adam Přerovský (Prague); pharmaceutical consulting director Maria Samolińska-Hojda and counsel Adam Odojewski (Warsaw); partner Perry Zizzi and counsel Doru Postelnicu (Bucharest); partner Ilaria Gobbato, with senior associates Ferdinando Bonofiglio and Carla Piccitto (Milan); partner Nieves Briz and counsel Natalia Ontiveros (Barcelona); associate Natalia Palomar (Madrid); partner Dogan Eymirlioglu, counsel Cisem Altundemir and associate Denizhan Uslu (Istanbul); partner Namik Ramić and associate Jade Serres (Luxembourg).

Dentons advises GeneProof on merger with American Laboratory Products Company

Global law firm Dentons advised Radek Horvath and Miloš Dendis, the founders of GeneProof a.s. (“GeneProof”), a leading Czech molecular diagnostics company, in connection with its combination with American Laboratory Products Company, Ltd., a US specialty in vitro diagnostics company, leading to the establishment of ALPCO Group.  The main shareholders of the new group will be Ampersand Capital Partners, a US private equity fund, Radek Horvath and Miloš Dendis.

GeneProof provides customers with technologically advanced solutions in the field of molecular in vitro diagnostics of serious infections and genetic diseases. The ALPCO Group aims to become a global market leader in the diagnostic products market, with broad capabilities spanning novel immunoassay testing kits, real-time PCR testing products, and automated laboratory instrumentation solutions.

Partners Jan Procházka (Prague) and Ilan Katz (New York) led Dentons’ legal team on the transaction. The team included Daniel Hurych, Vojtěch Novák, Adam Přerovský, Petr Kotáb, Ondřej Valeš, Blanka Crháková and Michal Pelikán (all Prague).

Commenting on the transaction, Jan Procházka said: “We are delighted that we have had the trust of GeneProof´s founders to advise them both in the US and the Czech Republic on this transaction.  This deal is part of the inspirational story of two Czech entrepreneurs, who have developed unique technology and know-how and now have taken another bold step to achieve their vision.”

Radek Horvath, the CEO of GeneProof, said: “We were grateful to have Dentons by our side. Their overall performance and cooperation across borders was stunning and I believe they were vital for the success of the transaction.”

ARX Equity Partners (“ARX”), a Central European lower-mid market private equity firm, today announces the completion of the majority acquisition of Brebeck Composite s.r.o., a Czech headquartered manufacturer of composite products from carbon fiber (“Brebeck” or the ”Company”). The financial terms of the transaction were not disclosed.

Brebeck was founded in 2011 by Thomas Brebeck and Marcel Benda, in order to utilise Mr. Brebeck’s extensive track record and expertise in carbon fiber manufacturing in Germany over almost 20 years. Brebeck is now one of the leading European manufacturers of carbon fiber parts and components, used mainly in technically demanding motorsport activity and automotive applications.

In addition to its facility in Senov, Czech Republic, Brebeck also operates internationally through its wholly owned subsidiary in Deggendorf, Germany. The Company generates annual sales in excess of €10 million, with more than 160 employees. Brebeck’s customer base includes several prominent word-class players in the motorsport market, such as KTM AG, BMW AG, Porsche AG and Audi AG.

Moving forward, both founders will retain a significant minority stake in the Company and Mr. Brebeck will continue to drive the further growth and development of the business. The Company’s primary strategic focus will remain centered around servicing its blue-chip, anchor customers in the motorsport and automotive industries while also broadening its product offering to customers in the aerospace market.

Bird & Bird’s Prague office is relocating to Karlín.

After almost 15 years in the Czech market, Bird & Bird’s Prague office will relocate to Missouri Park in Karlín, Prague 8 in October later this year.

Missouri Park is part of the River City Prague urban district project developed by real estate company CA IMMO located on the banks of the Vltava River close to Florenc metro station.

“We have outgrown our current office in the Prague city centre. When looking for new premises we wanted to ensure that the new location not only suited our further growth requirements but above all reflected our core values – a dynamic, innovative, and responsible law firm. At Missouri Park we found everything we were looking for – modern tech facilities, smart energy solutions, as well as a healthy workplace for our people set in city greenery,” says Ivan Sagál, Managing Partner of Bird & Bird for Czech Republic and Slovakia.

“We are starting an exciting new chapter for Bird & Bird in the Czech market and our new office will no doubt support further development of Bird & Bird’s reputation as a strategic partner for innovative projects, often involving disruption or breakthroughs in our clients’ activities or in their sectors,” adds Vojtěch Chloupek, partner and head of the Intellectual Property practice and the Tech & Comms sector group in the Czech market.

In recent years, Karlín has become a vibrant district attracting people, as well as Czech and international companies. Continued investments and development of adjacent areas has produced closer connections with its surroundings, both with the neighbouring Štvanice island and Holešovice district, and with the newly built bridge HolKa which is due to open in spring 2023.

Bird & Bird selected architects from studio archicraft to help with the interior design of the office. Jones Lang LaSalle assisted with consulting services during the premises selection process, negotiated the terms of the lease agreement, and provided project management support.

Bird & Bird LLP is an international law firm which supports organisations being changed by the digital world and those leading that change. Over the years it has become one of the most dynamically growing law firms in the world and is renowned in the field of intellectual property and technology law. It is one of the first international law firms in the world to gain ISO27001 Information Security Management certification.

Global law firm Dentons advised Draslovka, a Czech-based family-owned global leader in CN-based specialty chemicals, on its strategic partnership with funds managed by Oaktree Capital Management, L.P. Oaktree will invest US$150 million in Draslovka providing preferred equity capital to support the Draslovka Group’s growth strategy.
Oaktree’s investment in Draslovka comes on the heels of the company’s recent acquisitions of Chemours’ Mining Solutions business (completed in December 2021) as well as the signed (but not yet completed) acquisition of the Sasol South Africa Limited’s Sodium Cyanide business. Dentons advised both on the Chemours and the Sasol’ deals.
Commenting on the transaction, Dentons’ partner, Petr Zákoucký, said: “I am very happy when we can leverage the talent of Dentons’ top lawyers worldwide to help Czech businesses succeed abroad. Raising equity by means of hybrid equity is becoming more and more popular in this process. On top of this, the story of Draslovka is a great inspiration. Based in Kolín, Czech Republic, Draslovka has developed unique technologies and know-how and leveraged it to acquire far larger competitors globally. Oaktree’s equity investment will help Draslovka to push this vision one step further.”
Pavel Brůžek, Chairman of the Board of Directors of Draslovka, said, “The strategic partnership with Oaktree marks another significant milestone on our ambitious growth strategy. Dentons’ team has guided us with confidence on several transactions, and their skills and dedication are an essential part of the success we have delivered to date.”
M&A Partners Petr Zákoucký (Prague), Rob Irving (Budapest/Prague), Ilan Katz (New York), Namik Ramić (Luxemburg) and Nik Colbridge (London) led the cross-border team working on this equity raise, which included Prague-based Ivo Hartmann, Vojtěch Novák, Michal Pelikán, Lucie Kubínyiová, Barbora Obračajová, Anna Urbanová, Petr Kotáb, Jan Tylš, Justina Bodláková, Martin Fiala, Vojtěch Laga, Tomáš Jonáš, Jana Málková Želechovská, Tomáš Pavelka, Adam Přerovský, Danylo Romashko and Petr Mueller and Luxembourg-based Namik Ramić and Clémence Personne.
Dentons provided comprehensive legal advisory, while PwC is acting as financial and tax advisor.

MidEuropa, the leading private equity firm in Central and Eastern Europe, is pleased to announce that Vesna Sipp has joined the firm as partner, Head of Investor Relations and member of the Investment Committee. She will be based in MidEuropa’s London office and will also lead the firm’s ESG and diversity efforts. Vesna was previously Head of Client Relations at ICG and prior to that, Managing Director at Hamilton Lane.

Managing partner Robert Knorr said: “I am delighted to welcome Vesna to MidEuropa. This is an important step in ensuring we continue to provide the highest standards of communication and service to our investors as well as introduce a senior leader to our ambitious ESG and diversity agenda.”

Senior investment partners Pawel Padusinski and Kerim Turkmen added: “Vesna already knows us well as an investor in our funds and as a long-time friend of MidEuropa. We are excited to have her on board and look forward to working with her closely.”

Dear CVCA members,

let me pass the invitation to the Poland & CEE Private Equity Conference 2022, held on the 10th of May 2022 in InterContinental Warsaw.

Top industry professionals and asset managers are gathering for the 8th edition of the Poland & CEE Private Equity Conference hosted by Private Equity Insights. They are ready for a full day of unparalleled opportunities and actionable insights, laying the foundation for future business. Meet 300+ handpicked attendees including prominent private equity investors across the CEE region, as well as global asset managers and get their groundbreaking perspectives. It is the perfect place to meet LPs, GPs, and PE/VC Target Companies.

For more details such as speakers and agenda, click HERE.

We are happy to inform you that CVCA Members are eligible for a special price. If you want to take advantage of the exclusive 30 % discount, please use the registration link: https://pe-insights.com/private-equity-conferences/poland/register/ and use the code cvcacz30 to get your discount.

Limited Partners are invited to attend the conference for free. To get tickets, reach out to sebastian@pe-insights.com.

For any inquiries, contact the organizer at sebastian@pe-insights.com.

Kind regards,

Katerina

ESPIRA Investments (ESPIRA), a CEE focused private equity investor, is pleased to announce the acquisition of a majority shareholding in Premier Clinic, a rapidly growing provider of aesthetic medicine in the Czech Republic. ESPIRA‘s investment has been made in partnership with Premier Clinic’s founder to strengthen and expand the company’s successful concept of high-quality care.

Premier Clinic offers comprehensive treatments in plastic and aesthetic surgery, corrective and laser dermatology and preventive medicine, treating Czech and international clients. In just a few years, Premier Clinic has become one of the top Czech clinics in its field with annual revenues of over EUR 4 million. The company’s management team is focused on growing the company in a sustainable and client-focused manner while delivering premium care and innovative treatments with an unwavering emphasis on safety. Furthermore, by regularly upgrading technology and equipment, clients are able to achieve better outcomes with shorter recovery times.

The Premier Clinic medical team is headed by the esteemed plastic surgeon, Dr. Lucie Zárubová. Thanks to her and the cohesive and respected medical team, Premier Clinic is able to attract and develop young and talented plastic surgeons and specialists.

“I am pleased to welcome ESPIRA as our new partner and I look forward to embarking on the next chapter of sustainable development while leveraging ESPIRA’s experience, broad network and strong financial expertise. We see expansion opportunities in the market and ESPIRA can support us realizing such new strategic initiatives,” said Martin Frank, CEO and Founder of Premier Clinic.

“The ESPIRA team is excited to support Premier Clinic’s successful strategy and to contribute to the further acceleration of its expansion by increasing capacity to address growing market demand, broadening its treatment offering and strengthening operational excellence. Premier Clinic has proved to be a resilient and agile company which grew even during the COVID-19 pandemic, and this is very encouraging,” said Emília Mamajová, Founding Partner of ESPIRA Investments.

ESPIRA was advised on the transaction by a legal team of Konečná & Zacha. The terms of the transaction were not disclosed.

MidEuropa is pleased to announce that its portfolio company intive has completed three acquisitions to expand its global footprint and accelerate its scale-up in a fast growing and consolidating market.

The digital design and engineering services specialist operates an outsourced digital product development model which combines local onshore presence with nearshoring delivery capability in Central and Eastern Europe (CEE) and Latin America, in order to tap into a deep and high quality pool of IT talent. intive’s 2,800+ digital natives serve blue-chip clients including Ericsson, Audi, BMW, Vorwerk, BASF, Viacom, Discovery and Tandem.

intive’s recent acquisitions include:

• US-based Spark Digital, a digital consulting, design, and development services provider, which significantly expands intive’s US presence as well as Media sector domain expertise. Spark Digital serves multinational enterprise clients with US onshore presence combined with nearshore delivery in Argentina and across greater Latin America (December 2021)

• US-based SimTLiX, a digital transformation partner for some of the biggest Fortune 500 companies, which further boosts intive’s regional presence in the Americas and strengthens its domain expertise and value offering for customers in FinTech, Telecom, Healthcare and Retail sectors (November 2021)

• Ireland-based Ammeon, a digital transformation and solutions partner, which extends intive’s regional presence in the UK & Ireland and its capability for customers in the Telecommunications sector, as well as the cloud domain and DevOps practices (May 2021)

MidEuropa acquired intive in February 2019, following early identification and approach to management and shareholders. Under MidEuropa’s stewardship, intive has expanded its delivery and design studios across existing and new geographies and more than doubled its workforce. intive is headquartered in Munich, with broad revenue and delivery coverage across Europe and the Americas.

Gurdeep Grewal, Chief Executive Officer of intive, said, “These acquisitions are helping us to achieve our global ambitions more quickly. MidEuropa’s support in helping to identify and approach businesses is invaluable, helping make a time-consuming and complex undertaking more straightforward. Their experience gives us confidence and strength in processes.”

Kerim Turkmen, Partner at MidEuropa, said, “The phenomenal growth intive is achieving is down to the impressive ambition of the team as well as the exciting global opportunity for their offering. We are delighted to support strategic priorities and devote capital and M&A resources to enable the team to accelerate growth and achieve international scale.”

Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors (EI), is to acquire a significant minority stake in Ekoenergetyka-Polska (Ekoenergetyka), a high-technology company focused on power charging solutions for electromobility.

• The fund will invest over EUR 45 million in Ekoenergetyka-Polska and other projects related to e-mobility;
• The transaction is conditional upon obtaining antimonopoly approval.

Ekoenergetyka is a Polish technology company offering unique solutions for the global market. Its main activity is the design and production of charging infrastructure for electric vehicles used in public and commercial transport, as well as private cars. The electromobility sector has grown rapidly in recent years, propelled by technological developments and more environmentally conscious customer choices. A stable, widely available and, above all, technologically advanced charging infrastructure is needed to keep up this growth momentum and meet the market’s present and future requirements. Ekoenergetyka is one of just a few players in the world offering such solutions.

Established by Mr. Bartosz Kubik and Mr. Maciej Wojeński in 2009, Ekoenergetyka grew out of an academic research project. Today, the company is a leading provider of advanced high-power charging solutions and has the potential to go global. Its products and services have been implemented in the largest European cities, including in Barcelona, Berlin, Hamburg, Munich, Paris and Warsaw. Thanks to its continually expanding R&D capabilities, superior research facilities and first-class production equipment, Ekoenergetyka is the technological leader in the field and successfully competes with international peers. Product development – from R&D through design and construction to sales and marketing – is carried out in-house. Ekoenergetyka also offers a broad range of maintenance and after-sales services that include 24/7 monitoring of charging stations and remote customer support in Polish, English and German. The company is led by a young management team with the right mix of vision, expertise and motivation to execute their ambitious expansion plan.

“We strongly believe in the electromobility sector’s dynamic growth and are very impressed by Ekoenergetyka’s innovation and technological sophistication as well as by how the company is commercializing its solutions,” said EI partner Sebastian Król, who is in charge of the deal. “The company’s unique experience and flexibility as well as the high quality of its products are appreciated by the most demanding customers in Poland and abroad. Ekoenergetyka’s solutions have been selected and implemented by the largest public transport operators in Poland and Europe, as well as by the major charging and fuel distribution networks. Thus the company is helping shape the development of this extremely fast-growing young market. This is an advantage we plan to use to reinforce Ekoenergetyka’s leading position,” he added.

“We decided to team up with Enterprise Investors to benefit from their experience in developing young entrepreneurial companies that are in a rapid growth phase. Ekoenergetyka is planning swift expansion, primarily in foreign markets. For this next step in our company’s development we sought a strong financial partner that would support us with both capital and experience. Now we can focus on becoming the number one player in the market,” said Bartosz Kubik, Ekoenergetyka’s co-founder.

“With Enterprise Investors’ support we intend to continue growing dynamically and developing our technological, production and organizational potential even faster, to build the best solutions for the zero-emissions transport of the future. Customer satisfaction at every stage is our priority, so I am pleased we have a partner with whom we will achieve our most ambitious goals in terms of production, service and maintaining our systems at peak efficiency,” added Maciej Wojeński, co-founder of Ekoenergetyka.

Enterprise Investors was supported on the legal side by DLA Piper Giziński, Kycia sp. j.; Ekoenergetyka-Polska and its founders were represented by the law firm Rubicon Kancelaria Radców Prawnych i Adwokatów Barbara Łągiewka sp. k.

Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors (EI), has become a 40.6% shareholder in FinGO, the fastest-growing financial services intermediary in Slovakia.

• The fund has invested EUR 19.1 million;
• EI has teamed up with Mr. Lukáš Novák (InTeFi Capital), the company’s founder, to boost FinGO’s dynamic growth in Slovakia and the Czech Republic.

FinGO is an innovative financial services intermediary with a multi-channel distribution platform. The company sells mortgages and life insurance primarily, but also investments, pension savings and non-life insurance. It was founded in Slovakia in 2017 with the aim of building a technology-based ecosystem. The idea was to connect all the major financial institutions (e.g. banks, insurance providers and savings companies) with end customers, thus optimizing their choices. Thanks to FinGO’s unique business model users can compare complex products online, gain a better overview of what is available on the market and make more informed decisions. After running an initial analysis through the online platform they are served by one of FinGOo’s more than 1,000 exclusive agents, who can usually offer them an even better deal. FinGO gives its network of agents the best combination of commissions and product selection, comprehensive CRM system and back-office functions as well as extensive product and marketing support.

Thanks to its unique online lead-sharing platform and rapidly growing network of agents, FinGO is now the fastest-growing financial intermediary in Slovakia. This year the company expanded into Czechia, where it aims to replicate its successful business model. FinGO’s sound market position is reflected in its strong financial results – in 2021 the company plans to top EUR 23 million in revenues.

“We are convinced that the market of third-party financial product intermediation in Slovakia and Czechia will grow steadily in the coming years. FinGO was the first player to address the growing needs of customers looking to compare complex and high-value financial products online. Our plan is to build on this innovation and tap prevailing trends. We want to grow the business both organically and through acquisitions,” said EI managing partner Dariusz Prończuk, who is responsible for this investment.

“FinGO provides a very complex service. The company helps customers find optimal solutions at reasonable prices that would not be available to them without such intermediation. Through its marketplace FinGO also provides agents with new customer leads and other useful tools – not available elsewhere – that make their work more efficient,” added Martin Chocholáček, a vice president at Enterprise Investors who is responsible for the firm’s activity in Slovakia.

“I highly value the Enterprise Investors team’s trust and their appreciation of FinGO’s unique concept. Thanks to their investment, we can not only start building a major player in the Czech market but also develop and expand the largest digital broker in Slovakia. With this strong partnership we will continue our journey of digitizing financial intermediation to build the broker of the future. EI’s extensive experience, not just in the financial sector, will certainly be a valuable asset for FinGO,” said Lukáš Novák, the company’s founder and chairman.

Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors (EI), today announced it will acquire a 60% stake in Focus Garden, owner of one of Poland’s most popular e-stores dedicated to garden furniture and accessories.

• The company founder – Mr. Sławomir Czajkowski – will remain its shareholder and will become chairman of the supervisory board;
• The value of the transaction has not been disclosed;
• The transaction is conditional upon obtaining antimonopoly approval.

Focus Garden was established in 2007 and was initially engaged solely in the import and distribution of garden furniture. Over time, the company developed an e-store in line with the prevailing retail trends. Today, focusgarden.pl is one of Poland’s largest specialist retailers focused on outdoor living. Its offer includes a wide selection of garden and patio furniture as well as other outdoor accessories, most of which – thanks to the company’s well-organized purchasing and logistics department – are available immediately.

Focus Garden operates in a very promising specialty retail niche in which it already holds a leading position. This is reflected in its good financial results – in 2021, the company’s revenues will exceed EUR 13 million.

“The funds we manage have invested over EUR 350 million in 17 companies operating in the retail sector, including e-commerce. We intend to use this extensive experience to support the further development of Focus Garden,” said Bartosz Kwiatkowski, a partner at Enterprise Investors who is responsible for this investment.

Commenting on the transaction, Sławomir Czajkowski, the founder of Focus Garden, said: “I am proud that the company I created has secured a strong investor who will help us reinforce its position in its current market and successfully enter new ones.”

We are pleased to provide you with this year’s edition of the “European M&A Outlook”, published in co-operation with Mergermarket.

71% of dealmakers agree that private equity (PE) firms are better placed than corporates to take advantage of buying opportunities presented by COVID-19, according to the ninth edition of the European M&A Outlook, published by CMS in association with Mergermarket.

The report offers a comprehensive assessment of dealmaking sentiment in Europe’s M&A market. It reflects the opinions of 330 corporates and PE firms based in Europe, the Americas and APAC about their expectations for the European M&A market in the year ahead.

While financial buyers may be better placed than strategic buyers, more than half of survey respondents expect the overall level of European M&A activity to increase over the next 12 months, with both corporates and PE firms eager to make up for lost time. This stands in stark contrast to last year’s poll, in which 78% of interviewees were preparing for a decrease in M&A.

Key findings from our survey include:

• A brighter outlook: 53% of respondents expect European M&A activity to increase over the next 12 months (compared to only 2% last year)
• Low valuations and distress: 24% see undervalued targets as the most important buy-side driver of M&A activity. 22% identify distressed-driven M&A as the most important catalyst for sell-side activity.
• Private equity in pole position: 71% agree that financial buyers are better placed than strategic buyers to take advantage of buying opportunities in the post-lockdown revival.
• ESG gaining importance: 72% expect ESG scrutiny to increase during the next three years.

Our features in this year’s report include an editorial on Earn-Outs in the time of COVID-19 pandemic, an editorial on the CEE Hotel Investment Scene, ESG considerations in M&A deals for the year ahead and Brexit and FDI considerations.

Please note that our annual CMS European M&A Study will be published in spring 2022 when we will report back on how this market has impacted M&A transaction terms and conditions.

For more details on CMS´s report click here.

Dear CVCA members,

one of the other conferences held in Hungary is the Hungarian Impact Day which is organized by THBE Association (more info THBE – Társadalmi Hasznosságú Befektetők Egyesülete) on the 14th of October 2021 in Radisson Blu Béke Hotel Budapest.

This conference will be held under the patronage of the President of the Republic of Hungary János Áder and its main topic is Relationship between ESG and Impact Investment. For more agenda, and list of speakers please visit THBE Hungarian Impact Day.

The conference is hybrid so you can participate in person, or virtually.

Among the speakers, you can meet:

• Sir Ronald Cohen
• Dr. Cornelius Walter: Lightrock
• Cyril Gouiffes: European Investment Bank
• Alexander Langguth: Übermorgen Ventures
• Nick de La Forge: Planet Ventures
• Dominik Varga: Erste Asset Management GmbH
• László Gáti: OTP Fund Management
• Zsuzsanna Répássy: Ittaszezon!
• and others

As a partner, we are glad to share a 20% discount for our members. If you are interested, please register HERE, using the code THBE_FRIENDS.

In case of any questions, please contact directly bogsch.nora@thbe.hu.

Dear CVCA Members,

As a partner of 0100 Conferences, we would like to kindly invite you to the next Private Equity & Venture Capital Conference, scheduled for November 24, 2021, in the Primate’s Palace in Bratislava, Slovakia. You can look forward to meeting in person 200 PE & VC professionals. You will have a chance to hear the latest industry insights from speakers such as:

• Andrej Kiska: Credo Ventures
• Karol Szubstarski: OTB Ventures
• Rustam Kurmakaev: Mid Europa Partners
• Julia Sohajda: Vespucci Partners
• Maximilian Schausberger: Elevator Ventures
• Martin Chocholacek: Enterprise Investors
• Pekka Maki: 3TS Capital Partners
• Marek Malik: Jet Investment
• Jaroslav Luptak: Neulogy Ventures
• Michal Rybovic: Sandberg Capital
• Michal Aron: ARX Equity Partners
• Bartolomiej Gola: SpeedUp Group
• Slavo Tuleja: ZAKA VC
• Radoslav Tausinger: CVI
• Rudolf Vrabel: 365.fintech
• Karol Gogolak: G4 FRIENDS – Global Blockchain Funds
• and many others

Please find the complete agenda here: 0100 Conference Bratislava – The Leading Investment Conference – 0100 Conferences.

As a partner, we are glad to share a 15% discount for our members, using the promo code BA21CVCA.

Please register here.

In case of any questions, please contact directly pavol@0100conferences.com

Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors (EI), will acquire an 80% stake in Snap Outdoor, a distributor of mountaineering and climbing equipment. The company also owns 8a.pl, Poland’s most popular e-store dedicated to active tourism and mountain sports.

• The company founders – Mr. and Mrs. Piotr and Elżbieta Czmoch – will remain minority shareholders and will team up with EI to facilitate the dynamic future growth of the business;
• The value of the transaction was undisclosed;
• The transaction is conditional upon obtaining antimonopoly approval.

Snap Outdoor is a distributor of mountain sports equipment and runs 8a.pl, the undisputed leader among specialty online retailers. 8a.pl trades apparel, footwear and accessories for outdoor activities and mountain sports such as climbing and ski touring. The company has two brick and mortar stores (in Warsaw and Gliwice, southern Poland), with a third location (in Katowice, southern Poland) due to open shortly. Snap Outdor was founded in 2001 in Gliwice, where its headquarters and logistics center are still located.

The company operates in a very promising market niche that is fueled by healthy lifestyle trends, the increasing popularity of outdoor sports (including mountain sports) and the rising disposable income of Poles. The outdoor sector is expected to continue its dynamic growth in the coming years.

8a.pl stands out from its competitors with its well curated assortment built around tourism and mountain sports. The company strategy is to offer only masstige and premium brands, which are otherwise not widely available. It also has the largest product availability among outdoor equipment specialists in Poland. Strong financial results confirm Snap Outdoor’s leading market position – revenues topped EUR 16 million in 2020, while this year they are expected to exceed EUR 23 million.

“We are convinced that Snap Outdoor’s business model can be successfully replicated in other CEE markets, which in most cases lack a clear market leader in outdoor e-tailing. Thanks to its broad experience in the specialized online retail sector and excellent logistics, the company can become a consolidation platform for other niche e-commerce segments,” said Enterprise Investors Partner Michał Kedzia, who is responsible for the firm’s investments in the retail sector, including Intersport ISI and Snap Outdoor.

“The greatest advantage of our online business is the broad base of returning customers, most of whom are passionate about mountain sports. With every product on the market being just one click away, this proves our strategy and focus on high quality have been key contributors to our success. We plan to make our offer available to mountain lovers from other countries of the region. Our goal is to become the favorite brand for outdoor enthusiasts in Central and Eastern Europe,” emphasized Piotr Czmoch, cofounder of Snap Outdoor.