On May 21, 2018 preliminary conditions for the sale of all shares in Exact Systems SA were signed. The purchaser will be Paweł Gos and Lesław Walaszczyk – currently minority shareholders managing Exact Systems S.A. – and funds managed by CVI Dom Maklerski sp. O.o. The transaction value is PLN 162.6 million.
„We want to fully engage and be associated with our company for the next years to continue it’s success story” – says Paweł Gos, chairman of the board of Exact Systems.
Equity Advisors acted as advisor to Management Group in the organization and coordination of MBO. This is another important step in our cooperation with managers and Exact Systems, among others including after the acquisition of CRS Group in Belgium and Poland in 2015 and QLS in Portugal in 2017.
Exact Systems S. A. was established in 2004. The company is a leading provider of quality control solutions for automotive, electronic and household appliances industries. The main customers of the company are car manufacturers and their suppliers and subcontractors as well as companies engaged in the mass production. Currently, the company is present in 12 countries: Poland, Czech Republic, Germany, Slovakia, Turkey, Romania, Russia, Great Britain, Hungary, Belgium, the Netherlands and China. The company cooperates with approx. 5 thousand controllers and inspectors.
CVI Dom Maklerski sp. z o.o. is an independent investment company that continues the activity of Credit Value Investments, which in a short time gained a leading position in non-bank financing of enterprises in Poland and the region of Central and Eastern Europe.
CVI (as Credit Value Investments) since 2012 has completed over 700 transactions, including 450 private debt. He currently manages assets with a total value of PLN 5.6 billion under seven closed-end investment funds.
On March 30, 2018 Work Service, Paweł Gos and Lesław Walaszczyk signed the preliminary conditional agreement regarding the sale of shares in Exact Systems S.A. The buyer will be Oaktree Capital Management represented in Poland by Cornerstone Partners. Pursuant to the agreement, Work Service agreed to sell all of its shares in the Company. The transaction value is PLN 178.6 million.
Equity Advisors acted as advisor to Exact Systems and minority shareholders. This is our next deal realized in cooperation with Exact Systems after acquisition of CRS Group in Belgium and Poland in 2015 and QLS in Portugal in 2017.
Exact Systems S. A. was established in 2004. The company is a leading provider of quality control solutions for automotive, electronic and household appliances industries. The main customers of the company are car manufacturers and their suppliers and subcontractors as well as companies engaged in the mass production. Currently, the company is present in 14 countries: Poland, Czech Republic, Germany, Slovakia, Turkey, Romania, Russia, Great Britain, Hungary, Belgium, the Netherlands, Portugal, Spain and China. The company cooperates with approx. 5 thousand controllers and inspectors.
Cornerstone Partners was established in 2001. The companyis an investment company that focuses on private equity investments. The fund has in its portfolio such companies as Multimedia Polska, Smyk, or Proservice. From 2015, Cornerstone Partners is the exclusive partner of the European Oaktree Capital Group in acquiring, executing and servicing capital transactions in Poland and other Central and Eastern European countries.
Oaktree Capital Management (UK) LLP was established in 1995. The company is a leading global company managing alternative investments with experience in the field of credit strategies. The company is based in Los Angeles, employs over 900 employees in offices located in 17 cities around the world.
On 27 November 2017, the Polish Financial Supervision Authority (KNF) approved the prospectus of Tower Investments S.A. prepared in connection with the public offer of series C shares and the intention of the company to apply for admission to trading on the regulated market of series A, B and C shares and rights to series C shares.
Equity Advisors acted as a financial advisor to Tower Investments SA and participated in preparation of the financial part of the prospectus.
Tower Investments S.A. organizes comprehensive implementation of development projects. The company specializes in servicing retail chains, from choosing a location to delivering turnkey projects. The company’s clients include Netto, Biedronka, Intermarche, Shell or BP.
Activities of Tower Investments S.A. includes development services, Shopin retail parks and a development service, which includes: implementation of selected elements of investment process, consulting services, investment replacement services, interior design.
The latest issue of the magazine „Chemia i Biznes” published an article by Błażej Żarna on development of the packaging market in Poland.
The presence of industry players on the stock market, mergers and acquisitions in Poland and Central and Eastern Europe are just some of the issues raised in the article.
All interested are encouraged to read!
„Dokąd zmierza polski rynek opakowań?”, CHEMIA I BIZNES (No. 3/2017), p. 56-57.
We are pleased to announce the publication of an interview with CEO David Michalik in the May PLASTICS REVIEW – monthly magazine dedicated to the plastics industry.
Discussion focused on the current situation and prospects for the packaging industry – its structure, size and trends – also in terms of consolidation. The topic of polymer packaging which currently represents half of the Polish packaging market was also discussed.
We encourage you to read the interview!
„Biznes pod presja konsolidacji”, PLASTICS REVIEW may 2017, p. 70-72
We also invite you to familiarize yourself with the summary of report prepared by the Equity Advisors team „Packaging industry in Poland – summary 2010-2016 and forecasts 2017-2020. Valuation of companies, mergers and acquisitions, trends, forecasts”.
The value of the packaging market has been increasing steadily for several years. There are global companies operating in the market but also many smaller, competing companies. This causes that the industry is subject to a strong consolidation trends.
Report „Packaging industry in Poland – summary 2010-2016 and forecasts 2017-2020. Valuation of companies, mergers and acquisitions, trends, forecasts” presents valuations of companies in the packaging industry.
The analysis starts with a review of public companies in Poland and other countries of Central and Eastern Europe. The analysis of the valuation of non-public companies, which were presented through mergers and acquisitions conducted in 2010-2016 is similar.
Aside from the issue of valuations, the report contains also characteristics of the packaging industry in Poland, among others, taking into account the competitive conditions in segments such as “plastic”, “paper”, “metal”, “glass”, “wood”. The report also includes market concentration, consolidation trends and market development forecasts for 2020.
The analyzes were based on financial data of companies for the years 2012-2015.
We hope that reading this report will be a source of interesting information for all of you, and for those outside the industry to help you understand the packaging market.
We invite you to familiarize yourself with the summary of the report.
To order the report, please let us know info@equityadvisors.pl.
Today Exact Systems SA – The leader of quality control in the automotive industry in Poland – signed a conditional agreement to acquire the Portuguese company QLS Automotive. The transaction value of 9.2 million euros, where Equity Advisors was an advisor to the buyer, let Exact Systems for the simultaneous entry into the Spanish and Portuguese market. This is our next M&A transaction with Exact Systems.
The transaction will strengthen the position of Exact Systems SA on the European market. The company is already present in 13 countries, which gives it a place among the largest providers of quality control in the automotive industry. The presence in many markets (including China) increases the opportunities for comprehensive customer service with suppliers in different countries, which is standard in the automotive industry.
– Acquisition of a leading player in the Portuguese market is a significant increase in the potential of our services to our customers in the automotive industry. We are pleased that we can participate in the consolidation of the market of quality control services in Europe – says Lesław Walaszczyk – Vice President Exact Systems SA
Expansion into foreign markets is one of the strategic objectives of the company. Buying QLS Automotive, other acquisitions made in recent years and the current activities are the best proof of consistency and the high competence of the company\’s growth through M&A.
– The agreement is a result of several months of negotiations and due diligence. More and more Polish companies decide to develop abroad through acquisitions of local players. This development model allows to build a strong position in a shorter time – says Blazej Żarna – Vice President Equity Advisors.
Equity Advisors acted as transaction advisor to Exact Systems. Legal advisor in the process was Crido Legal.
Exact Systems S. A. was established in 2004. The company is a leading provider of solutions for quality control for the automotive sector. The main customers of the company are car manufacturers and their suppliers and subcontractors as well as establishments engaged in the mass production of electronic industry and household appliances. Currently, the company is represented in 14 countries: Poland, Czech Republic, Germany, Slovakia, Turkey, Romania, Russia, Great Britain, Hungary, Belgium, the Netherlands, Portugal, Spain and China. The company cooperates with approx. 5 thousand. controllers and inspectors.
We are pleased to announce that our client – Tower Investments S.A. has closed a private offering of shares for PLN 10 million. On July 1, 2016, less than 4 weeks from the request, Tower Investments S.A. shares were introduced to the alternative trading system.
EA team has advised the Company in the process of issuing shares. EA also acts as an authorized advisor of the Company.
Tower Investments S.A. is engaged in complex development projects, with particular emphasis on shopping malls, specializing in finding and acquiring attractive locations. Activities of Capital Group can be divided into several segments:
development services (full service investment process, which key element is finding attractive location, where commercial or service facility can be built, obtaining necessary administrative approvals according to the requirements of investors),
– SHOPIN retail parks (construction of Shopin retail parks located in the center or along the main roads in towns – over 30.000 residents – on its own account or on behalf of investors, as well as realization of the Shopin City concept, which assumes optimal use of retail and service space on ground floors of multi-family buildings in major cities),
– developer service (services related to execution of customer-specific elements of the investment process, consulting services and replacement investment, as well as interior design).
We are pleased to announce another bond offering realized by our client. Yesterday Krakow-based company DLJM System sp. o.o. raised PLN 10 million via bond issue. Bonds where acquired by fund managed by Credit Value Investments.
Equity Advisors represented the Company in negotiations with investors and coordinated the whole process.
DLJM System sp. z o.o. designs and delivers smart wiring systems for houses, offices, hotels and industrial sites. It specializes also in designing and realization of electrical and low voltage installations. The company has a modern building automation laboratory, which provides services for study and optimization of devices and intelligent building systems. The company is developing smart metering services which allow customers to monitor media consumption in a distributed network of retail, warehouses and logistics chains.
We are pleased to announce another deal executed with our participation. In recent days, sale of a Euro-tax.pl shares held for 5 years by EVF I Investments (the “Fund”) was finalized. This transaction was implementation of the fund\’s investment strategy. In recent years, Euro-Tax.pl consolidated its position in the market by providing tax refund services for employees in other countries of Europe.
Equity Advisors represented the Fund in negotiations with investors interested in acquiring Euro-tax.pl shares. This was another project where we had the opportunity to work together.
Enterprise Investors is one of the biggest private equity and venture capital companies in Central and Eastern Europe. It has operated since 1990. From the beginning, EI funds have invested EUR 1,6 billion in 133 companies. More than 100 exited investments enable to score almost EUR 2,2 billion in revenues.
Euro-Tax.pl S.A. provides services related to the recovery of overpaid tax and obtaining family and care allowances. Services are directed to Polish and Romanian citizens who work or have worked in the past few years in the UK, the Netherlands, Germany, Ireland, Norway, Belgium, Austria or the United States. Group operates in the B2C model under the brand euro-tax.pl and in the B2B model providing services to its business partners under the brand CUF.. Since Od 2010 Euro-Tax.pl S.A. shares are listed on the alternative trading system NewConnect.
We invite you to learn about the following transactions which we took part this year. We are pleased to announce that the acquisition of two companies based in Poland and Belgium was completed by Exact Systems – company from Work Service Group. The companies have been bought from a German owner, and the transaction is intended to strengthen the position of Exact Systems on the Polish market and to enter new market – the Belgian market. Acquisition price for the Polish company amounted to 5.675 million euros, while the Belgian company 1.5 million – the total price is 7.15 million euros. One of the elements of the transaction is also the option to acquire a company operating in the German market.
Equity Advisors is the leading advisor to the Buyer, responsible for the buy-side consulting, including the selection and advice on the acquisition targets, negotiations of agreements, as well as coordination of the whole process.
We wish our Client to use in the best way the possible effects of synergy to develop the Company in Poland and Europe and to successfully implement further planned acquisitions.
Exact Systems has been operating since 2004. And is now a leading provider of solutions for quality control or selection, repair and sorting of parts, components and finished products for the automotive sector. The main customers of the company are suppliers and sub-suppliers for the automotive industry and car manufacturers. The company`s customers are also establishments engaged in the mass production of electronic industry, household appliances and cosmetics. The company currently has offices in Poland, Czech Republic, Germany, Slovakia, Turkey, Romania, Russia and the UK.
The Exact Systems Group currently employs over 3,500 people, which delegates to work with its customers, using extensive structure of 35 offices operating throughout Europe.
We are pleased to announce that we have just completed signing agreement with financial investor for our client – J.S. Hamilton Poland S.A. from Gdynia. The conclusion of an investment agreement with a fund managed by Enterprise Investors was the culmination of our 2 years of cooperation, aimed at increasing the company`s value among others through changes in the capital group and obtaining financing. The fund will invest up to PLN 33 million in the Company acquiring approx. 19% stake.
Equity Advisors was the advisor to the company and the owner which was responsible for meetings with the investor, negotiations of agreements, support in the due diligence process and coordination of the whole process.
We wish our Client to benefit from raised funds in the best way and to contribute to the development of the Company`s capital group in Poland and Europe.
J.S Hamilton Poland is one of the leading players in the testing, inspection and certification market with revenues in excess of PLN 57 million. It has a modern central laboratory in Gdynia and smaller network of microbiology laboratories throughout Poland. This enables to offer a wide range of testing, analyses and inspection services. The offer includes food, environment, fuels, chemicals, cosmetics, pharmaceuticals and packaging testing. The company develops its activities abroad – it has branches in Latvia and Romania. Qualified staff, years of experience and modern infrastructure is reflected in the attractive offer of the company, which is characterized by the speed of delivery of services and a wide range of research. What is more, the confirmation of market position and quality of service is a large group of regular customers and obtained certifications and accreditations.
On October 13, 2014 and investment agreement specifying rules for receiving funds from strategic investor in exchange for controlling share between Zetkama S.A., Techmadex S.A. and key shareholders Techmadex was signed. This process will take place in two stages ie. through the conclusion of share purchase agreements with key shareholders of the company with Zetkama, and by acquisition of shares in the increased capital. Zetkama intends to acquire 423 327 shares of a new issue of Techmadex capital, and then buy a total of 350 000 existing shares. These shares will represent approx. 51.62% of the share capital and will entitled to 773 327 votes at the General Meeting of Shareholders (51.62%). According to the agreement, the total amount Zetkama is liable to pay for the acquisition of control over Techmadex is not more than PLN 15.67 million.
Equity Advisors Sp. z o.o. was a strategic advisor to Techmadex in the process taking part in the due diligence, defining the terms of the transaction and negotiations of the investment contract.
We are pleased to present to you the Report TESTING, INSPECTION AND CERTIFICATION – market analysis and development forecasts for the years 2014 – 2018 prepared by the team of analysts of Equity Advisors Sp. z o. o.
According to our analyses the domestic TIC (testing, inspection and certification) market is worth 1.35 billion PLN and grows at an average rate of 8.9 percent annually. We expect that until 2018 the growth rate will be maintained on average annual level of 9.7 percent and will reach the value of 2.3 billion PLN in 2018.
Large corporations operating on the testing, inspection and certification market see their activity as care for customer business and customer support with regard to risk management. Considering the complex nature of services provided by companies from the industry and the fact that usually quality is a derivative of many factors, such a view most accurately reflects its character. This perspective also emphasizes the significance of such activities, which, due to increasing advancement of products introduced and present in the market, as well as higher consumer expectations, becomes more and more important. A positive factor for the development of this market is also growth in the importance and the specific character of the process of building reputation, as well as competition.
Growth of TIC market results from combinations of regulatory and economic factors. The increasing scope of production, especially food, is covered by strict standards of the European Union, which significantly affects the increase in the demand for TIC services. A considerable importance is also attributed to growing commercial trade and consumer pressure. Infrastructure investments planned for the years to come, in particular in the power and railway sector, represent a long-term demand factor that increases demand for raw materials, which, in turn determines demand for TIC services.
An additional factor, typical of the TIC market is growing interest in M&A transactions, which is significantly affected by the policy of global European companies, as well as the private equity activity. These phenomena, in the years to come, should be reflected in increased number of acquisition transactions among small and medium enterprises.
In our report, you will find analysis of the structure and the size of the TIC market with breakdown due to the type of performed tests. We have emphasized in it the main tendencies in particular sectors. In addition, selected companies – sector representatives – operating globally and locally have been presented.
To order the report please fill and send the form.
Katowice, 5 March 2013 r.
Dynamics of changes in the market and growing competition requires from those who manage companies as well as their value a different kind of methods and tools. As entrepreneurs dedicated to the growth we seek opportunities for effective management of the business, as well as efficient fund raising for development and investments.
Admission to the meeting is FREE (registration required).
The seminar is designed for managers (Presidents, Members of Boards, CFOs, Managing Directors, as well as mid-level managers) medium-sized enterprises and for all those interested in the development of innovative strategies, cost optimization and effective acquisition financing.
Date of registration:
26 of February, 2013
All information about the conference, including registration form you can find on http://www.biznesnabieradynamiki.pl/en
On February 4, 2013 the District Court for Warsaw registered the conditional capital increase of Techmadex S.A. by no more than PLN 5 380 through the issuance of not more than 53 800 of series E bearer shares with a nominal value of PLN 0.10 each. Capital increase is associated with the introduction of the Company\’s incentive program for 2013-2014 adopted at the recent EGM.Read more
Today Techmadex SA published an interim report for the fourth quarter of 2012. The report
Today Motoricus SA published an interim report for the fourth quarter of 2012. The report
Today, the Management Board of Techmadex announced the a contract between the consortium, which includes, among others Techmadex S.A. and Operator Gazociągów Przesyłowych Gaz – System S.A. for the construction of a high pressure gas measurement station in Sękocin Nowy has been signed. The net value of the Agreement is PLN 17.2 million, of which the Techmadex S.A. accounts for PLN 6.2 million, where remuneration for the first stage implemented in 2013 is PLN 4.1 million. Read more
Today Techmadex informed of the dismissal of Janina Nitka and appointment of Antoni Macewicz to the Supervisory Board. The report
As a result of yesterday’s Extraordinary General Meeting of Shareholders today Techmadex S.A. published the resolutions adopted at the EGMS. We invite you to familiarize yourself with their content. The report
Today there was an Extraordinary General Meeting of Shareholders.
Today Techmadex Management SA announced the conclusion of implementation agreement by Eda Serwis Sp. z o.o. and GP Energia Sp. z o.o. – Issuer’s subsidiaries – with JT Zakład Budowy Gazociągów Sp. z o.o. oraz z Izostal S.A. (within the established consortium) in connection with the implementation of the first stage of the expansion of Odolanów janction performed under a consortium agreement concluded with Operator Gazociągów Przesyłowych Gaz System S.A. The net value of the contract is PLN 38.6 million. Eda-Serwis Sp. z o.o. participation is PLN 7.4 million and GP Energia Sp. z o.o. – PLN 4.9 million. The report
Motoricus S.A. Management Board announced the grant funding for the project “Implementation of the Export Development Plan for Motoricus S.A.” under Measure 6.1 “Passport to Export”. Total grant amount is PLN 202 893,50, which is 50.81% of eligible costs. The Company assumes implementation of the project in 2013. The report
Motoricus S.A. Management Board on the basis of internal reports and the analysis of revenues for November and December 2012, has decided to correct the projected revenues and other elements of the previously published forecasts. The new forecast assumes the achievement in 2012, the consolidated sales of 53.5 million zł. The report
The consortium also includes: Biuro Studiów i Projektów Gazownictwa GAZOPROJEKT S.A. – The leader of the consortium, Gascontrol Polska Sp. z o.o. and Gaz & Oil PROJECT MANAGEMENT Sp. z o.o. The offer covers a construction of a high pressure measurement gas station in Sękocin Nowy. The total value of the Offer amounts to PLN 17.2 million, of which approximately PLN 6.2 million is assigned to Techmadex. Completion date of the investment in September 30, 2015. The report
Techmadex SA announced the acquisition of 9 800 shares in the increased share capital of the subsidiary GP Energia Sp. z o.o. After the registration of changes in the share capital of the subsidiary and taking into account the earlier purchase of shares from one of the partners,Techmadex will increase its commitment in the company to 12 600 shares, representing 90.00% of the share capital and 81.82% of votes at the GMS. The total price for shares subscribed and purchased is PLN 588 000. The report
Today Techmadex SA published an interim report for the third quarter of 2012. The report
Today Motoricus SA published an interim report for the third quarter of 2012. The report
On 5 November 2012, the consortium of Techmadex S.A. – The leader of the consortium, GP Energia Sp. z o.o. (a subsidiary of Techmadex S.A.) and Atrem S.A. concluded a contract with Operator Gazociągów Przesyłowych Gaz System S.A. for the construction of Gas Metres Calibration Laboratory worth PN 26.47 million. Techmadex S.A. participation in the contract value is 40%, while the share of GP Energia Sp. z o.o. 20%. Read more.
Techmadex: The offer of a consortium of companies: Techmadex S.A., GP Energia Sp. z o.o. and Atrem S.A. was considered the best in the tender procedure for the construction of Calibration Laboratory for gas meters organized by the Gas Transmission Operator Gaz System S.A. The total contract value amounts to PLN 26.5 million net (press release).
We encourage you to download an analytical summary of Techmadex S.A. (document).
Full version is available for free after filling a form (form).
In the third quarter of 2012, Techmadex S.A. has caried out a non-public offering of shares, prior to the introduction to the alternative trading system. On the 2nd of October, series B, C and D shares were put on the market and on October 4 they made their debut on the NewConnect market.
Equity Advisors acted as an advisor to the issuer in the share issue process and the preparation of a stock-market listing company. Equity Advisors is also an Authorized Advisor to Techmadex.
Techmadex S.A. operates in three areas, which are:
- industrial automation – including the implementation, operation and maintenance of control systems and visualization of technological process – mainly for the gas industry;
- service and repair of gas appliances: turbine gases, piston engines, gas compressors;
- trade in transport equipment – i.e. forklifts, platforms and container handling equipment.
Equity Advisors is an Authorized Adviser to the company.
We encourage you to read:
• Interview with Techmadex S.A. President of the Management Board – Dariusz Gil (interview text),
• Information Document (document).