Case studies

Case studies

Our Client, Malpka S.A., involved in the development of a convenience store chain in Poland decided to dispose of its branch operation, ZPT Szczecinek, an independent producer of margarine, focused mostly on private label products.

Sprzedaż ZPT Szczecinek
Previous discussions between Malpka and Bunge, one of the largest global food processing groups, had not been successful. Poland Corporate Finance was hired by Malpka to organise an extensive selling process and find an investor for ZPT Szczecinek.

Poland Corporate Finance, with the help of selected Okalins offices identified and approached ca. 60 investors. Additionally, in cooperation with our German office, we approached a key decision maker at Bunge’s headquarters in Switzerland in order to confirm their appetite for these assets.

The auction resulted in Bunge, via its subsidiary ZT Kruszwica, one of the largest processors of oil seeds and manufacturers of vegetable fats in Central Europe, acquiring the assets of ZPT Szczecinek.

This is a perfect example that an unsuccessful attempt of closing a deal with a certain investor in the past does not mean a deal cannot be closed with the same investor, if properly managed.

Deal participants:

Malpka S.A. - an investment company involved in building a nation-wide retail chain of convenience stores in Poland.

ZT Kruszwica S.A. - the largest processor of oil seeds and manufacturer of vegetable fats in the CEE Region and part of Bunge Group. Their core business is the production of bottled oils, consumer margarine and fats for industrial applications.
Our Client, the main owner of Alumetal, a leading Polish producer of secondary aluminium, hired Poland Corporate Finance to look for an investor who would support extensive investment plans including construction of new production facilities.

Sprzedaż udziałów Alumetal SA
Additionally, the Client was interested in diversification of his assets as the vast majority of his wealth was concentrated in Alumetal’s shares. In cooperation with our Oaklins offices worldwide, we identified and approached over 100 strategic and financial investors. As a result of the sale process organised in the form of a structured auction, Alumetal’s main owner sold a 56% stake in the company to Abris Capital Partners, a private equity firm based in Warsaw.

Abris Capital Partners, having enjoyed a significant increase in Alumetal’s value, helped the owner to list the Company on the Warsaw Stock Exchange and exited fully from its investment in Alumetal. Abris’s exit resulted in our Client regaining full operational control over the Company.

This transaction is a perfect example that selling a stake to a Private Equity fund does not mean the necessity to exit the business by the Company’s private owners or founders when the fund exits. In this case, the owner additionally managed to regain control over the business previously sold to a Private Equity fund, which also supported its rapid development.

Deal participants:

Alumetal S.A. - a leading Polish producer of secondary aluminium casting alloys. The Company cooperates with the largest automotive companies, which comprise 90% of the Company’s clients.

Abris Capital Partners - a leading private equity fund manager focused on mid-market opportunities in the major countries of Central & Eastern Europe.
Our Client, ATKINS Global, one of the world's leading design, engineering and project management consultancy groups, hired Poland Corporate Finance to dispose of their Polish subsidiary (ATKINS Polska).

Sprzedaż Multiconsult
The Subsidiary was involved in the biggest infrastructure projects in Poland such as the LNG terminal, highways, railways, etc. The ATKINS brand and references given by ATKINS Global were excluded from the planned transaction. The expat CEO was also to return to ATKINS’ headquarters. Given the high profile advisory projects the Polish Subsidiary was involved in, a potential buyer had to be reputable to satisfy the Subsidiary’s clients. All these factors, made this assignment extremely difficult.

Poland Corporate Finance, in cooperation with Oaklins offices worldwide, identified and approached over 70 strategic investors.

As a result of the sale process organised in the form of a structured auction, ATKINS sold its 100% stake in the Polish Subsidiary to Multiconsult, a large Scandinavian consultancy group.

Poland Corporate Finance advised the British seller on a transaction concerning their Polish assets. The transaction was facilitated by our office in Denmark. The ultimate buyer was introduced by our office in Norway. This is a perfect example of our ability to close deals worldwide using the resources of Oaklins in different countries.

Deal participants:

ATKINS Global – one of the most recognized world leading design, engineering and project management consultancy groups with turnover of almost 2 billion GBP and 18,000 employees, listed on the London Stock Exchange.

Multiconsult – one of the leading firms of consulting engineers and designers in Norway and Scandinavia, with expertise spanning a wide range of disciplines. It was established almost 100 years ago. The group employs over 1,000 people.
Our Client, Enterprise Investors, the leading Polish Private Equity firm decided to dispose of their stake in DGS, the largest manufacturer of aluminium closures in the CEE Region and hired Poland Corporate Finance to lead the process.

Sprzedaż DGS SA
Enterprise Investors were in contact with Guala Closures Group, the largest closures manufacturer in the world, which seemed to be a natural buyer for DGS, however, as such, was not overly motivated to pay full value for the Company.

Our role was to organise an auction and generate competitive tension in looking for a buyer in the sale process.

With the help of our Oaklins offices, we identified and approached over 130 potential strategic and financial investors worldwide.

Offers received motivated Guala Closures Group to take the sale process seriously. This resulted in Guala Closures Group placing the best offer for DGS and winning the auction. They acquired a 70% stake in DGS for US$90 million.

This transaction is a good example that so called “obvious buyers” often have to be motivated to close a deal at a valuation level attractive for sellers, which can be generated in a properly managed selling process.

Deal participants:

DGS S.A. – one of the largest producer of aluminium closures based in Poland - the largest factory its kind in the industry.

Enterprise Investors – one of the largest private equity firms in Central and Eastern Europe.

Guala Closures Group – the world industry leader in aluminium closures for beverages.
Our Client, Skarbiec Group, the leading asset management player in Poland, controlled by Enterprise Investors, the leading Private Equity firm in Poland, decided to dispose of its subsidiary ProService Agent Transferowy (PSAT) offering outsourcing services for investment funds.

Sprzedaż PSAT
Our role was to organize the structured auction to sell PSAT. In the sale process, together with our Oaklins offices, we identified and approached almost 90 potential investors.

The process resulted in the sale of 100% of shares in PSAT to Highlander Partners, a Private Equity firm based in Dallas, Texas.

It is a perfect example of a transaction where a rather niche company, which would seem to be of interest to strategic buyers only, is acquired by a PE player for its good growth prospects and excellent management.

Deal participants:

Skarbiec Group - one of the largest local asset management companies in Central and Eastern Europe.

ProService Agent Transferowy (PSAT) - a spin-off of Skarbiec Group, offering a wide range of outsourcing services for investment funds.

Highlander Partners - a Private Equity firm, which focuses on buyout transactions of manufacturing and services companies with headquarters in Dallas, Texas.
Our Clients, the shareholders of QFG, a producer of meat-based convenience food in Poland hired Poland Corporate Finance to find an investor in order to facilitate rapid growth of the Company and exploit its full potential.

Sprzedaż Krzyżanowscy/QFG
It was the second project run by Poland Corporate Finance that involved this Company as previously, we advised Quantum Foods, an American producer of steaks and meat - based products on a buy-side mandate in which they became a shareholder of Krzyzanowscy, which was renamed QFG after the deal with Quantum Foods was closed. Quantum Foods exited from the Company after a few years selling back their shares to our Clients..

After a successful transfer of unique American know-how, modern production processes and equipment as well as contacts with reputable global clients, the shareholders were looking for capital to expand production capacity to meet growing demand for their products.

With the help of other Oaklins offices, we identified and approached over 100 potential investors interested in an investment in the Company.

The sale process managed by Poland Corporate Finance resulted in Highlander Partners becoming a 60% shareholder in the Company through a share purchase and capital increase.

It is a perfect example of a transaction proving that Private Equity funds can be a real alternative to strategic buyers and can offer attractive terms of investment and further co-operation.

Deal participants:

QFG Sp. z o.o. - one of the most advanced companies in Europe offering a wide range of high quality and innovative convenience food meat products based on chicken and other popular types of meat.

Highlander Partners - a private equity firm, which focuses on buyout transactions of manufacturing and services companies with headquarters in Dallas, Texas.
Our Client, Quantum Foods, a meat products manufacturer from Chicago, Illinois, hired us to look for a production base in Poland from which they could serve their international clients in Europe. We made contact with Quantum Foods thanks to Baker McKenzie, one of the largest global law firms also headquartered in Chicago.

Sprzedaż Krzyżanowscy QFG
We identified and approached a number of potential target companies in Poland. The process resulted in Quantum Foods acquiring a minority stake in Krzyzanowscy, the leading Polish producer of meat-based products for supermarkets and the fast food industry.

Quantum Foods entry into Krzyzanowscy allowed the latter to absorb extensive know-how, gain experience in the most up to date technologies and significantly widen their product portfolio.

It is a perfect example of a transaction proving that entry of a foreign investor can dramatically improve the quality and prospects of the acquired business, even if a minority stake is acquired.

Deal participants:

Krzyzanowscy Sp. z o.o. (currently QFG) - the local leader in producing hamburgers and other meat based products sold mostly in supermarkets and hypermarket chains in Poland with some HoReCa exposure (fast food chains).

Quantum Foods - an American producer of steaks and meat products and components for the US Army, international fast food chains and other HoReCa players.

Poland Corporate Finance Sp. z o.o. is an independent financial advisory firm that is affiliated with Oaklins International INC.
For details of the nature of this affiliation and other legal notices, please refer to www.oaklins.com