Private Equity » Portfolio companies

WB Electronics, PRE-IPO (2011)

WB Electronics S.A. is a leading system integrator and supplier of specialized electronics and communications equipment for Command & Control applications in Land Forces. The company main areas of activity are software development, systems design, integration, manufacturing of computers, terminals, communication systems and service of the deployed systems and equipment.

Company's website: www.wb.com.pl

CB, capital for development (2008)

CB manufactures and distributes specialized construction materials used in new buildings and in insulation/renovation work on existing constructions. The company has been in business since 1995 and sells products under three brand names: Corotop roof membranes, Rednet fiberglass mesh for reinforcing surfaces covered in plaster, and Secco chemical products for hydroinsulation.

CB has the following subsidiaries: Globau dealing with the manufacturing (casting) of membranes, a German construction mesh factory Asglatex (its acquisition was performed with the help of the Investor Private Equity FIZ fund), and the German company Kiosk Rednet, primarily an online distributor of Rednet meshes.

The owners' objective is to raise the company's value through organic growth and acquisitions, and ultimately to withdraw from the investment by selling to the trade investor or taking the company public.

Company's website: www.cb.com.pl

Rubra, financial restructuring (2011)

Rubra is a special purpose vehicle established to restructure the Grupa Gwarant, one of Polands largest manufacturers of castings used in the manufacturing, mining and automotive industry, steel construction and industrial installation and fittings. In 2008 Grupa Gwarant experienced financial problems due to open positions in currency options. Consequently the Company lost liquidity due to payments of 133 million PLN in years 2008-2011. 

Investor Private Equity FIZ is a member of the consortium that purchased for PLN 100 million the indebtedness of the Group Guarantor to banks with a face value of PLN 180 million. Financial restructuring is intended to allow recovery of the Group's market position and improving financial results.

Stone Master, financial investment (2010)

A leading manufacturer of decorative and facade stone in Poland. In operation since 1995, the firm is now headquartered and has its production facility in Andrespol near the city of Łódź. It offers exterior facade stone, interior decorative stone, finishing & decorative elements, fireplace housings, and chemical products for use in construction.

The company does business with clients in Poland, most EU countries, the United States and Belarus. Its distributors in Poland include the country's largest building-materials store chains - Leroy Merlin, OBI, Praktiker, Royal Hurt, Merkury Market, Bricoman - as well as many local chains.

Company's website: www.stonemaster.com.pl

ERG-System, restructuring (2009)

As the manufacturer and distributor of plastic crates for transporting goods, ERG System operates on a market that is affected by the market climate only to a limited degree. The company's indirect privatization (its previous owner having been a state-owned company) led to its purchase in 2009 by a consortium of trade/financial investors including the Investor Private Equity FIZ fund. The transaction was carried out by DI Investors.

Currently the company is going through a process of optimizing its production, with the assistance of its trade investor. Its non-production assets are of considerable value, and so a real estate project to sell off part of these assets has been launched.

Company's website: www.erg-system.pl

Grupa Nokaut, financial investment (2010)

This price-comparison website collaborates with 2,200 online shops and has 3 million visitors per month. Aside from its flagship website, Nokaut.pl, the company is also developing other projects, such as SklepyFirmowe.pl (a platform for setting up one's own online shop) and Bazarek.pl (one of the largest comprehensive shopping sites).

The shares held by the fund were purchased from an investor who had financed project start-up back in 2006.

Company's website: www.nokaut.pl

Masovia Windfarm (Windfarm Holding), seed capital (2009)

This firm, set up as a special purpose vehicle, invests in three new wind-farm projects situated in central Poland with an overall capacity of 120 MW.

The Investor Private Equity FIZ fund leads a consortium of financial investors involved in the project, and envisions short- or medium-term involvement.

The first stage of sale has been completed for three wind farm projects owned by Masovia Windfarm. The conservative valuation approach accounts only for the portion of the sale that has been transacted, not potential sales. The sale of these projects will be successively performed over a period of 18 months, and the price is contingent on the completion of wind farm construction stages as agreed upon with buyers, which have a significant impact on the value of the transaction.

Gino Rossi (2011)

Gino Rossi is one of the most recognizable and valued brands on the Polish market, with a leading position in the medium and top shelf shoes segment. The sales network includes 65 stores in Poland and abroad and 9 outlets.

Gino Rossi was established in June 1992 as a common undertaking of Polish and Italian shareholders. Among the six founders was Mr. Gino Rossi, an Italian-based manufacturer, who lent his first and last name to the Company. Since 2006 Gino Rossi S.A. has been listed on the WSE.

Gino Rossi's offering includes high quality leather men's and women's footwear and accessories. The company has its own manufacturing facility in Słupsk (where the Gino Rossi S.A. headquarters is located) and a leather goods manufacturing facility in Elbląg.

Company's website: www.gino-rossi.com