Private equity in Poland

Baker & McKenzie Krzyżowski i Wspólnicy Spółka Komandytowa

The team at Baker & McKenzie Krzyżowski i Wspólnicy Spółka Komandytowa assists private equity clients at all stages of their projects, including investment and financing, buy-outs, exits and recapitalisation transactions. In March 2019, it benefited from the arrival of Magdalena Nasiłowska from DLA Piper, who brings with her substantial transactional experience in Poland and around the CEE region. The team is led by Tomasz Krzyzowski, who focuses on takeovers via share or asset acquisitions, in addition to company and portfolio reorganisations.

Practice head(s):

Tomasz Krzyżowski

Key clients

MCI EuroVentures

The Carlyle Group

Pinebridge New Europe Fund II-A

Value Quest

HIG

Corynthian Group

InfraCapital

PKO TFI

Empirio Capital

ForeVest Capital

OSHEE Polska

CS Group

Work highlights

  • Advised the MCI EuroVentures from the MCI Capital on the sale of ABC Data to ALSO Group.
  • Advised OSHEE Polska in connection with Innova Capital minority stake investment
  • Advised the Private Equity Fund of The Carlyle Group and its Array Marketing portfolio company in the acquisition of the Polish Willson & Brown Group.

Clifford Chance

Clifford Chance fields an experienced private equity team, which handles high-value M&A and investment transactions on the Polish market, advising domestic and international private equity houses and their targets. Key sectors for the group include energy and natural resources, technology, financial services, consumer goods and healthcare. Agnieszka Janicka takes the lead, alongside Marcin Bartnicki and Wojciech Polz.

Practice head(s):

Agnieszka Janicka; Marcin Bartnicki; Wojciech Polz

Testimonials

The team was very professional, in a way that gave a very high comfort around the quality of the documentation produced.

The deal we have done together was a very complicated one and it was Wojciech Polz’s contribution in finding relevant solutions that eventually resulted in the deal to happen.

As a UK-based investor active in the CEE region, they have undoubtedly been the best team I have interacted with in the Polish market, and they would be my first and only call on any future deals in the region.

Key clients

Macquarie

Cinven

Mid Europa Partners

Waterland

Pollen Street Capital

Penta Investments

Advent International

Montagu

Warburg Pincus

Work highlights

  • Advised Macquarie Infrastructure and Real Assets and three Australian investment funds (Statewide, Motor Trades Association of Australia, and Australian Super) on the international sale of DCT Gdańsk.
  • Advised Waterland on its exit from L’biotica, a dermo-cosmetics company located in northern Poland.
  • Assisted Cinven with its investment, though a competitive auction process, in RTB House.

Greenberg Traurig Grzesiak sp. k.

Greenberg Traurig Grzesiak sp. k.'s seven-partner private equity team is led by industry veterans Lejb Fogelman and Jarosław Grzesiak and handles transactions across a variety of sectors, but with particularly outstanding coverage of the real estate industry. The group is able to leverage the firm's expertise from the tax, M&A, real estate, banking and finance, and capital markets departments, allowing it to provide a full service in terms of investment and exit strategies. Other key names include domestic and international private equity expert Rafał Baranowski and Aleksander Janiszewski, who also leads the impressive venture capital practice, which has carved out a real niche in the Polish technology sector.

Practice head(s):

Lejb Fogelman; Jarosław Grzesiak

Testimonials

The practice is distinguished from the competition by excellent service and substantive knowledge.

Very good timeliness of work.

Rafał Baranowski has great contact with the client, commitment, and innovation in seeking legal solutions.

Key clients

Blackstone

Madison International Realty

AnaCap Financial Partners

Innova Capital

Akron Investment

Mid Europa Partners

OTB Ventures

Penta Investments

OpenView Venture Partners

Spinnaker Capital Group

CVC Capital Partners

Abris Capital Partners

Dirlango

Benson Elliot

Azora Europa

Cosmose

Work highlights

  • Advised Madison International Realty on its acquisition of a majority stake in Capital Park.
  • Advised Innova Capital on the consolidation process of printing companies specialising in labels and packaging materials.
  • Advised Akron Investment Central Eastern Europe II and Heitman on the sale of the Warsaw Trade Tower office building.

Rymarz Zdort

Rymarz Zdort's team handles investments and exits, in both public and private companies, as well as tax optimisation, acquisition financing and anti-trust clearance. For exit transactions, clients benefit from the firm's strong capital markets presence, with its experience in IPOs. The team is led by co-managing partners Pawel Zdort and Pawel Rymarz, both of whom have substantial experience in the field.

Practice head(s):

Pawel Zdort; Pawel Rymarz

Key clients

Aberdeen Standard Investments

EVF I Investments

Griffin Real Estate

Hamilton Holding

IFM Global Infrastructure Fund

Innova Capital

Maison Brands plc

Oaktree Capital Management

Pacific Investment Management Company

Polish Development Fund

PSA International

SFS Ventures

Work highlights

  • Advised the IFM Global Infrastructure Fund on its acquisition of DCT Gdansk from Macquarie Infrastructure and Real Assets (MIRA), MTAA Super, AustralianSuper and Statewide Super.
  • Advised Sanofi-Aventis on the sale of Zentiva Polska to Advent International.
  • Assisted SFS Ventures with its joint acquisition (with Agora) of Eurozet, through a share purchase agreement with the target.

CMS Cameron McKenna Nabarro Olswang Pośniak i Bejm sp.k.

CMS' team regularly handles significant private equity-backed M&A transactions in the Polish market, while also assisting clients with the Polish aspects of multi-jurisdictional transactions. Its strong client roster comprises regional and global private equity houses, including Advent International and Mid Europa Partners. The group also draws on the firm's wider areas of expertise and is able to draw on the firm's solid tax and capital markets departments. Transaction expert Rafał Zwierz leads the group, which includes senior associate Olga Czyżycka, who has experience in cross-border deals and capital group restructuring and reorganisation. In June 2019, the team lost Marek Sawicki and Jakub Marcinkowski to DLA Piper.

Practice head(s):

Rafał Zwierz

Testimonials

We like the team’s professional, yet down-to-earth approach.

They have been very good about understanding and adhering to our “no surprises” approach to billing.

Key clients

Abris Capital Partners

Mid Europa Partners

Polish Development Fund

PFR TFI

Advent International

Resource Partners

Work highlights

  • Advised Mid Europa Partners on the sale of Polish Cable Railways to Polish Development Fund.
  • Assisted Polish Development Fund with its investment into a power plant with a capacity of 910 MW being developed at the Jaworzno Power Plant.
  • Advised Advent International on its acquisition of Zentiva, Sanofi’s European generics business.

Dentons

The private equity group at Dentons handles transactions across the manufacturing, life sciences, fast-moving consumer goods, energy, real estate and TMT sectors. Backed by a strong global office network, the group is particularly active in cross-border and multi-jurisdictional deals. Piotr Dulewicz leads the department, and is also a co-head of the firm's European private equity practice group. Counsel Michał Wasiak is another name to note, with substantial transactional experience.

Practice head(s):

Piotr Dulewicz

Testimonials

Always on top of matters and anticipating what may come in the negotiations.

Michał Wasiak is the lawyer to observe, as he is up and coming with great skills and diligence.

Key clients

Syntaxis Capital

Cogito Capital Partners

Royalton Partners

White Star Capital

KKR

Blackstone

Globalworth

TPG Real Estate

Work highlights

  • Advised Syntaxis Capital, and the founders of Polflam, on the sale of a controlling package of shares in the company to Baltisse.
  • Advised Upfield, a company backed by KKR, on the Polish part of a global acquisition of a business and assets from Unilever.
  • Advised Blackstone on the Polish aspects of its cross-border acquisition of a controlling stake in Essel Propack.

Linklaters

Linklaters is noted for advising clients on transactions in Poland and across the CEE region. The team handles downstream private equity and venture capital transactions, acquisition finance, as well as exit strategies, including via international auctions. The department, which is led by Tomasz Zorawski, includes M&A experts Marcin Schulz and English-qualified Daniel Cousens.

Practice head(s):

Tomasz Zorawski

Key clients

Centerbridge Partners Europe

Triton Partners

Blackstone

Apollo

Rhône Capital

Cerberus Capital Management

Abris Capital Partners

Mid Europa Partners

Polski Fundusz Rozwoju

Work highlights

  • Advised ING Bank Śląski on its acquisition of 45% of shares in NN Investment Partners TFI (Polish asset management company) from NN Investment Partners International Holdings.
  • Advised a leading US investment and PE firm on the establishment and execution of Resi4Rent, the first fully integrated investor, operator and asset manager for purpose-built residential communities in Poland.
  • Advised Unilever on the sale of assets used for the manufacturing of spreads products in its Polish factory in Katowice to Upfield (Manufacturing) Polska.

Norton Rose Fulbright

Norton Rose Fulbright's team advises clients on transactions throughout the life-cycle of private equity investments. Areas of particular expertise include buy-outs, restructuring and exit deals, with a sectoral focus on financial services and real estate. Piotr Strawa is the department head, and has considerable experience in M&A, privatisation, restructuring and joint-venture transactions.

Practice head(s):

Piotr Strawa

Key clients

Abris Capital Partners

CEE Equity Partners

Innova Capital

Work highlights

  • Advised Abris Capital Partners on the acquisition of a majority stake in CADM Automotive.
  • Advised MCI Capital on the consolidation of the business activities of two of its subsidiaries, Morele Group and Pigu Group, through a share transaction into a Luxembourg-law holding company.
  • Advised Abris Capital Partners on its exit from Chemes M.Szperlinski.

Wardynski & Partners

Wardynski & Partners' team is regularly instructed on the Polish aspects of large international private equity deals, as well as handling major standalone investments in the Polish market. The group, which is based within the M&A department, is co-headed by Paweł Ciećwierz in Warsaw and Poznań-based Izabela Zielińska-Barłożek.

Practice head(s):

Paweł Ciećwierz; Izabela Zielińska-Barłożek

Key clients

9M BV

ABP Food Group and ABP Poland

ArcelorMittal

Asahi Kasei Corporation

Bridgestone

CIP Capital

Cuki Cofresco

CVC Capital Partners

DEZA

ENERCON

Eniro Treasury

EQT

Intercos Group

Investindustrial VI

Kongsberg Gruppen

Litorina Capital Advisors

Novax AB and InnKap Partners

Petrochemia Blachownia

Vista Equity Partners

Thomas H. Lee Partners

Work highlights

  • Advised Triton on the Polish aspects of its EUR825m sale of COBEX to Tokai Carbon.
  • Advised EQT on its sale of Autostore to THL Partners.
  • Advised Hg Capital on the Polish aspects of its acquisition of Transporeon from TPG Capital.

Deloitte Legal, Pasternak, Korba i Wspólnicy Kancelaria Prawnicza sp.k.

Deloitte Legal, Pasternak, Korba, Moskwa, Jarmul i Wspólnicy Kancelaria Prawnicza sp.k.'s lawyers assist private equity houses and corporates on a variety of transactions on both the buy and sell side. The group is also able to offer clients tax advisory services, to provide a one-stop-shop service. The department is jointly led by acquisition and restructuring expert Paweł MoskwaKarol Kicun, whose sector expertise spans energy, IT and healthcare; and transactional all-rounder Piotr Siezieniewski. In March 2019, corporate lawyer Łukasz Błażejczyk moved across from Weil, Gotshal & Manges LLP.

Practice head(s):

Paweł Moskwa; Karol Kicun; Piotr Siezieniewski

Testimonials

Very efficient team, decent negotiations style, very professional in approach vis a vis clients and counter-parties, knowledgeable, and skilled.

Paweł Moskwa has excellent project leadership skills, very broad knowledge, and a friendly style.

Key clients

MCI Capital

Penta Investments

Mezzanine Management

Bridgepoint

FSN Capital

Tar Heel Capital

Value 4 Capital

Work highlights

  • Assisted Proteon Pharmaceuticals with a PE inbound investment from Aqua Spark.
  • Advised MCI Capital on the sale of shares in DotPay to various acquirers.
  • Advised the shareholders in DreamCommerce on the sale of a minority share package to Value4Capital.

DLA Piper

DLA Piper enters the rankings following the arrival in September 2019 of Marek Sawicki (who now leads the team) and Jakub Marcinkowski from CMS Cameron McKenna Nabarro Olswang Pośniak i Bejm sp.k. and subsequent to the promotion to partner of Jakub Domalik-Plakwicz in May 2019. The team is instructed by a number of major private equity clients, drawing on impressive M&A and capital markets expertise.

Practice head(s):

Marek Sawicki

Testimonials

Jakub Domalik-Plakwicz is currently one of the market-leading PE lawyers in Poland. He’s very smart and capable, and exceptionally proactive.

A very hands-on approach and perfect support during the transaction.

The new team provides for exceptional quality and a great client approach.

Key clients

Allegro Capital Group

Tar Heel Capital

Work highlights

  • Advised Allegro on the acquisition of eBilet via a share purchase.
  • Advised Tar Heel Capital on the acquisition of a majority stake in Takt.
  • Advised Erste Group, as the global coordinator, on the sale by CED Group of an 8.5% stake in Kofola ČeskoSlovensko.

GESSEL Attorneys at Law

GESSEL Attorneys at Law's department is led by managing partner Marcin Macieszczak, who specialises in public and private market equity transactions, as well as restructuring and company law. Other key lawyers include acquisition financing expert Małgorzata Badowska and Maciej Kożuchowski, who is predominantly an M&A specialist, but also advises on establishing funds.

Practice head(s):

Marcin Macieszczak; Maciej Kożuchowski; Małgorzata Badowska

Testimonials

Very good and proactive approach, with efficient delivery.

Key clients

Resource Partners

BNP Paribas

CVI Dom Maklerski

Enterprise Investors

DialCom24

Sunfish Partners

Finch Capital

Inovo Venture Partners

Dirlango Tech

Mok Yok

Work highlights

  • Advised the shareholders of PayPro on establishing a strategic partnership with Nets Denmark (a portfolio company of Hellman and Friedman, Bain Capital and Advent International).
  • Advised Enterprise Investors on its acquisition of a minority stake in Anwim.
  • Advised Resource Partners on the acquisition of shares in Golpasz, increasing its stake from 67% to 85%.

Gide Loyrette Nouel

Gide Loyrette Nouel provides a full service to equity funds, their sponsors, and investors, drawing on developed expertise in corporate law, financial services, regulatory issues, tax, and contracts. The team also assists clients with recapitalisation transactions, build-ups, and exits. Paweł Grześkowiak, who also leads the banking and finance team, heads the department.

Practice head(s):

Paweł Grześkowiak

Testimonials

Great transactional experience and shared best practices from other offices. Very engaged and work to strict deadlines. They always look for solutions rather than confrontation.

Paweł Grześkowiak is engaged, fully briefed, and always on call.

We have never been disappointed by the firm. All of their lawyers are very competent and reliable.

Key clients

Enterprise Investors

Resource Partners

Investindustrial

Seris

Steinhoff

Work highlights

  • Advised Enterprise Investors on the sale of Intive Group to Mid Europa Partners.
  • Advised Resource Partners on the acquisition of a 70% stake in Maczfit.
  • Advised Seris Capital Group on the 100% acquisition of shares in Konsalnet Holding.

White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k.

The team at White & Case M. Studniarek i Wspólnicy - Kancelaria Prawna sp.k. expanded substantially in August 2019, with the arrival of Michał Petz and a team of junior lawyers from K&L Gates (before the firm's Warsaw offices being acquired by DWF Poland Jamka Sp.k). The department, which is led by Marcin Studniarek handles all stages of private equity and venture capital transactions across Poland and the CEE region, with clients including a mixture of domestic and regional private equity houses and investment banks.

Practice head(s):

Marcin Studniarek

Testimonials

They have a great business perspective and understand venture capital best practices inside out.

Wanda Kudrycka rocks. She was the main point of contact and the main reason we’re happy with the cooperation.

Key clients

Nets Denmark

Mid Europa Partners

Enterprise Investors

Echo Investment

Innovation Nest

Alfabeat

Target Global

Dirlango Tech FIZAN

TDJ Pitango

PZU

PFR Ventures

Icos Capital

Inovo Venture Partners

Work highlights

  • Advised Nets Denmark on its PLN315m acquisition of Dotpay.
  • Advised Mid Europa Partners on its acquisition of Intive from Enterprise Investors.
  • Advised Echo Investment on joint venture negotiations with R4R in relation to an online property rental platform.

WKB Wiercinski, Kwiecinski, Baehr

Clients of WKB Wiercinski, Kwiecinski, Baehr include institutional investors, including private equity and alternative asset funds. The group, which sits within the corporate and M&A department, is co-led by international deal experienced Jakub Jedrzejak and Australian-qualified Ben Davey, whose experience spans private equity-related acquisitions and disposals.

Practice head(s):

Jakub Jędrzejak; Ben Davey

Key clients

BC Bavarian Candles

EQOS Holding

Centrum Rozliczeń Elektronicznych Polskie ePłatności

Benson Elliot

Penta Investments

Infradata Polska

Avallon

Work highlights

  • Advised BC Bavarian Candles Expansion, a member of the GALA-Kerzen Group, and a portfolio company of Equistone, a leading European mid-market private equity firm, on its acquisition of  Korona Candles.
  • Advised Benson Elliot on the Polish aspects of the sale of the Sheraton Warsaw to Patron Perkins.
  • Advised Polskie ePłatności, a portfolio entity of Innova Capital, on its acquisition of 100% of the shares in PayUp Polska from Eurocash.

B2R Law Jankowski Stroiński Zięba

B2R Law Jankowski Stroiński Zięba entered the market in June 2020 as a result of a merger between JSLEGAL - Jankowski, Stroinski & Partners and Zieba & Partners. Practice head Rafał Stroiński specialises in both corporate law and dispute resolution. The team has a strong track record in advising fund portfolio companies on matters concerning private equity transactions, as well as assisting the funds themselves with a variety of deals on the Polish market.

Practice head(s):

Rafał Stroiński

Testimonials

A great team with an open approach towards new projects.

Top quality and professional approach confirmed in every business case conducted. Very direct and transparent communication.

The company provides international level assistance and I have recommended their services to many business partners.

Key clients

Resource Partners

Velvet Care

Jantoń

Alfabeat ALFA

Spin Development Sp. z o.o. / Wheelstair

 TDJ Pitango Ventures Capital Management

 Aasa

Work highlights

  • Advised Resource Partners on its acquisition of the majority shareholding of Artgeist.
  • Advised Velvet Care on post-closing matters connected to the sale of a controlling stake in the company by Avallon Fund to Abris Capital.
  • Advised Jantoń, a portfolio company of Enterprise Investors on the takeover of Wino Makłowicz and Selekcja Makłowicz’s operations.

Chajec, Don-Siemion & Zyto Legal Advisors

The team at Chajec, Don-Siemion & Zyto Legal Advisors specialises in cross-border and domestic M&A transactions, portfolio company reorganisations, de-mergers, joint ventures and equity investments. TMT and M&A are particular areas expertise, as is real estate, and the group has developed a solid track-record in advising investors in technology start-ups in Poland. Name partner Andrzej Chajec jointly leads the department alongside Maciej Kotlicki and Szymon Skiendzielewski.

Practice head(s):

Andrzej Chajec; Maciej Kotlicki; Szymon Skiendzielewski

Testimonials

A flexible and experienced team.

Piotr Rychta and Maciej Kotlicki are lawyers who know exactly what businesses expect. They are open-minded and always look for new ways to resolve problems connected to every transaction.

Key clients

Symbio S.A.

IT Kontrakt

Capital Partners Investment Fund

Capital Partners S.A.

Oaktree Capital Management

CP Fundusz Inwestycyjny Zamknięty

Capital Partners Investment I Fundusz Inwestycyjny Zamknięty

Work highlights

  • Advised a company from Oaktree Capital Management Group’s portfolio on the buy-out of a majority stake in Cologne-based Sevenval Technologies.
  • Advised CP Fundusz Inwestycyjny Zamknięty and Capital Partners Investment I Fundusz Inwestycyjny Zamknięty on the sale of 100% of their shares and bonds in Symbio Polska.
  • Advising IT Kontrakt, a company owned by funds managed by Cornerstone Partners and Oaktree Capital Management, on the acquisition of Solid Brain.

SSW Pragmatic Solutions

SSW Pragmatic Solutions is able to combine legal know-how with its tax advisory service, assisting private equity clients on their investments and co-investments. The group's expertise comprises the establishment of private equity funds, portfolio oversight, M&A, in addition to financing. Wojciech Szczepaniak leads the department.

Practice head(s):

Wojciech Szczepaniak

Key clients

City Parking Group (controlled by Royalton Partners PE Found)

Credit Value Investments

Unilink

Royalton Partners

Dirlango Trading & Investments

Innova Investments

Kom-Eko

Aerium Group / Bainbridge

Afinum PE

Work highlights

  • Advised Afinum PE on an investment in the Polish furniture production sector.