Polish GP Krokus Private Equity has made 3.5x money on its investment in Polish paraffin producer Polwax, after selling its final shareholding in the listed vehicle.
The deal nets a 45% IRR for Krokus's Nova Polonia II Fund, four years after it backed the MBO of Polwax. Krokus listed the company on the Warsaw stock exchange in October 2014.
In 2012, Krokus tapped its €100m Nova Polonia II Fund for the €7.7m equity investment in Polwax's management buyout.
The GP floated Polwax two years later in Warsaw, disposing of half its 65% stake in the business as part of the IPO, returning €13.7m to the fund.
Polwax is a producer of refined and deodorised paraffin and paraffin waxes, based in the Polish town of Jaslo.
Polwax had revenues of €66m in 2015, with an EBITDA of €8m.
Krokus – Witold Radwanski (president).
Polwax – Dominik Tomczyk (CEO).
Venture capital firms originally invested in the company in 2011 and 2014 respectively
Fund manager Quaestus exits its stake in the Croatian business after an eight-year holding period
Proposed deal for the aluminium profiles manufacturer comes just two years after Advent's acquisition
Deal marks first investment by small-cap buyout fund Crescendo, which held a €42m first close this year