Krokus floats Polwax

Krokus's investment in Polwax has returned €13.7m to the fund, from an initial enterprise value estimated to be in the €25-50m range.

The GP sold off half of the stake its €100m Nova Polonia II vehicle held in the company during the listing, which Krokus said was oversubscribed. However, the firm remains the largest shareholder in Polwax with 32.6% of the shares.

Krokus also announced it had sold down its stake in OT Logistics, which it listed last year, decreasing its stake from 25% to 11.5%. The investment has returned €11.1m to date.

Previous funding
Polwax was acquired in an MBO in 2012, when it was carved out from its parent company, Lotos Group.

Then called Lotos Parafiny, the company was renamed following the transaction.

Company
Polwax is a producer of refined and deodorised paraffin and paraffin waxes, based in the Polish town of Jaslo.

Polwax had revenues of €241m in 2013, with an EBITDA of €27.5m.

People
Witold Radwanski is the president of Krokus and Dominik Tomczyk is the CEO of Polwax.

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