Genesis Capital sells AZ Klima in trade sale

The buyer is Czech energy services company ČEZ Esco, which will acquire all of AZ's shares and assume it under the ČEZ group structure. In addition to Genesis, AZ management and all minority shareholders will also exit their ownership stake in the company, making ČEZ the sole owner.

According to unquote" data, Genesis held a 68.5% stake in AZ through its 2009-vintage Genesis Private Equity Fund II (GPEF II) vehicle, while AZ chair Miroslav Čížek controlled 30% of the shares.

Previous funding
GPEF II acquired AZ in August 2011, through a succession-driven buyout that saw founder Čížek and other co-owners sell a majority stake. Genesis's fund acquired a 68.5% stake, while Čížek remained a shareholder at 30% and management bought in for a 1.5% stake.

Čížek founded the company in 1992 at age 38, shortly after the fall of communism in CEE. unquote" recently discussed the impact of post-communist succession on dealflow in the Czech Republic with Genesis founder Jan Tauber.

Company
Headquartered in Brno, AZ is a provider of ventilation, air conditioning and facility management services for administrative, commercial, industrial and other buildings.

Operating in the Czech Republic and Slovakia, AZ employs 250 people and had sales of CZK 660m in 2015, expected to reach CZK 710m in 2016.

People
Genesis Capital – Jan Tauber (founder, managing partner).
AZ Klima – Karel Břenek (executive director, chair).
ČEZ Esco – Kamil Čermák (CEO).

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• Topics
• Exits
• CEE
• Support services
• Czech Republic
• Genesis Capital
• Trade sale