Krokus makes 3.5x on final exit from Polwax

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.

Previous funding
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.

Company
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.

People
Krokus – Witold Radwanski (president).
Polwax – Dominik Tomczyk (CEO).

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• Topics
• Exits
• CEE
• Industrials
• Poland
• Partial sale