Innova Capital buys controlling stake in Profim

Innova acquired its stake via the vehicle Innova 5. The deal saw two existing shareholders exiting the business, while two of the company's co-founders and existing stake owners, including the CEO, Ryszard Rychlik, will retain a 25% stake in the business.

According to a source familiar with the situation, a consortium of two Polish financing banks provided an undisclosed credit facility to support the transaction.

The GP aims to support the company's presence in the Polish and German markets, as well as across western Europe.

Currently, Innova manages three vehicles: the €112m Innova 3 raised in 2002, which is fully invested; the 2006-vintage Innova 4, which raised €228m and has eight companies in its portfolio; and Innova 5, which has 11 companies in its portfolio and held a final close on €381m in November 2009.

Company
Established in 1991 and headquartered in Turek, Profim produces office seating and exports 70% of its production across western Europe.

According to the company's website, the business posted €109m in revenues in 2016 and employs 1,900 people.

People
Innova Capital – Andrzej Bartos (senior partner).
Profim – Ryszard Rychlik (CEO).

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• Topics
• Buyouts
• Consumer
• CEE
• Poland
• Innova Capital