Advent exits WSiP to Central Group

Under Advent's eight-year ownership, the company evolved from a textbook publisher to a comprehensive educational services provider following the launch of tutoring services, self-learning, digital products and teacher resources. According to the GP, the number of registered online users increased by 700% during its ownership.

Hungary-based strategic investor Central Group plans on partnering with WSiP to sustain its business model, and create value in the Polish publishing and media market.

Polish daily Puls Biznesu reported that Central Group plans on establishing a CEE group with revenues of €500-600m within the next year, and is in talks with a publisher in Slovakia and a company in the Czech Republic.

The transaction is subject to Polish competition authority clearance.

Previous funding
Advent announced a public tender offer to acquire the Polish educational publisher in November 2009. Advent wholly acquired WSiP in February 2010 in a deal that valued the company at around PLN 405m, de-listing it from the Warsaw Stock Exchange. 

Company
WSiP was established in 1945 and listed on the Warsaw Stock Exchange in 2004. The business provides a range of educational services in all areas of school and non-school education for all levels, from children aged 3-18, as well as for vocational education.

People
Central Group – Zoltán Varga (founder).
WSiP – Jerzy Garlicki (CEO).

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• Topics
• Exits
• CEE
• Consumer
• Poland
• Hungary
• Advent International