Mid Europa buys Polish e-retailer Displate

The company was founded in 2013 by Karol Banaszkiewicz, Edward Ruszczyc and Jacek Swigost, who will remain significant minority shareholders of the business.

The GP said it saw "great potential" in developing the company's model further, and that the deal highlighted the GP's increased focus on companies operating in the e-commerce sector, having previously invested in Polish e-commerce company Allegro, which is now listed on the Warsaw Stock Exchange. 

The company said in a statement that it had seen a seen a fivefold increase in revenues in the last two years.

The transaction is expected to close in Q4 2020.

Previous funding
Displate in 2017 raised €2m from Prague-based venture capital firm Credo. In October 2018, the company raised €3m from Credo and Miton. 

Company
Founded in 2013 and based in Warsaw, Displate is an online marketplace for metal prints, connecting 40,000 artists and 30 licensed brands to a customer base in 50 countries.

The company is active in a number of verticals including gaming, movies, anime, music, travel and sport. In 2019, it generated revenues of $35m and employs fewer than 200 staff, according to LinkedIn. 

People
Mid Europa Partners – Pawel Padusinski (partner); Pawel Caruk (principal).
Displate – Karol Banaszkiewicz (CEO, co-founder).

Advisers
Equity – Raymond James (M&A); DLA Piper (legal); OC&C (commercial due diligence); PwC (financial & IT due diligence, tax); Palladium Digital (digital); Ramboll Environ (ESG due diligence).

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