Mid Europa's PKL completes bolt-on

Mid Europa injected a new chunk of capital to enable PKL to make the acquisition. The GP is implementing a consolidation strategy of the mountain tourism market in Poland.

Jaworzyna Krynicka was acquired from Polish insurance company Powszechny Zakład Ubezpieczeń (PZU) and Polish bank PKO Bank Polski.

Mid Europa wholly acquired PKL in May this year. The firm now operates as newco Polskie Koleje Gorskie. Mid Europa, a private equity firm focused on Central and Eastern Europe and Turkey, bought PKL for PLN 215m from state-owned Polish State Railways (PKP).

The GP saw PKL as an attractive entry route into the tourism sector, offering strong growth opportunities.

Mid Europa had already eyed a number of potential add-ons when acquiring PKL, including Jaworzyna Krynicka. The GP also participated in the bidding process for the privatisation of Polskie Tatry, the operator of an aquapark and hotels in Zakopane. It submitted a binding offer this week.

Company
Ski lift operator Kolej Gondolowa Jaworzyna Krynicka is located in Krynica, a Polish mountain tourist destination.

The firm was founded in 1995 and employs 33 staff. It reported a turnover of PLN 17m in 2012.

People
Tomasz Blicharski, Dominika Kozlowska and Zofia Szewczuk led the transaction for Mid Europa.

Advisers
Equity – CMS Cameron McKenna (Legal); Ernst & Young (Corporate finance); DCSA (Technical due diligence).

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• Topics
• CEE
• Consumer
• Expansion
• Poland
• Mid Europa Partners