Masterlease IPO generates first exit for Abris

The company has set its share price at PLN 44 each and will be listing 4,763,536 shares, representing 40% of the company's share capital, which would value the whole share capital in the region of PLN 524m. The company will list on Wednesday 16 April.

According to Neil Milne, managing partner at Abris, a listing on the Warsaw Stock Exchange proved the most attractive option for Masterlease as the exchange has been performing well over the past six to nine months.

Abris will retain a significant shareholding in Masterlease following the flotation; the private equity firm expects to stay invested for several years to benefit from further upside.

Previous funding
Masterlease was acquired by Abris in April 2010 from GMAC. As banks had ceased to lend into the market, Abris raised acquisition finance by using the Catalyst trading platform on the Warsaw Stock Exchange, enabling the company to secure €129.3m in corporate bonds to replace the leverage previously provided to the company by GMAC.

Company
Masterlease Polska was established in 1995 by business partners Grzegorz Waluszewski and Jerzy Kobylinski to provide vehicle leasing services to a rapidly expanding number of international and domestic corporate clients in Poland. In 2001, the company was acquired by GMAC to become part of its global auto finance operations. Today Masterlease operates a fleet of more than 24,000 vehicles.

The company is headquartered in Gdansk and operates through 16 branches across Poland.

People
Neil Milne is managing partner at Abris.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• CEE
• Abris Capital Partners
• Poland
• IPO