Advent buys 55% stake in EKO Holding

The tender offer stands at PLN 4.70 (€1.13) per share, amounting to PLN 125.7m (€30m) overall. The transaction was done through Ecorse Investments, a newco controlled by Advent.

As part of the transaction agreement, non-core business units will be carved out of EKO and in turn acquired by the Gradeckis. This will relieve EKO of PLN 65m of debt (€16m) and amount to PLN 15m in cash (€4m).

Krzysztof and Marzena Gradecki will reinvest in EKO and become indirect minority shareholders.

Company
EKO is a Polish supermarket operator based in Warsaw. It operates 350 EKO stores, 800 Rabat franchise stores and 165 Jasmin franchise drugstores throughout Poland. EKO also owns wholesale drugstore Polska Grupa Dogeryjna.

EKO is listed on the Warsaw stock exchange (EKO:PW), with a market cap of PLN 231m (€56m) and an enterprise value of PLN 288m (€69m). Its 52-week trading range is PLN 3.05-5.50 (€0.74-1.33).

People
Partner Tamas Nagy led the deal on behalf of Advent. Upon completion of the transaction, Krzysztof Gradecki will become chairman of EKO's supervisory board.

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