Acquisitions in Poland

CGI Inc. completed its previously announced acquisition of Comarch Polska SA via its wholly owned Polish subsidiary, CGI Information Systems and Management Consultants (Polska) sp. z o.o. The deal adds more than 460 IT and business consulting professionals to CGI and expands CGI’s capabilities and presence in Poland and the Baltic States, with a focus on public sector IT solutions and services.

KMS Technology, a U.S.-based digital engineering, data, and AI services company, acquired Addepto, a rapidly growing Poland-based AI and data consulting and development firm. The combination is intended to expand global delivery capabilities and accelerate enterprise AI, data engineering, and machine-learning solution deployment across markets including Europe, the Americas, and APAC. Canaccord Genuity served as exclusive financial advisor to Addepto.

Perwyn portfolio company SALESmanago, a European customer engagement platform, has acquired Thulium, an omnichannel, AI-powered eCommerce-focused customer service solution based in Poland. The deal is SALESmanago’s second acquisition in the past year following Leadoo, and expands the combined group’s end-to-end capabilities across client data, marketing automation, and customer service.

Bakelite, a global producer of thermoset specialty resins and related solutions, completed the acquisition of Sestec, a Poland-based developer of 100% bio-based, protein-based adhesives for wood and composite panel products. The deal expands Bakelite’s sustainable adhesive solutions portfolio and includes Sestec’s offices in Kraków and its laboratory and production facility in Trzebinia, Poland.

Prime Label Group has acquired shares in Arti-Bau, a Polish digital label printing company headquartered in Lower Silesia. The deal strengthens Prime Label’s digital label production capabilities and supports expansion across Poland and German-speaking markets. Prime Label Group is controlled by the Innova/6 SCA SICAV private equity fund (Innova Capital).

TotalEnergies signed an SPA to sell a 50% stake in Polska Grupa Biogazowa (PGB), Poland’s biogas leader, to Norwegian energy investor HitecVision for an enterprise value of €190 million. PGB operates 20 biogas units in Poland and plans to expand into biomethane production, targeting 2 TWh of equivalent biomethane capacity by 2030. The transaction remains subject to governmental and regulatory approvals.

Safe Life, a provider of life-saving equipment and training, acquired Poland-based AEDMAX.PL to enter the Polish market and expand its European footprint in automated external defibrillators (AEDs) and first aid solutions. AEDMAX.PL will continue operating its brands while leveraging Safe Life’s international scale and infrastructure to accelerate growth in Poland.

Safe Life, a Stockholm-founded provider of life-saving equipment and training, acquired Poland-based AEDMAX.PL, a leading seller and servicer of automated external defibrillators (AEDs), first aid equipment, and first aid/CPR training. The deal marks Safe Life’s first acquisition in Poland and expands its European footprint in the AED and public-safety equipment market. AEDMAX.PL will continue operating its brands while leveraging Safe Life’s international scale.

Energizer Holdings, Inc. has completed its previously announced acquisition of Advanced Power Solutions NV (APS). APS manufactures and markets AA and AAA Panasonic-branded batteries across key European markets, and the deal includes a manufacturing facility in Gniezno, Poland.

Amplifon has completed the acquisition of the entire share capital of KIND Aparaty Słuchowe, the Polish subsidiary of Germany-based KIND, which operates a hearing healthcare retail network in Poland. The deal adds more than 120 hearing-care points of sale and is expected to be integrated and rebranded under Amplifon, doubling Amplifon’s footprint in Poland to more than 230 locations.

Topicus.com Inc., through its subsidiary Yukon Niebieski Kapital B.V., purchased 8,300,029 shares of Asseco Poland S.A. from Cyfrowy Polsat S.A., representing approximately 9.99% of Asseco Poland’s issued shares. The shares were acquired at a price of 85 PLN per share, constituting a minority stake investment in the Polish IT company.

ASSA ABLOY acquired Roger Sp. z o.o. sp.k., a Poland-based manufacturer of on-premise electronic access control systems and related hardware. Roger, founded in 1991 with about 100 employees and an assembly facility in Gosciszewo, expands ASSA ABLOY’s electronic access control offering in line with its strategy to add complementary products and solutions. Roger generated approximately MPLN 42 in 2023 sales, and the deal is expected to be accretive to ASSA ABLOY’s EPS from the start.

Vecima Networks, through its subsidiary Vecima Technology B.V., acquired all outstanding shares of Falcon V Systems, a Poland-based provider of vendor-agnostic, virtualized software solutions for broadband service providers. Falcon V Systems’ Principal Core and Test Suite will be integrated into Vecima’s Entra Cloud portfolio and the Falcon V team will be integrated into Vecima’s Video & Broadband Solutions business. Charter Communications is expected to be the initial customer, signing a multi-year deal to deploy both Principal Core and the Test Suite.

MECOTEC acquired Restore Hyper Wellness’ cryo-chamber manufacturing company in Poland as part of a strategic partnership between the two cryotherapy and wellness services providers. Following the acquisition, MECOTEC will continue producing Restore’s exclusive 1Cool, 2Cool, and 4Cool cryo-chamber design line for the U.S. market, provide service and support to Restore’s franchise network, and offer the designs to MECOTEC’s global customers.

Derse, an experiential marketing agency and exhibit builder, has acquired Nebula Exhibits, an international trade show and exhibition stand company. The deal adds Nebula’s full-service production facility in Poznań, Poland, strengthening Derse’s European capabilities and enabling local fabrication across both North America and Europe.

Renta Group Oy (Renta) acquired Caro Design Sp. z o.o., a Polish site modules rental specialist serving construction and industrial customers. The deal expands Renta’s product offering in Poland by adding site modules and supports its strategy to build a full-service equipment rental platform in the country. The acquisition was completed on 31 August 2024.

An affiliate of Cerberus Capital Management, together with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), completed the acquisition of 100% of Poland-based VeloBank. The shares were acquired from Poland’s Bank Guarantee Fund following a competitive sale process, alongside a PLN 687 million recapitalisation injection to meet regulatory requirements and support future growth.

NextPower V ESG (NPV ESG), a fund managed by NextEnergy Capital, completed its first acquisition in Poland by purchasing a 65.6MW operating solar PV portfolio backed by Contract for Difference (CfD) revenues indexed to CPI for at least 15 years. The portfolio was acquired from an experienced renewable energy investor/developer with over 2GW of regional projects, supporting NPV ESG’s broader OECD-focused solar and battery storage infrastructure strategy.

Selvita S.A. completed the acquisition of 100% of the shares of PozLab. PozLab is a Poland-based CDMO providing drug product development, pilot-scale manufacturing capabilities, and microbiological testing under a GMP license, expanding Selvita’s drug development and early-stage clinical manufacturing offering.

Virtusa Corporation announced it has acquired ITMAGINATION Sp. z o.o., a technology consultancy headquartered in Warsaw, Poland. The deal expands Virtusa’s European presence and nearshore delivery capabilities in Poland to meet growing demand for digital transformation, modernization, and cost optimization services. Financial terms were not disclosed.

Innova Capital acquired a significant minority stake in CloudFerro, a Warsaw-based provider of cloud computing services serving the European space and Earth Observation sector. Innova Capital will support CloudFerro’s organizational strengthening, European expansion, and potential future acquisitions, as part of investments from its seventh fund.

Renta Group Oy has agreed to acquire Scaffolding Group sp. z o.o., a Polish scaffolding company serving industrial customers primarily in Southern Poland. The deal marks Renta’s entry into the Polish industrial scaffolding market and is intended to support geographic scaling and customer expansion alongside Scaffolding Group’s management. The acquisition is expected to close by February 2024.

Corsair signed a definitive agreement to acquire a majority stake in MJM Holdings, an independent commercial insurance broker based in Poland; financial terms were not disclosed. Existing investors Posella Limited and Solter Capital will fully exit, while founder-CEO Marcin Ślotała and the founding management team will roll a significant portion of their equity and continue to lead the business.

Innova Capital acquired a significant minority stake in Dimark Manufacture S.A., a Polish provider of proprietary industrial automation solutions focused on airport Baggage Handling Systems (BHS). Innova Capital will partner with Dimark’s founders to support international expansion, new project development, and continued product innovation.

R-GOL, backed by Innova Capital, has acquired a majority stake in sportbm, a Polish developer of club and sports academy management software. The deal supports R-GOL’s expansion into the sports technology market and adds recurring SaaS subscription revenue as it plans to roll out sportbm’s platform across its European markets.

KI Chemistry (Kulczyk Investments group) acquired the remaining shares of Ciech S.A. from minority shareholders through a compulsory buyout, making KI Chemistry the sole shareholder. The transaction follows a series of 2023 share purchases and tender offers that brought KI Chemistry’s total 2023 spend on Ciech shares to nearly PLN 1.4 billion (about EUR 320 million).

Bauer Media Group and Netrisk Group agreed to combine their online comparison businesses across six Central and Eastern European countries, bringing Bauer’s OCP brands (including rankomat.pl, epojisteni.cz, srovnejto.cz and superpoistenie.sk) into Netrisk’s portfolio. After closing, Bauer will become a significant strategic partner with a substantial non-majority stake, while TA Associates will remain the controlling shareholder and MCI Capital will retain a minority stake.

Waterland Private Equity has invested in CodiLime, a Poland-based provider of specialized software development and network engineering services for the telecommunications and network industry. The investment is intended to support CodiLime’s international growth and a buy-and-build strategy to create an international IT group focused on network-focused services. Financial terms were not disclosed.

Customs Support Group announced the acquisition of Polish customs broker Rusak Business Services to expand its presence and service offering in Poland and the United Kingdom. The deal supports Customs Support’s buy-and-build strategy, adding Rusak’s nationwide Polish footprint and digital customs capabilities to the group.

Accel-KKR signed a growth buyout investment to acquire a majority stake in Symfonia, a Polish provider of accounting, payroll and ERP software for SMEs. MidEuropa, which acquired Symfonia in a March 2021 carve-out from Sage Group, will retain a significant minority stake after closing; financial terms were not disclosed and the deal is subject to customary regulatory and antitrust approvals.

ID Logistics completed the acquisition of 100% of Spedimex, a contract logistics provider in Poland with strong expertise in fashion and e-commerce logistics. The deal consideration totaled €77.4 million, paid via €23.5 million in cash and €53.9 million in newly issued ID Logistics Group shares to Spedimex’s former main shareholder and CEO, Marcin Bąk. Following the transaction, Spedimex will operate under the ID Logistics name and strengthens ID Logistics’ market position in Poland.

Advent International agreed to sell a 15% stake in InPost Group to PPF Group at €10 per share, with an option for PPF to buy an additional 15% at an agreed price. Following completion, Advent will remain the largest shareholder in InPost with a 30.3% ownership stake.

Alarm.com acquired EBS, a Poland-based designer and manufacturer of smart security communicators used in international markets. The deal expands Alarm.com’s ability to support legacy security control panels internationally by integrating with EBS hardware. EBS will continue operating independently under its existing management team from its headquarters in Warsaw, Poland.

Bielenda Natural Cosmetics (Bielenda Group), backed by its main investor Innova Capital, agreed to acquire 100% of Poland-based Torf Corporation, owner of the Tołpa and ON brands. The majority stake is being sold by private equity firm Resource Partners, and the deal is subject to approval by the Polish Office of Competition and Consumer Protection. The acquisition strengthens Bielenda’s position in Polish cosmetics and expands into oral hygiene products.

March Networks acquired the FOCUS Business Analytics Platform from DoIT Software Sp. z o.o. of Gliwice, Poland, with the deal completed on October 1, 2022. The acquisition accelerates March Networks’ move to cloud video by integrating FOCUS into its Searchlight software to enhance cloud-based data analytics and business intelligence capabilities. As part of the transaction, most DoIT Software staff are expected to join March Networks Poland, which will serve as a new development center for advanced analytics and AI.

Ligentia Group, a global tech-enabled supply chain manager, agreed to combine with and has completed the acquisition of Poland-based freight and logistics provider VGL Solid Group. The transaction builds on the parties’ long-standing joint venture and is intended to strengthen Ligentia’s European platform and global trade-lane capabilities while expanding its end-to-end supply chain services and technology offering. The deal was financed with support from Ligentia’s existing funders Partners Group and Santander, with VGL’s co-founders and management shareholders rolling into the combined business as shareholders.

Otodata Holdings, Inc. acquired AIUT's LPG branch, a supplier of IoT ecosystems for LPG remote monitoring and metering. The deal is intended to accelerate Otodata’s global expansion and broaden its remote tank monitoring and metering solutions across LPG, fuel, lubricants, and industrial gas markets.

PSG-backed Tiugo Technologies acquired CKSource, a Warsaw, Poland-based provider of rich text editing and document collaboration software for developers. The deal marks Tiugo’s first investment as it builds an API-first suite of developer platforms focused on document and data management; financial terms were not disclosed.

QIAGEN N.V. signed agreements to acquire a 96% majority ownership stake in BLIRT S.A., a Gdansk, Poland-based manufacturer of recombinant enzymes, proteins, and molecular biology reagents for the life sciences industry. The stake was acquired from a group of BLIRT’s leading shareholders, and QIAGEN intends to pursue full ownership and consolidate BLIRT following closing expected in the second quarter of 2022.

Highlander Partners announced the sale of its portfolio company Rotometal to a buyer group led by Rotometal CEO Grzegorz Dołbniak in a management buyout. Rotometal, based in Świebodzin, Poland, designs and manufactures bespoke magnetic and print cylinders for the printing and converting industries.

Teufelberger and Sigma Plastics Group acquired Maillis Plastics Solutions (MPS), an independent subsidiary of Maillis Group owned by H.I.G. Capital. In the split transaction, Austria-based Teufelberger is acquiring MPS’ strapping business, while U.S.-based Sigma is acquiring MPS’ stretch film segment to establish a presence in Europe. MPS is headquartered in Karczew, Poland and manufactures stretch film and strapping packaging consumables.

European Imaging Group (EIG), a subsidiary of AURELIUS Equity Opportunities, agreed to acquire a majority stake in Cyfrowe.pl, a leading Polish omni-channel specialty retailer of high-end photo and video equipment. The deal is intended to strengthen EIG’s pan-European retail position and support expansion into Eastern Europe. The transaction is expected to close in Q2 2022, subject to competition authority approval, with founder/CEO Jaroslaw Banacki remaining as CEO and a shareholder.

Assisi Pet Care, a Harwood Private Equity-backed pet food buy-and-build platform, acquired Poland-based Maced Sp. z o.o., a leading European manufacturer of natural dog treats. Crescent Capital Group provided financing to support Harwood Private Equity’s refinancing of Assisi Pet Care and to fund the Maced acquisition; financial terms were not disclosed.

Pale Fire Capital (PFC) is acquiring a 22.4% stake in Mubi.pl, a Warsaw-based online insurance comparator owned by The Digitics Group. The investment is intended to support Mubi’s continued growth in Poland through expansion of its insurance product portfolio and further development of its IT platform and marketing capabilities.

SCHOCK, a Triton Fund V portfolio company, has acquired Marmorin, a Polish manufacturer of bathroom and kitchen products made from quartz composite materials. The deal supports SCHOCK’s growth strategy and expansion, particularly in the United States; financial terms were not disclosed.

Innova Capital signed an agreement to sell its 100% stake in Inelo Group to Eurowag for a deal value in excess of EUR 300 million. The acquisition adds Inelo’s fleet management, telematics, and working-time management software to Eurowag’s commercial road transportation platform, expanding Eurowag’s presence across CEE and other European markets.

VirtusLab entered into a definitive agreement for Aquiline Capital Partners to become a significant shareholder in the company, with financial terms undisclosed. Existing management, led by founder and CEO Rafal Pokrywka, will roll a portion of their equity and retain ownership. The investment will support VirtusLab’s organic growth initiatives, R&D expansion, talent efforts, and future acquisitions.

Pollen Street Capital announced a strategic growth investment in Blue Media S.A., an online payments provider in Poland. The investment is intended to accelerate Blue Media’s expansion in European payments, including its Blue Media and Autopay brands, subject to regulatory approvals and customary closing conditions.

GPA Global completed the acquisition of ASG's print & packaging facility in Pruszków, Poland, along with ASG Print technical sales offices in the United Kingdom, France, and the Netherlands. The Pruszków plant produces folding cartons, rigid boxes, and other specialist paper/board products, and the deal supports GPA Global’s strategic plan for European expansion.

Perwyn and SilverTree Equity announced the acquisition of, and a significant growth equity investment in, SALESmanago, a Krakow-headquartered SaaS marketing automation and Customer Data Platform (CDP) provider. The investment is intended to fund SALESmanago’s international expansion and further product development of its cloud-native, AI-powered marketing technology platform.

RTB House Group, a global marketing technology company, invested in NapoleonCat, a SaaS social media customer engagement and management platform. The partnership is intended to accelerate NapoleonCat’s growth and product development as it expands globally, while NapoleonCat’s management board remains unchanged. KnowledgeHub, INventures, and business angels were involved in the transaction; financial terms were not disclosed.

Partner in Pet Food (PPF) reached an agreement with Polish entrepreneur Grzegorz Werbliński to acquire his pet food businesses G-Mart and Zakład Przetwórstwa Rolniczego (together referred to as Werbliński) in Poland. The acquisition is expected to close in the coming months, subject to regulatory approvals and customary closing conditions. The deal supports PPF’s strategy to expand in Poland and the broader CEE pet food market.

Air Liquide acquired Betamed S.A., a major home healthcare provider in Poland, to strengthen its home healthcare business in Europe. Betamed specializes in caring for patients with severe pathologies, including through a specialized clinic in Chorzów (Silesia), expanding Air Liquide’s service offering and geographic presence in Poland.

XTRF, a Krakow, Poland-based provider of cloud translation management software, announced a majority investment from K1 Investment Management. The investment is intended to accelerate XTRF’s growth and innovation in translation and localization technology.

Partner in Pet Food (PPF) has reached an agreement with Lithuania-based NDX Group to acquire Mispol S.A., a Polish pet food manufacturer founded in 1997. The deal is expected to close in the coming months, subject to customary regulatory approvals and closing conditions, and supports PPF’s strategy to expand its geographic presence and product offering.

BIK Group has acquired Profi Insurance, an insurance multi-agency headquartered in Krakow, Poland. The deal is intended to expand BIK’s retail distribution network in Southern Poland and leverage BIK’s recent technology investments to support multi-channel insurance sales and service across the country.

RTB House acquired 100% of the shares of WhitePress, a Poland-headquartered content marketing and marketing automation platform. The shares were purchased from WhitePress’s founders as well as investment firms Dirlango and Innova Capital; financial terms were not disclosed. WhitePress’s management team, including founders Paweł Strykowski and Tomasz Kwaśny, will continue in their existing roles.

BIK, backed by Pollen Street Capital, has acquired Punkta (also trading as mFind), an online insurance comparison platform in Poland focused on motor and other personal lines insurance. The deal strengthens BIK’s position in Poland’s motor insurance services market and supports its retail omni-channel strategy by adding Punkta’s customer base, technology, and expansion into additional personal lines categories.

BIK Group acquired a group of companies in Poland and the Adriatic region from April International SA. The acquired businesses provide claims management, assistance, and other third-party administration and distribution services to insurers and related clients across Poland, Slovenia, and Croatia. The deal strengthens BIK’s motor insurance services position in Poland and expands its capabilities and international footprint.

MidEuropa entered into an agreement to acquire Sage Sp. z o.o. ("Sage Poland"), which operates under the Symfonia brand, from The Sage Group plc. Sage Poland provides cloud business management, ERP and payroll software solutions for SMEs in Poland. The deal is subject to antitrust approval and is expected to close in early 2021.

MidEuropa completed the acquisition of a majority stake in GWD Concept Sp. z o.o. (operating as Displate) from the company’s founders and investors Credo Ventures and Miton Capital. Displate is an online marketplace for metal prints, connecting tens of thousands of creators and dozens of licensed brands with customers globally. The transaction was financed by Bank Pekao, and the founders remain significant minority shareholders.

Nets Group acquired Polish merchant acquirer Polskie ePłatności (PeP), strengthening Nets’ payments footprint in Poland by adding large-scale POS/card acceptance capabilities to its existing online payments offering. The deal valued PeP at an enterprise value of approximately EUR 405 million and closed after receiving required regulatory approvals. Seller Innova Capital exited its investment in PeP as part of the transaction.

CentralNic Group plc entered into a conditional agreement to acquire the Zeropark and Voluum businesses (together referred to as Codewise) from three Poland-based Codewise entities for total cash consideration of USD 36 million. Codewise, headquartered in Krakow, provides traffic monetisation services and MarTech tools including the Zeropark ad exchange and the Voluum SaaS marketing analytics and media-buying platform. CentralNic expects the acquisition to expand its monetisation segment and be immediately earnings enhancing, and it announced an equity placing to help fund the deal.

Informatica acquired Compact Solutions LLC to expand metadata management capabilities within the Informatica Intelligent Data Platform and its Enterprise Data Catalog, powered by the CLAIRE AI engine. Compact Solutions’ advanced metadata scanners and code-parsing technology (formerly MetaDex) are being integrated to improve enterprise data cataloging, governance, and automated data lineage across complex systems.

Xenon Partners, a SaaS-focused private equity firm, has acquired UXPin, a collaborative design and prototyping platform. The partnership is intended to expand UXPin’s product and reach among design and development teams globally.

Highlander Partners signed and subsequently completed the sale of its portfolio company Akomex Group, a Poland-headquartered packaging manufacturer, to co-founder Sebastian Śliwa together with company management. The acquisition was supported by AMC Capital IV S.c.Sp., a fund advised by Mezzanine Management, and was subject to approval by Poland’s antimonopoly agency (UOKiK).

Glamox, a Triton Fund IV portfolio company, acquired 98.21% of the shares of Polish lighting company ES-SYSTEM via a public tender offer. The transaction closed on 10 December 2019 and was approved by relevant competition authorities, with Glamox intending to acquire the remaining shares and delist ES-SYSTEM from the Warsaw Stock Exchange.

Polskie ePłatności S.A. (PeP) finalized its acquisition of BillBird S.A. on 25 November 2019 after satisfying conditions precedent and receiving required Polish regulatory approvals. BillBird provides value-added services on payment terminals, and the deal expands PeP’s offering with services such as bill payments and prepaid top-ups to strengthen its one-stop-shop payments proposition in Poland.

DYWIDAG-Systems International (DYWIDAG), a Triton Fund III portfolio company, announced the acquisition of PARTEC System, a Polish manufacturer and distributor of permanent formwork and hydro-insulation systems for the construction sector. The deal supports DYWIDAG’s European expansion by adding manufacturing footprint and strengthening its presence in Poland and broader European markets.

Innova Capital signed an agreement to acquire CheMeS M. Szperlinski Sp. z o. o., a Polish producer of self-adhesive and heat-shrink labels, from Abris Capital Partners. The deal is positioned as an add-on supporting Innova’s consolidation strategy in Central Europe’s label sector, following Innova’s earlier majority investment in Embe Press.

Hortex, a consumer foods and beverages company in Poland backed by MidEuropa, entered into an agreement to acquire Jurajska, a branded natural and flavoured mineral water producer. The transaction is subject to anti-trust clearance and is expected to close in Q1 2019.