62 M&A transactions took place in Poland, 3 more than the same period the previous year. The largest transaction was PKN Orlen's acquisition of a 37% stake in Czech oil company Unipetrol for approximately EUR 1 billion. Over half of transaction sellers were private investors, indicating ongoing interest in Polish SMEs. Experts expect continued M&A activity in Poland in 2019 supported by low interest rates and economic growth.
Summary of 2019 on the Polish M&A market - ReportFORDATA VDR
In 2019 (as of December 12), 179 mergers and acquisitions took place. It is 20 less than in the same period last year. The decline is clear, although not surprising in the context of the global economic slowdown. Half of all sellers were made up of private entities (50%), with the largest interest in industrial companies (25 transactions) and the IT/Media/Telcom sector, which maintained its first position in relation to 2018 and still consolidates the most.
Mergers and Acquisitions in Poland, Q3 2019. In the third quarter of 2019, we observed a much lower volume of mergers and acquisitions than in the corresponding period of previous years. It was made up of only 33 transactions (for comparison: 51 in the third quarter of 2018 and 42 in the third quarter in 2017).
Summary of 2019 on the Polish M&A market - ReportFORDATA VDR
In 2019 (as of December 12), 179 mergers and acquisitions took place. It is 20 less than in the same period last year. The decline is clear, although not surprising in the context of the global economic slowdown. Half of all sellers were made up of private entities (50%), with the largest interest in industrial companies (25 transactions) and the IT/Media/Telcom sector, which maintained its first position in relation to 2018 and still consolidates the most.
Mergers and Acquisitions in Poland, Q3 2019. In the third quarter of 2019, we observed a much lower volume of mergers and acquisitions than in the corresponding period of previous years. It was made up of only 33 transactions (for comparison: 51 in the third quarter of 2018 and 42 in the third quarter in 2017).
Etude PwC sur le marché européen des cessions de portefeuilles de créances (j...PwC France
http://bit.ly/PortefeuillesCreances
La valeur faciale totale des portefeuilles de créances cédés en 2014 a atteint 91 milliards d’euros, soit un bond de 27 milliards en un an. C’est ce que révèle PwC dans son étude trimestrielle sur le marché des cessions de créances en Europe menée par les équipes « Portfolio Advisory Group ».
Les experts de PwC estiment que le marché secondaire consacré à la cession de portefeuilles de créances en Europe devrait atteindre 100 milliards d’euros en 2015, les transactions déjà engagées s’élevant à 40 milliards environ.
Etude PwC sur les transactions sur les portefeuilles de créances (nov. 2014)PwC France
http://bit.ly/PortefeuillesCreances2014
D’après une étude publiée par le cabinet d’audit et de conseil PwC, 67 milliards d’euros de portefeuilles de créances (valeur faciale) ont été cédés par les banques européennes au cours des neuf premiers mois de l’année 2014.
PwC estime en outre à 50 milliards d’euros la valeur des portefeuilles faisant actuellement l’objet de transactions. La majeure partie de ces transactions devraient être conclues d’ici à la fin de l’année, ce qui signifie que la valeur des portefeuilles de créances non stratégiques cédés par les banques devrait largement dépasser 100 milliards d’euros en 2014, soit une hausse d’au moins 50% par rapport à 2013 (64 milliards d’euros).
Etude PwC créances non-stratégiques (2014)PwC France
http://pwc.to/1duSt6n
Les transactions relatives aux portefeuilles de crédit "non core" en Europe ont atteint 64 milliards d’euros en 2013, notamment grâce aux cessions dans l’immobilier commercial et celles de crédits particuliers. En 2014, PwC prévoit que ces cessions connaîtront une croissance de 25%, pour atteindre 80 milliards d’euros.
If you are looking for a new strategic location for a new business project, Flanders (northern region of Belgium) offers an unique blend of advantages. Setting up or expanding a business in Flanders is in two words: smooth and easy.
Ingo Hartlief ist Geschäftsführer der CORPUS SIREO Holding GmbH & Co. KG.
Zudem bekleidet Ingo Hartlief die folgenden Ämter: Vorsitzender der Geschäftsführung der CORPUS SIREO Asset Management Commercial GmbH und des Organe de Contrôle der CORPUS SIREO Investment Management S.à r.l., sowie Geschäftsführer der CORPUS SIREO Asset Management Retail GmbH und der CORPUS SIREO Asset Management Residential GmbH.
eFulfillment for Europe - next generation e-fulfilment Lidia Koubová
At Internel we excel in Next generation e-fulfilment – we provide international online retailers with truly innovative e-commerce logistics services to gain competitive advantage.
Since 2013, we’ve been passionate about designing a network and processes that tackle one of the biggest challenges in e-commerce: cross-border online sales.
Report #MnAIndexPoland - Mergers and Acquisitions in Poland, Q2 2019FORDATA VDR
The second quarter of 2019 ended with a total of 63 transactions on the Polish M&A market, amounting to over 36% increase compared to the first quarter (46 transactions).
The M&A Index Poland report is a position
that has become a permanent fixture in the
calendar of the industry summaries in Poland.
The reports are prepared quarterly by a consulting
firm Navigator Capital and FORDATA,
a leader in the field of IT solutions which
support M&A transactions.
Was it a good year or a bad year for Polish mergers and acquisitions? FORDATA and Navigator Capital provide you with statistics, comments and descriptions of most interesting deals of 2020.
High attractiveness of Polish companies from the SME sector
Private entrepreneurs still sell the most
PE Funds still searching for interesting assets
Poland as one of the most attractive markets in the CEE region
M&A Index Poland Report - summary of 2016FORDATA VDR
We invite you to read the next edition of the M&A Index Poland Report - summary of 2016, prepared by Mrs. Alicja Kukla-Kowalska - FORDATA expert and Mr. Jan Kospin from Navigator Capital.
Report M&A Index Poland - Mergers and acquisitions in Poland, Q2 2022FORDATA VDR
In the second quarter of 2022, we recorded as many as 89 M&A transactions, which is the highest result for this period in the history of the report: 7 more than in the corresponding quarter of the previous year and 3 more than at the beginning of this year. Therefore, we can already expect a high end-year result, also due to the forecasts of some experts about a possible increase in the distressed assets.
Report M&A Index Poland - Mergers and acquisitions in Poland, Q3 2022FORDATA VDR
In the third quarter of 2022, we noticed a significant decrease in the volume of M&A transactions compared to the second quarter - by approx. 16 pp. However, the second quarter was a record period. 74 transactions recorded in Q3 are therefore still a high result, which in the yoy perspective is approx. 8% higher. The uncertainty caused by the rise in inflation, interest rates and energy commodity prices, as well as the war in Ukraine, did not put the mergers and acquisitions on hold, as was the case at the peak of the pandemic. What was the transaction structure in the analyzed period?
The summary of the record-breaking year 2021 on Polish Mergers & Acquisitions market. Expert commentaries, sector analysis, descriptions of the most interesting deals inside.
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...CAR FOR YOU
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and
M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
Etude PwC sur le marché européen des cessions de portefeuilles de créances (j...PwC France
http://bit.ly/PortefeuillesCreances
La valeur faciale totale des portefeuilles de créances cédés en 2014 a atteint 91 milliards d’euros, soit un bond de 27 milliards en un an. C’est ce que révèle PwC dans son étude trimestrielle sur le marché des cessions de créances en Europe menée par les équipes « Portfolio Advisory Group ».
Les experts de PwC estiment que le marché secondaire consacré à la cession de portefeuilles de créances en Europe devrait atteindre 100 milliards d’euros en 2015, les transactions déjà engagées s’élevant à 40 milliards environ.
Etude PwC sur les transactions sur les portefeuilles de créances (nov. 2014)PwC France
http://bit.ly/PortefeuillesCreances2014
D’après une étude publiée par le cabinet d’audit et de conseil PwC, 67 milliards d’euros de portefeuilles de créances (valeur faciale) ont été cédés par les banques européennes au cours des neuf premiers mois de l’année 2014.
PwC estime en outre à 50 milliards d’euros la valeur des portefeuilles faisant actuellement l’objet de transactions. La majeure partie de ces transactions devraient être conclues d’ici à la fin de l’année, ce qui signifie que la valeur des portefeuilles de créances non stratégiques cédés par les banques devrait largement dépasser 100 milliards d’euros en 2014, soit une hausse d’au moins 50% par rapport à 2013 (64 milliards d’euros).
Etude PwC créances non-stratégiques (2014)PwC France
http://pwc.to/1duSt6n
Les transactions relatives aux portefeuilles de crédit "non core" en Europe ont atteint 64 milliards d’euros en 2013, notamment grâce aux cessions dans l’immobilier commercial et celles de crédits particuliers. En 2014, PwC prévoit que ces cessions connaîtront une croissance de 25%, pour atteindre 80 milliards d’euros.
If you are looking for a new strategic location for a new business project, Flanders (northern region of Belgium) offers an unique blend of advantages. Setting up or expanding a business in Flanders is in two words: smooth and easy.
Ingo Hartlief ist Geschäftsführer der CORPUS SIREO Holding GmbH & Co. KG.
Zudem bekleidet Ingo Hartlief die folgenden Ämter: Vorsitzender der Geschäftsführung der CORPUS SIREO Asset Management Commercial GmbH und des Organe de Contrôle der CORPUS SIREO Investment Management S.à r.l., sowie Geschäftsführer der CORPUS SIREO Asset Management Retail GmbH und der CORPUS SIREO Asset Management Residential GmbH.
eFulfillment for Europe - next generation e-fulfilment Lidia Koubová
At Internel we excel in Next generation e-fulfilment – we provide international online retailers with truly innovative e-commerce logistics services to gain competitive advantage.
Since 2013, we’ve been passionate about designing a network and processes that tackle one of the biggest challenges in e-commerce: cross-border online sales.
Report #MnAIndexPoland - Mergers and Acquisitions in Poland, Q2 2019FORDATA VDR
The second quarter of 2019 ended with a total of 63 transactions on the Polish M&A market, amounting to over 36% increase compared to the first quarter (46 transactions).
The M&A Index Poland report is a position
that has become a permanent fixture in the
calendar of the industry summaries in Poland.
The reports are prepared quarterly by a consulting
firm Navigator Capital and FORDATA,
a leader in the field of IT solutions which
support M&A transactions.
Was it a good year or a bad year for Polish mergers and acquisitions? FORDATA and Navigator Capital provide you with statistics, comments and descriptions of most interesting deals of 2020.
High attractiveness of Polish companies from the SME sector
Private entrepreneurs still sell the most
PE Funds still searching for interesting assets
Poland as one of the most attractive markets in the CEE region
M&A Index Poland Report - summary of 2016FORDATA VDR
We invite you to read the next edition of the M&A Index Poland Report - summary of 2016, prepared by Mrs. Alicja Kukla-Kowalska - FORDATA expert and Mr. Jan Kospin from Navigator Capital.
Report M&A Index Poland - Mergers and acquisitions in Poland, Q2 2022FORDATA VDR
In the second quarter of 2022, we recorded as many as 89 M&A transactions, which is the highest result for this period in the history of the report: 7 more than in the corresponding quarter of the previous year and 3 more than at the beginning of this year. Therefore, we can already expect a high end-year result, also due to the forecasts of some experts about a possible increase in the distressed assets.
Report M&A Index Poland - Mergers and acquisitions in Poland, Q3 2022FORDATA VDR
In the third quarter of 2022, we noticed a significant decrease in the volume of M&A transactions compared to the second quarter - by approx. 16 pp. However, the second quarter was a record period. 74 transactions recorded in Q3 are therefore still a high result, which in the yoy perspective is approx. 8% higher. The uncertainty caused by the rise in inflation, interest rates and energy commodity prices, as well as the war in Ukraine, did not put the mergers and acquisitions on hold, as was the case at the peak of the pandemic. What was the transaction structure in the analyzed period?
The summary of the record-breaking year 2021 on Polish Mergers & Acquisitions market. Expert commentaries, sector analysis, descriptions of the most interesting deals inside.
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...CAR FOR YOU
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and
M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
Resumen, análisis y perspectivas sobre la situación macroeconómica y financiera de España así como sobre las expectativas relacionadas con la actividad de inversión.
From PWC, Investing in Poland contains information on macroeconomic conditions and outlook for Poland, as well as key data, analysis and contact details for all 16 of Poland's voivodships and all of its major cities.
As Central and Eastern European economies found the growing inflation crisis in early 2022 a major obstacle, the biggest uncertainty came with the unprovoked Russian attack on Ukraine. The increasingly unfavourable conditions have resulted in a decline in M&A activity, but not everywhere, and not to the same extent.
Raport Fuzje i Przejęcia w Polsce, rok 2020FORDATA VDR
To był dobry czy zły rok dla polskiego rynku M&A? FORDATA oraz Navigator Capital podsumowują rok 2020, dostarczając analizy, statystyki i opisy najciekawszych transakcji.
Quarter after quarter, we will invite local experts in different fields of economy and ask them to present their individual, professional take on the current situation in CEE region, and to share their hopes and expectations. Our goal is to collect a varied array of thoughts and commentaries on the CEE economy that will serve as a kaleidoscopic record of market reality, rather than be a periodic, data-centred analysis. We believe that in this way we can help build a more relatable and engaging platform for dialogue, which will also go beyond the pages of this publication.
Raport Fuzje i Przejęcia w Polsce, 3 kw. 2020FORDATA VDR
Lato było pełne zaskoczeń w branży M&A, a liczba transakcji przerosła najśmielsze oczekiwania. Które sektory były najbardziej aktywne w minionym kwartale? Co wpłynęło na taki rezultat? Jakie są prognozy na nadchodzące miesiące? Przeczytajcie raport już teraz!
Fuzje i przejęcie w Polsce w 1 kwartale 2020 r.FORDATA VDR
Koronawirus zaskoczył polską gospodarkę. Czy pandemia COVID-19 przekreśliła plany inwestorów? Raport zawiera opisy najciekawszych transakcji od stycznia-marca 2020, a także komentarze ekspertów.
Raport roczny - Fuzje i przejęcia w Polsce w roku 2019FORDATA VDR
W 2019 roku (stan na 12 grudnia) miało miejsce 179 transakcji fuzji i przejęć. To o 20 mniej niż w tym samym okresie w roku ubiegłym. Spadek jest wyraźny, choć nie zaskakujący w kontekście globalnego spowolnienia gospodarczego. Na połowę wszystkich sprzedających złożyły się podmioty prywatne (50%), przy czym największym zainteresowaniem inwestorów cieszyły się spółki z branży przemysłowej (25 transakcji) oraz sektor IT/Media/Telcom, który utrzymał pierwszą pozycję w relacji do 2018 roku. Wciąż to właśnie ta branża konsoliduje się najaktywniej.
W trzecim kwartale 2019 roku zaobserwowaliśmy dużo niższy wolumen transakcji fuzji i przejęć niż w analogicznym okresie w ubiegłych latach. Złożyły się na niego zaledwie 33 transakcje (dla porównania 51 w 3 kw. 2018, 42 w 3 kw. 2017).
Raport kwartalny Fuzje i przejęcia w Polsce - 2 kwartał 2019FORDATA VDR
Drugi kwartał 2019 roku zakończył się bilansem 63 transakcji na polskim rynku M&A, czyli ponad 36% wzrostem w stosunku do pierwszego kwartału (46 transakcji). Łącznie wzrost półroczny w stosunku do analogicznego okresu roku 2018 wyniósł 11%. Rynek jest rozdrobniony i atrakcyjny dla inwestorów zagranicznych.
Raport M&A Index Poland to pozycja, która
na stałe wpisała sie w kalendarz branzowych
podsumowan w Polsce. Raporty przygotowywane
sa co kwartał przez firme doradcza
Navigator Capital oraz firme FORDATA, lidera
w zakresie rozwiazan IT wspierajacych fuzje
i przejecia.
Zgodnie z danymi na dzień 12.12, w roku 2018 przeprowadzono w Polsce w sumie 199 transakcji fuzji i przejęć, to ok. 2,5% niż w analogicznym okresie w 2017 roku. Wprawdzie nie pobijemy już rekordu z roku 2015 roku (kiedy odnotowano 247 transakcji), jednak trend jest stabilny. Przewidujemy, że do końca roku ilość transakcji może jeszcze wzrosnąć o 10%. Ponad połowę wszystkich sprzedających stanowili przedsiębiorcy prywatni. Zarówno po stronie podmiotów przejmowanych, jak i kupujących, duży udział miały transakcje z sektora Media/IT/Telecom.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdf
Report M&A Index Poland - Q4 2018
1. M&A Index Poland
4Q 2017
Prepared by Navigator Capital & FORDATA
Experts’ comments to the report
can be found on the website: blog.fordata.pl
navigatorcapital.p/en
www.fordata.pl/en
M&A Index Poland
Q4 2018
Prepared by Navigator Capital & FORDATA
Experts’ comments to the 30th edition
of the report can be found on the website:
fordata.pl/blog
navigatorcapital.pl/en
fordata.pl/en
2. Introduction
62(Q4 2018)
EUR 1 B
Total number of transactions*
The largest transaction**
(Acquisition of ca. 37% shares of Unipetrol
by PKN Orlen)
* based on public data
** among transactions with disclosed prices
About the report:
The M&A Index Poland report is a position
that has become a permanent fixture in the
calendar of the industry summaries in Poland.
The reports are prepared quarterly by a consul-
ting firm Navigator Capital and FORDATA,
a leader in the field of IT solutions which
support M&A transactions.
These reports are created to monitor the
dynamics of Polish M&A market and to
demonstrate the most interesting transac-
tions. We also monitor the frequency
of use of the Virtual Data Room during M&A
processes in Poland.
Selected transactions
M&A Index Poland, Q4 2018
by Navigator Capital & FORDATA | January 2019
In the 4Q of 2018 we have witnessed 62 transactions on the Polish M&A market, which is
by 3 more than in the corresponding period last year. The largest transaction of the last
quarter was take over of ca. 37% share of Czech Unipetrol by PKN Orlen for ca. EUR 1 b.
(1st October) In 2018 PKN Orlen acquired ca. 37% shares of the Czech Unipetrol,
becoming the sole owner of the company. The acquisition process were initiated by a
tender offer closed in February. The remaining 6% shares was purchased by a squeeze-out
carried out in October. Unipetrol is the leading Czech manufacturer of refined petroleum
and petrochemical products, providing mainly fuel oils, asphalts, liquid petrochemical
products. Moreover, Unipetrol operates the largest petrol station chain in the Czech
Republic, Benzina, consisting of 405 points. The revenue of Unipetrol in 2017 amounted
to ca. EUR 4.6 b, and EBITDA – to ca. EUR 0.6 b. The acquisition of the total control on
Unipetrol will allow PKN Orlen to strengthen its position on the competitive European
market and develop the petrochemical part of the business.
Unipetrol PKN Orlen
Paulinino (Grupa J&T)
minority shareholders ca. 1 b
TARGET BIDDER SELLER VALUE [EUR]
(2nd October) Polskie ePłatności, a portfolio company of Innova Capital’s private equity fund,
acquired PayUp Polska, a company fully owned by Eurocash Group. Polskie ePłatności is
one of the biggest Polish operators of payment terminals. The acquired company focuses on
processing cashless transactions, additionally, it provides other services associated with
payment terminals, such as topping up mobile balance and cash back services. The deal is
another step in consolidation of the polish payment processing market. In previous years
Polskie ePłatności acquired PayLane and Kolporter’s e-services department. PayUp’s POS
terminals are present in stores owned by Eurocash Group, as well as in independent entities.
In the financial year 2017, the target company generated EUR 102 m revenue. The estimated
deal value amounts to EUR 26 m, however, the ultimate value is dependent on future
financial results of PayUp Polska.
PayUp Polska S.A. Polskie ePłatności Eurocash ca. 26 m
TARGET BIDDER SELLER VALUE [EUR]
3. By sector
Transactions with the participation of Polish
companies grouped by sectors
(by number of transactions)
SELLER (%)
TARGET (%)
BIDDER (%)
M&A Index Poland, Q4 2018
by Navigator Capital & FORDATA | January 2019
Industry
Retail
FMCG
Media/IT/Telecom
15%
13%
13%
13%
PE/VC
FMCG
Media/IT/Telecom
Industry
15%
13%
10%
10%
Private investor
PE/VC
Services (other)
51%
10%
6%
(5th November) Bank Millennium has announced the signing of an agreement regarding
the takeover of 99.79% stake of Euro Bank from the French group Societe Generale.
Closing of the transaction worth approximately EUR 431 m is planned for the second
quarter of 2019. The value of synergies resulting mainly from the optimization of the
branch network and consolidation of back office functions, IT systems and marketing
activities is estimated at EUR 153 m, while the costs of integration will amount to approx.
EUR 82 m. The acquisition of Euro Bank will also allow Bank Millennium to increase its
scale of operations, enable it to acquire competences in the franchise model and
strengthen its presence in smaller cities.
Euro Bank Millennium Bank Societe Generale 431 m
TARGET BIDDER SELLER VALUE [EUR]
(13th November) Grupa Żywiec, affiliated with the Dutch concern Heineken, took over the
Namysłów Brewery, a regional brewing company owned by the Gostomski family, producing
approximately 1.7 m hl of beer annually. Thanks to the transaction, Grupa Żywiec comple-
mented its portfolio with new, promising brands whose potential could be fully realized
thanks to the Group's experience and competences. The takeover of Namysłów Brewery will
allow to reach a wider group of customers and will enable better use of consumer trends in
the beer market. The Namysłów brewery runs production in two plants located in Namysłów
and Braniewo, and its portfolio includes such brands as Namysłów, Kuflowe, Zamkowe and
Braniewo.
Browar Namysłów Żywiec Group Private Investor ca. 117 m
TARGET BIDDER SELLER VALUE [EUR]
(12th October) An investment fund belonging to the Tar Heel Capital acquired Aludesign, a
manufacturer of aluminium elements, mainly for clients operating in furniture sector. 95% of
revenue of the company is generated on the foreign markets. The investment fund was
appealed to the company by its production diversification potential. In future Aludesign will
be able to offer its products to entities operating within the lightening, medical and automo-
tive sector. Within the last three years the company has invested in the production plant ca.
EUR 2.6 m, which allowed to increase the production efficiency significantly. In 2017 the
revenue of the company amounted to ca. EUR 12.8 m, and the EBITDA margin remained on
the stable level of ca. 20%.
Aludesign Tar Heel Capital Private Investors ca. 29 m
TARGET BIDDER SELLER VALUE [EUR]
4. (5th December) Allegro, the largest Polish e-commerce platform, has invested in eBilet,
a company leading in the ticket sales market in Poland. eBilet offers comprehensive services
for online transactions and supports the organizers in marketing activities. Thanks to the
transaction, Allegro will feature tickets for cultural and entertainment events, providing the
portal’s customers with convenient access and the opportunity to use the Allegro Smart
service when purchasing them. Through the takeover of eBilet, Allegro marked its presence
on the rapidly growing online ticket sales market, the size of which is estimated at over
EUR 164 m.
eBilet Allegro Private Investor Undisclosed
TARGET BIDDER SELLER VALUE [EUR]
M&A Index Poland, Q4 2018
by Navigator Capital & FORDATA | January 2019
(22th November) Value4Capital, an investment fund focusing on mature businesses’ MBOs
in Poland and CEE, acquired Kom-Eko headquartered in Lublin. The company was sold by
an investment fund related to Royalton Partners Group. Kom-Eko operates in the Lublin
area in the east of Poland and provides waste collection, sorting and processing services.
The acquisition was co-financed by European Investment Bank Group. The transaction will
enable the company to carry out significant investment in a dry waste sorting technology,
allowing to increase waste recycling efficiency.
Kom-Eko Value4Capital Royalton Partners Undisclosed
TARGET BIDDER SELLER VALUE [EUR]
(26th November) Innova Capital, one of the leading Central European private equity fund,
acquired 33% of shares in OSHEE Polska. The target company is a leader of polish functional
beverages market. It is present in 45 countries on 6 continents. In a financial year 2017
OSHEE Polska posted EUR 58 m revenue. The assistance of financial investor will provide
further development opportunities for the target company. OSHEE Polska aims to acquire
several companies from FMCG industry and hopes that support from Innova Capital will
facilitate the process. The founders of OSHEE Polska will stay as majority shareholders and
they will still be sitting on the board.
OSHEE Polska Innova Capital Private Investors Undisclosed
TARGET BIDDER SELLER VALUE [EUR]
5. Contact
Jan Kospin Director
e: jan.kospin@navigatorcapital.pl t: +48 22 202 68 80
Navigator Capital S.A.
ul. Twarda 18, 00-105 Warsaw, Poland
t: +48 22 630 83 33 f: +48 22 630 83 30
e: biuro@navigatorcapital.pl navigatorcapital.pl/en
Alicja Kukla-Kowalska Key Account Manager
e: alicja.kukla@fordata.pl t: +48 533 354 054
FORDATA sp. z o.o.
Taczaka 24, 61-819 Poznań, Poland
t: +48 61 660 15 10 e: biuro@fordata.pl fordata.pl/en
Navigator Capital
FORDATA
Navigator Capital along with Dom Maklerski Navigator
(Navigator Brokerage House) is the leading independent
financial adviser, specializing in mergers and acquisitions
and public and private issues of stocks and bonds.
During 11 years of its market presence, Navigator Capital
Group conducted over 70 transactions, of over 6 billion
PLN total value.
Through cooperation with international network of
advisory firms associated in the Pandion Partners,
Navigator Capital effectively handles international
transactions.
FORDATA is a pioneer on the Polish capital market.
Based on Virtual Data Room technology, we support
our clients in managing documents and communica-
tion during complex transactional processes.
We support the largest M&A, IPO transactions, private
equity investments, restructurings, projects associated
with obtaining financing and privatizations in Poland
and other countries of Central and Eastern Europe.
FORDATA systems increased safety and efficiency of
hundreds of different types of transactions with a total
value of over PLN 35 billion
FORDATA services are used by the industry leaders in
Poland and abroad, including largest advisory companies,
banks, legal advisors or Private Equity/Venture Capital
funds, ie. Enterprise Investors, Enea SA, Home.pl, Grupa
LOTOS, PZU SA, Grant Thornton, NFI Empik, ZELMER,
Bank DNB, BOŚ Bank, Polimex Mostostal, Budimex, DM
PKO Banku Polskiego, Deloitte Advisory, EY, KPMG
Advisory, JSW, HAITONG and many others.
Authorised Adviser
Business Partners
M&A Index Poland, Q4 2018
by Navigator Capital & FORDATA | January 2019
(6th December) Apart, the Polish leader in the jewelery market, took over its Czech
competitor - the Presence chain of jewelry stores. Presence has over 20 stores and
operates an online store as well. The network assortment includes about 800 jewelry
products and watches. This move will allow the Polish company to expand into the Czech
market, and in the longer term to launch an e-commerce platform in this country in 2019.
At present, three Presence stores operate under the brand of Apart. In 2017, the sale of
Apart was about EUR 153 m, and the net profit - about EUR 19 m.
New Presence Jewels Apart Private Investor Undisclosed
TARGET BIDDER SELLER VALUE [EUR]
(10th December) The Piechocki family, shareholders of LPP, invested in the hotel chain Puro.
Currently, Puro Hotels has 6 facilities in Poland in the largest cities with approx. 815 rooms.
In the near future, two new hotels in Łódź and Warsaw are planned to be open. Investors
believe in the development potential of the hotel industry in Poland and decided to invest
their capital surpluses there. For Puro Hotels, the issue of new shares will be an opportunity
to finance development projects, thus increasing its market competitiveness.
Puro Hotels Piechocki Family n/d Undisclosed
TARGET BIDDER SELLER VALUE [EUR]
6. Alicja
Kukla-Kowalska
Key Account Manager
FORDATA
Experts' comments
In the Q4 2018, a larger number of transactions were recorded on the Polish M&A market - 62 transactions,
compared to the same period last year (59 in the Q4 2017). In total, 211 transactions were recorded last year
(similarly as in 2017). The largest deal of the last quarter was the acquisition of 37% of Czech Unipetrol shares
by PKN Orlen for the amount of approx. EUR 1 billion. More than half of the sellers of shares were private entrepre-
neurs, which indicates the high attractiveness of Polish companies from the SME sector.
Big interest in companies from the SME sector
Similarly to the previous quarter, more than 50% of sellers were private entrepreneurs, which proves further attrac-
tiveness of Polish companies from the SME sector. In terms of transaction value, in the previous quarter mainly small
transactions dominated, followed by Mid-Caps along with large transactions. Among transactions with the disclosed
price in Q4 2018, we recorded 11 small transactions, 5 Mid-Caps and 5 large transactions, including 2 worth over
PLN 1 billion (including PKN Orlen's transaction with the highest value).
Q4 - for many years the most active in the whole year
The fourth quarter of 2018 was more spectacular in terms of the number of transactions compared to the same
period in 2017. However, the results achieved confirm the rule that we have been observing for the last 6 years – the
fourth quarter closes the most transactions throughout the year. In Q4 2018, 62 transactions were recorded, which
is 29% of all processes that took place in 2018 (for comparison in 2014-17 it was 36%, 31%, 30%, 28% respectively).
Decrease in the involvement of foreign investors
In the fourth quarter, transactions concluded between Polish entities prevailed. Polish companies accounted for 74%
of buyers and 61% of sellers (compared to 68% and 78% in the same period of 2017). The involvement of foreign
entities on the buyers' side has decreased, and its level is only 26% (a decrease of 17% compared to 3Q). European
companies are still predominant in this group. The most desired industries are Industry (15%), FMCG (13%) and Retail
(13%).
Energy sector – expect a lot
The merger market in the energy sector will definitely be noisy. In accordance with the schedule planned by PKN
Orlen in the third quarter of 2019, after obtaining the consent of the European Commission, the procedure related to
taking over Lotos will be held. If it comes to a merger, we will have a significant player in the fuel market in Central
Europe, and perhaps in the entire European Union. PKN Orlen is currently undergoing due diligence before taking
over capital control over Grupa Lotos.
High M&A activity in Poland
Looking at the situation on the domestic market, we expect in 2019 M&A transactions with a value and number at a
level close to the previous year. Low interest rates and a positive economic climate in our region is conducive to
further investments. According to economists, everything indicates that the interest rate will not increase next year,
and the next quarters of 2019 will bring a continuation of the positive trend.
The publicly available data show that in Q4 2018 as much as 48% of transactions were organized using the Virtual
Data Room system (45% of transactions were recorded in the same period last year), which confirms the continued
popularity of Virtual Data Room on the Polish M&A markets. This is influenced by the changing preferences of
customers towards innovative solutions.
M&A Index Poland, Q4 2018
by Navigator Capital & FORDATA | January 2019
7. In the last quarter of 2018, 62 mergers and acquisitions were conducted on the Polish market. This is by 3 more than
in the corresponding period of 2017.
The biggest transaction in terms of value was the purchase of 37% shares in Czech Unipetrol conducted by PKN
Orlen for the amount of approx. EUR 1 b. As a result, PKN Orlen became the sole shareholder of the company,
allowing it to strengthen the competitiveness of the group on the demanding European market. Moreover, the deal
will help Orlen to gain the market share in petrochemical business.
During the fourth quarter of 2018, industrial companies enjoyed the greatest interest of investors. An example of
such a transaction is the purchase of Aludesign, a producer of aluminum castings, by Tar Heel Capital, a private
equity fund. The aforementioned trend is also indicated by the acquisition of ANT by BBS Automation. The German
bidder, which is a portfolio company of the EQT Partners fund, hopes that the acquisition of the Polish industrial
software supplier will strengthen its market position and attract new customers. Another interesting transaction in
this sector is the purchase of Unilogo by the Canadian group CCL Industries. The acquirer is a global leader in the
provision of confectioning services. The investment in Poland will allow it to increase production capacity of the
sleeve and printed labels.
The last three months showed that the consolidation of the retail sector goes on. Most transactions within this
market are aimed to integrate the value chain and optimize costs. The new business conditions of the industry
forces companies to look for added value through vertical integration of distribution channels and increase the scale
of operations. A transaction with this characteristic is the acquisition made by United Beverages, one of the largest
alcohol distributors in Poland. The company has taken over System, a firm that operates ‘As’ retail chain of approxi-
mately 90 stores in north-western Poland, selling alcohol, cigarettes, and sweets. Jantoń, a producer of alcoholic
beverages, acquired Wina Makłowicz, a wine distributor and a provider of training and consulting services in the area
of gastronomy. This transaction will allow the bidder to gain access to a group of conscious clients, that are looking
for new, high-quality alcoholic beverages.
Considering the transaction structure, the largest number of deals were recorded among companies from the
industrial sector - 15%, retail and the FMCG sector - 13% each. The buy-side was dominated by Private Equity/Ven-
ture Capital funds - 15% and enterprises from the FMCG sector - 13%. About half of all sellers were private investors.
The second most-selling group was PE/VC funds - 10%.
Director
Navigator Capital
Karol Szykowny,
CFA
M&A Index Poland, Q4 2018
by Navigator Capital & FORDATA | January 2019