Experience
Sell-side Advice
Client
Transaction
Sale of 53% sharesInvestor
Date
2010Capital advisory to the owners in the sale process of Akomex Sp. z o.o – manufacturer of special cardboard packages for the food and chemical sectors.
On behalf of our clients, owners of Akomex Sp. z o.o. – manufacturer of special packages for the food and chemical industry, we have finalised the process of finding an investor for the Company. Investments of the private equity fund and previous owners of Akomex within the transaction would exceed PLN 20 million. The investor is the US based fund – Highlander Partners. The transaction involved an increase in the capital and partial repurchase of existing shares, as a result of which the investor took over 53% of shares in the Company.
As a consequence of the investment of Highlander Partners, the Company would acquire a new, larger production plant in Pomeranian Special Economic Zone, build new technical base and modernise the machinery, which would allow doubling its production capacity. Together with the implementation of the investment, the Company would increase employment, ultimately by a few dozen persons.
Holon acted as the advisor to the owners of the Company in the process of the verification of the development strategy and in the investment process, which involved preparing the offer, identifying investors, transaction structuring and its implementation.
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Company information
Akomex Sp. z o.o. (www.akomex.pl) is a manufacturer of packages made of printed solid board, for food industry, cosmetics, personal care, pharmacy products and chemical industry. The Company is a leader in frozen food cartons, carton envelopes for sliced fish and boxes for fish fillets.
In 2010, turnovers of the Company exceeded PLN 30 million. For the last few years, Akomex recorded at least 20% growth per annum, i.e. developed a few times faster than the whole market – the packaging market is a growing sector and it is insensitive to changes in the economic situation. Packages are very important from the selling perspective and differentiate the product on the shelf. Quality of the package together with security of supply are of the utmost importance for the clients. Due to that, the Company is currently developing its machinery and introducing controlling solutions.
As a result of the investment of Highlander Partners, the Company would relocate its production plant to new, larger facilities in Pomeranian Special Economic Zone, build new technical base and modernise the machinery, which would allow doubling its production capacity. Together with the implementation of the investment, the Company would increase employment, ultimately by a few dozen persons. Akomex exports its products to various countries in West Europe, Baltic Countries, Russia and to Balkan countries.
Investor information
Highlander Partners L.P. is the US private equity fund established in 2004 by: Laurence E. Hirsch – former long-term president of a listed development and construction company Centex Corporation and Michael R. Nicolais – former managing director and a head of the Dallas branch of Donaldson, Lufkin & Jenrette investment bank. The head office of Highlander Partners is located in Dallas, Texas, and investments in the continental part of the USA are managed from this office. In 2008, Highlander Partners opened its offices in Warsaw, for the purposes of managing investments in Central Europe. The Highlander Partners team in Warsaw is led by Dawid Walendowski, former partner in Enterprise Investors fund.
Unlike a majority of private equity funds, Highlander Partners has its own, rather than institutional capital. The fund usually invests in small and medium private companies with documented successes on the market, managed by effective managers, which lack the capital for further dynamic development. Since 2004, Highlander Partners completed 14 investments in the United States. Highlander Partners prefers long-term perspectives of building the business above short-term profit taking.