Innova buys shares in PEKAES

Kulczyk Holding (KH), a subsidiary of Kulczyk Investments (KI) and Innova Capital have signed an investment agreement and a conditional preliminary share transfer agreement, under which both companies are to dispose of their entire 63 per cent block of shares held indirectly in PEKAES S.A., the only logistic-intermodal firm listed on the WSE. The transaction results from the implementation of another stage of the new strategy pursued by Kulczyk Investments.

Transaction
Under the agreement KH has undertaken to transfer to Innova Capital its subsidiaries, through which it holds a total of 63 per cent of shares in PEKAES.
The conclusion of the promised agreement is contingent upon, among others, securing the consent of the President of the Office of Competition and Consumer Protection to the concentration, and is supposed to take place no later than within three months from the date of signing the preliminary agreement.

“The purchase of PEKAES is the result of our interest in the dynamically growing logistic sector in Poland. This is a very well-managed company, which in recent years has undergone a thorough restructuring, changing from a transport firm into a modern and profitable logistic-intermodal business. We value very highly not just the changes made in the company, but also the considerable potential for its development and increase of its goodwill. We intend to effectively support PEKAES in the implementation of its ambitious strategy” – commended Krzysztof Kulig, Managing Partner at Innova Capital.

New strategy
The transaction forms part of the new strategy of KI, according to which the Group is to focus on four key sectors offering the highest growth potential for the company, i.e. chemical industry, infrastructure, power sector and new technologies.

“We have transformed PEKAES into a modern and competitive firm, one of market leaders. Thanks to this we have received a very good offer from an investor, who appreciates the effects of our hard work and the goodwill built over the last several years. In line with the newly-adopted strategy we will now focus on four areas: chemical industry, infrastructure, power sector and new technologies” – stressed Sebastian Kulczyk, President of the Board of Kulczyk Investments.

10 years crowned with a success
Kulczyk Holding invested in PEKAES for the first time in 2005. In 2009, it took control over the company and became a strategic investor by subscribing for 58 per cent of shares. Since then PEKAES has undergone a thorough transformation from an ineffective transport firm into a modern, competitive logistic-intermodal business, which meets the highest international standards, is a recognisable brand and is among the leaders of the TSL sector in Poland.

Kulczyk Investments:
Kulczyk Investments is an international investment group specialising in initiating and carrying out transactions in markets with the highest potential for growth. The key sectors for the company are: power and chemical industry, infrastructure and minerals. Since 1991, the Group has been actively participating in the transformation of the Polish economy. It is the only firm with Polish pedigree operating globally.