Mercor Group is the leading manufacturer of passive fire protection systems in Poland (40% market share), Czech and Slovakia and one of the largest in the CE region. In the beginning of 2006 Innova acquired 37% stake in Mercor, becoming its main shareholder. Within the same year Mercor bought the remaining 50% of shares in Hasil- its competitor in Czech Republic, and expanded its activity, opening subsidiaries in Romania and Ukraine. From now on Mercor found itself on the path of fast and constant growth.
In 2007 the initial exit of Innova took place and Mercor entered Warsaw Stock Exchange, and became an exceptionally successful IPO. A year later the Spanish company, Tecresa became part of the Group. In 2009 Innova sold its remaining shares in Mercor.
- Entry:Jan 2006
- Exit:Jun 2007/ Nov 2009
- Invested:EUR 13.6m
- Innova Return:2.5x cash on cash
- Innova Contact:Andrzej Bartos
- Company expanded from a “Poland-focused” player with 9% export into international group with 50% exports
- Acquisition of competitor on the Czech/ Slovak market, acquiring of Spanish company (no. 2 in Poland)
- Synergy and integration strategy
- Creating and implementing of organizational platform (inlc. incentive program)
- Managing IPO process
Krzysztof Krempeć, CEO in Mercor
“There are several areas, in which Innova supported Mercor’s evolution from Polish entrepreneurial business to publicly-listed CEE market leader. First of all, Innova helped us expanding the organization, in particular the finance function, which was critical in our mind-shift towards “forward-looking” analysis and creating “visibility” for the business, instead of sole focus on historical data. No doubt Innova was a demanding, yet very reasonable, “sparring partner” whenever we were facing a strategic or major investment decision. Having said that, when required the Innova team was rolling up their sleeves and working alongside the management team, which gave as a huge comfort in decision making – no advisor is able to provide that.”