Kulczyk Investments has sold shares in PEKAES
Kulczyk Investments S.A. (KI) and Kulczyk Holding S.A. (KH) have disposed of their entire 63% shareholding in PEKAES S.A., a leading WSE-listed logistics and intermodal company. The sale is a result of an investment agreement and a conditional preliminary agreement executed on 21 July 2015 between an Innova Capital Group entity and the KI and KH subsidiaries, being indirect shareholders of PEKAES from May 2009. The deal is another stage in the strategy to overhaul the portfolio of Kulczyk Investments.
Innova Capital Group has taken over control of a 63.01 per cent shareholding in PEKAES Group as a result of the transaction.
The transaction was authorised by the Office of Competition and Consumer Protection on 25 August 2015. The value of the deal was not revealed.
“The purchase of PEKAES, the first logistics company in Innova’s portfolio, is an effect of the long-term interest in and reviews of the logistics market in Poland. We believe that PEKAES now offers the best platform for further growth on the Polish market, both for its range of services and for its highly knowledgeable and experienced managers. We will support the Management Board of PEKAES in implementing the strategy of dynamic growth moving forward,” comments Krzysztof Kulig, Managing Partner, Innova Capital.
In the period of KH’s investment, PEKAES has undergone deep restructuring processes, implemented state-of-the-art computer systems and significantly expanded its range of services. As a result, PEKAES has become one of the key players on the logistics and intermodal market in Poland over the recent years. In 2014, the Group earned PLN 20.5 million in net profit and posted an income of PLN 722 million. Its performance further improved in Q1 2015, showing a 49 per cent (yoy) increase in net profit which was PLN 11.4 million, with EBITDA profitability at 5.5 per cent.
“The sale of PEKAES is another stage in our strategy to restructure our asset portfolio. We are exiting a long-term investment and, after more than 6 years of ownership control, we are proud to hand over a company which is restructured and profitable; a company which is among the market leaders in Transport, Freight Forwarding and Logistics in Poland today, strongly positioned for further growth both nationally and globally,” says Sebastian Kulczyk, President of the Management Board and CEO, Kulczyk Investments.
Kulczyk Investments: Kulczyk Investments is an international investment group specialising in initiating and carrying out transactions on high growth markets. The Group is now present through its companies across sectors such as power and chemical industry as well as infrastructure.