The Polish Development Fund S.A. (PFR) entered into an agreement with a subsidiary of the Mid Europa Partners fund to buy 99.77% of shares of Polish Cableways S.A. (Polskich Kolei Linowych, PKL). The transaction is to be finalised in the next several months when all the conditions precedent are fulfilled, including the approval from the President of Agency for Competition and Consumer Protection.
“The transaction of the acquisition of Polish Cableways is part of the investment strategy of the funds of the Polish Development Fund with regard to infrastructure. PKL is an exceptional company with a long tradition and unique infrastructure located in the most picturesque landscapes of the Polish Tatras and Beskidy Mountains. PFR is a long-term investor interested in developing PKL’s skiing and tourist infrastructure and maintaining the natural heritage of the region in cooperation with the local community,” said Paweł Borys, Polish Development Fund Board President.
Polish Cableways were privatised in 2013, when the Mid Europa Partners, known for such past investments in Poland as Żabka and Lux Med and present ventures such as Allegro and Hortex, became its majority shareholder. Matthew Strassberg, co-managing partner at Mid Europa fund commented on the undertaking: “An investment in PKL constitutes another example of our strategy that focuses on investments in companies operating within the consumer sector and supports their development, for example by expanding their portfolio and the quality of their services. We would like to thank PKL's board and our co-investors - that is the municipalities of the Tatras region - for their involvement. Thanks to them both the company and the whole region are more attractive than ever. The company's prospects for future development are as optimistic as its plans. Naturally, PFR will remain a long-term partner and investor to ensure the company's transition into a growth phase.”
Marcin Piasecki, Polish Development Fund Vice-President emphasised that “The planned investment is a long-term one; it assumes resolving the legal status of some key assets in the company's possession such as, for example, Kasprowy Wierch, cooperation with local municipalities and district, the Tatra National Park and PKL's board in order to aid the company's development in existing and future locations, for the benefit of both local communities and domestic and international tourists, who are visiting the Polish mountains with an ever growing enthusiasm.”
Polish Development Fund S.A. entered into an agreement with a subsidiary of the Mid Europa Partners fund to buy 100% of shares of Altura Sàrl, the owner of 99.77% shares of Polish Cableways S.A.