
Joanna Wiśniewska
Marketing and PR Manager j.wisniewska@avallon.pl
Hagen PR
Wojciech Dziewit
wojtek@hagen.pl
Avallon MBO FUND II in cooperation with a Management Group is investing in the hygiene sector market leader, the owner of the VELVET brand
The Avallon private equity MBO FUND from Lodz, which specializes in management buyout transactions in the Polish market, has performed its first investment from the new fund set up in December last year, with the Management Group taking over 100% of the shares of Kimberly‑Clark Sp. z o.o. – owner of the leading Polish tissue and hygiene brands: VELVET, Szast Prast and A’psik.
Avallon carried out the MBO (Management Buy Out) transaction, in close cooperation with the Management Group, led by Arthur Pielak (Country Manager) and Marek Ściążko (Mill Manager), and signed a share purchase agreement for the Klucze plant from the multinational Kimberly‑Clark on 25 March 2013. The strategic decision to sell the Polish arm of the company was made in October 2012 as a result of review activities in the area of consumer goods in Europe.
Subjects of the transaction include the brands: Velvet, Szast Prast and A’psik, which all hold leading positions in the Polish market, and also the modern manufacturing facility in Klucze. Following the acquisition, the Company plans to develop its flagship brand – VELVET and further strengthen its position in the Polish hygiene market. The new strategy also involves expanding the VELVET range and entering new export markets. The Fund will be actively analyzing acquisition opportunities to strengthen its market position in Central and Eastern Europe.
The plant in Klucze has an impressive history spanning more than a hundred years and was a listed company before World War II.
The agreement provides for both a smooth transition period of ownership, as well as the maintenance of a good relationship with Kimberly‑Clark based on distribution agreement for Poland.
Przejście własności udziałów nastąpi po uzyskaniu zgody prezesa UOKiK i powinno nastąpić najpóźniej w III kwartale 2013 roku. The transfer of shares will take place after obtaining the consent of the President of the Office of Competition and Consumer Protection (UOKiK) and is estimated to be completed by the third quarter of 2013.
The Fund was supported in the transaction by the law firm GESSEL and by KPMG.
Artur Pielak, Board member – Country Manager
“As a global company and market leader, Kimberly‑Clark has contributed both the know‑how and market standards to the Company. The strategic decision by the company has created a unique opportunity to implement the acquisition of the company’s operations in Poland. It has been a period of very hard, intensive work in cooperation with Avallon to meet the demanding schedule of the transaction. We are pleased that we have managed to arrange continued good business relations with Kimberly‑Clark regarding ranges not produced in Poland”.
Marek Ściążko, Board member – Plant Manager
“The plant meets the highest standards of production and has a long tradition in the field of papermaking. We have a good development strategy and a shared vision with Avallon for further development. The transaction is very important for the local community as the Company is the only major plant in Klucze”.
Tomasz Stamirowski, Managing Partner Avallon
“We are delighted that, as financial investor, we can together with the Management Group continue to build on the history of the plant in Klucze which spans more than 100 years. Our decision to invest was based on several factors, most important of them are the presence of motivated managers, the high quality organizational culture of the Company and the strong market position of the acquired brands. The Company is a leader on the Polish hygiene market. We support the ambitious expansion plans of the Company and do not rule out further acquisitions in the sector”.
Kimberly‑Clark Sp. z o.o. – The beginnings of the paper mill in Klucze date back to 1897. In the first years of its activity, it was manufacturing paper for printing and writing. In 1976 the Klucze plant became the first in Poland to produce hygienic tissue paper pulp – an intermediate for the production of hygiene products (tissues, napkins, toilet paper). Since then, the Klucze plant has been one of the country’s largest manufacturers of these products. The Velvet brand was launched in Poland in the mid‑1990s and has since been a leading brand in the hygiene sector.
Avallon MBO FUND II – Kimberly‑Clark Sp. z o.o. is the first investment of the new Avallon fund, created in December 2012, specializing in transactions carried out together with managers. Avallon is a pioneer in management buyouts in Poland and has been working in this area since 2001. Investors in the fund are international financial institutions including the European Bank for Reconstruction and Development and funds managed by the Swiss company Akina Partners.
The Fund invests in various sectors, mainly in companies with a turnover of between 50 and 250 million zlotys.
Avallon MBO FUND II in cooperation with a Management Group is investing in the hygiene sector market leader, the owner of the VELVET brand
The Avallon private equity MBO FUND from Lodz, which specializes in management buyout transactions in the Polish market, has performed its first investment from the new fund set up in December last year, with the Management Group taking over 100% of the shares of Kimberly‑Clark Sp. z o.o. – owner of the leading Polish tissue and hygiene brands: VELVET, Szast Prast and A’psik.
Avallon carried out the MBO (Management Buy Out) transaction, in close cooperation with the Management Group, led by Arthur Pielak (Country Manager) and Marek Ściążko (Mill Manager), and signed a share purchase agreement for the Klucze plant from the multinational Kimberly‑Clark on 25 March 2013. The strategic decision to sell the Polish arm of the company was made in October 2012 as a result of review activities in the area of consumer goods in Europe.
Subjects of the transaction include the brands: Velvet, Szast Prast and A’psik, which all hold leading positions in the Polish market, and also the modern manufacturing facility in Klucze. Following the acquisition, the Company plans to develop its flagship brand – VELVET and further strengthen its position in the Polish hygiene market. The new strategy also involves expanding the VELVET range and entering new export markets. The Fund will be actively analyzing acquisition opportunities to strengthen its market position in Central and Eastern Europe.
The plant in Klucze has an impressive history spanning more than a hundred years and was a listed company before World War II.
The agreement provides for both a smooth transition period of ownership, as well as the maintenance of a good relationship with Kimberly‑Clark based on distribution agreement for Poland.
Przejście własności udziałów nastąpi po uzyskaniu zgody prezesa UOKiK i powinno nastąpić najpóźniej w III kwartale 2013 roku. The transfer of shares will take place after obtaining the consent of the President of the Office of Competition and Consumer Protection (UOKiK) and is estimated to be completed by the third quarter of 2013.
The Fund was supported in the transaction by the law firm GESSEL and by KPMG.
Artur Pielak, Board member – Country Manager
“As a global company and market leader, Kimberly‑Clark has contributed both the know‑how and market standards to the Company. The strategic decision by the company has created a unique opportunity to implement the acquisition of the company’s operations in Poland. It has been a period of very hard, intensive work in cooperation with Avallon to meet the demanding schedule of the transaction. We are pleased that we have managed to arrange continued good business relations with Kimberly‑Clark regarding ranges not produced in Poland”.
Marek Ściążko, Board member – Plant Manager
“The plant meets the highest standards of production and has a long tradition in the field of papermaking. We have a good development strategy and a shared vision with Avallon for further development. The transaction is very important for the local community as the Company is the only major plant in Klucze”.
Tomasz Stamirowski, Managing Partner Avallon
“We are delighted that, as financial investor, we can together with the Management Group continue to build on the history of the plant in Klucze which spans more than 100 years. Our decision to invest was based on several factors, most important of them are the presence of motivated managers, the high quality organizational culture of the Company and the strong market position of the acquired brands. The Company is a leader on the Polish hygiene market. We support the ambitious expansion plans of the Company and do not rule out further acquisitions in the sector”.
Kimberly‑Clark Sp. z o.o. – The beginnings of the paper mill in Klucze date back to 1897. In the first years of its activity, it was manufacturing paper for printing and writing. In 1976 the Klucze plant became the first in Poland to produce hygienic tissue paper pulp – an intermediate for the production of hygiene products (tissues, napkins, toilet paper). Since then, the Klucze plant has been one of the country’s largest manufacturers of these products. The Velvet brand was launched in Poland in the mid‑1990s and has since been a leading brand in the hygiene sector.
Avallon MBO FUND II – Kimberly‑Clark Sp. z o.o. is the first investment of the new Avallon fund, created in December 2012, specializing in transactions carried out together with managers. Avallon is a pioneer in management buyouts in Poland and has been working in this area since 2001. Investors in the fund are international financial institutions including the European Bank for Reconstruction and Development and funds managed by the Swiss company Akina Partners.
The Fund invests in various sectors, mainly in companies with a turnover of between 50 and 250 million zlotys.
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2.04.2026 READ MORES’portofino Strengthens Its Premium Market Position with Urszula Radwańska as Brand AmbassadorS’portofino, an Avallon MBO portfolio company, continues to strengthen its position in the premium fashion and sport segment by combining the world of sport with top-quality fashion.
Urszula Radwańska, a renowned Polish tennis player, has now joined the brand’s group of ambassadors. Her international court experience, determination and strong sense of style naturally align with S’portofino’s DNA. This marks another step in building a strong, aspirational lifestyle brand rooted in authenticity and consistent values.
On this occasion, the company has also announced a new initiative — Tennis Camp Ula Radwańska by S’portofino, which will take place on 20–26 April in Marbella, Spain. The camp offers a unique opportunity to develop tennis skills under the guidance of internationally experienced professionals, in small groups, with an individual approach and in an inspiring, premium environment that creates a distinctive sporting experience.
We encourage interested participants to register. Enrollment is open only until 5 April.
https://tenniscamp-uradwanska.pl/ -
1.04.2026 READ MOREAvallon MBO Supports the Development of Young Talent in PE/VCAvallon MBO supported the 4th edition of the Practical Private Equity & Venture Capital Course, co-organized by the Polish Private Equity & Venture Capital Association (PSIK) and Level 20. This year’s edition was partnered by the Warsaw Stock Exchange Foundation.
The course is a unique educational initiative aimed at students, providing access to practical knowledge about the private equity and venture capital market through a series of workshops led by experienced fund managers.
As part of the program, Agnieszka Pakulska and Marcin Konarski represented Avallon MBO, sharing their experience in investment project analysis, cooperation with management teams, and building company value during the investment process.
An important element of this year’s edition was also the involvement of Level 20 – an initiative supporting the development of women in the private equity industry, co-founded by Agnieszka Pakulska.
From Avallon MBO’s perspective, the opportunity for direct interaction with course participants and observing the high level of engagement and interest in the PE/VC market among the younger generation was particularly valuable. Participation in the program provides students with a meaningful opportunity to gain practical knowledge and better understand the specifics of the private equity and venture capital market.
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10.03.2026 READ MOREAvallon Employees’ Kids on the Pitch – Supporting the Widzew AcademyDuring the match between Widzew Łódź and Lech Poznań, the children of Avallon employees and their friends took part in a special pre-match ceremony, escorting the players of both teams onto the pitch.
Before the first whistle, the youngest participants, together with girls from the Widzew Academy, stepped onto the field alongside the players, accompanying them during their entrance to the stadium. For the children, it was a truly special moment and an unforgettable experience that will surely stay with them for a long time.
The match delivered plenty of sporting excitement for the fans and ended with a 2:1 victory for Widzew Łódź over Lech Poznań.
We are proud to support the development of young athletes as a partner of the Widzew Academy and to create opportunities for such memorable football moments.
Congratulations to the Widzew team on a great result, and thank you for the opportunity to be part of this special event. -
3.03.2026 READ MOREAgnieszka Pakulska Named Among Forbes Women Poland’s 25 Top InvestorsWe are proud to announce that Agnieszka Pakulska, Partner at Avallon MBO, has been recognized in the prestigious Forbes Women Poland 25 Top Investors list.
Agnieszka is the author of key transactions and co-creator of projects that consistently enhance the value of portfolio companies. She combines investment discipline with a long-term approach to developing businesses and teams, while actively promoting the presence of women in private equity, including as a co-founder of the Level20 initiative.
At Avallon MBO, diversity and professionalism are integral to our teams. We believe that teams combining different experiences make better decisions and create lasting value.
Congratulations to Agnieszka and all the distinguished investors!
https://www.forbes.pl/forbeswomen/lista-forbes-women-25-top-inwestorek/2fs54v0 -
24.02.2026 READ MOREPolmlek Acquires Kampol-Fruit. A Sensible Move in a Demanding SegmentTomasz Stamirowski, Managing Partner at Avallon MBO, was asked by the editors of PortalSpozywczy.pl to provide expert commentary on Polmlek’s acquisition of the fruit and vegetable processing plants of Kampol-Fruit in Milejów.
In his analysis, he indicates that the transaction should be viewed as a rational strengthening of the group rather than a strategic breakthrough in the frozen foods segment. The scale of the acquisition remains small relative to Polmlek’s overall operations – Kampol’s sales accounted for approximately 1% of the group’s revenues, which exceeded PLN 5.3 billion in 2024. The Polish fruit and vegetable frozen foods market itself, valued at around PLN 1 billion, is highly competitive and dominated by several large players.
According to Tomasz Stamirowski, the key aspect of the transaction is the strengthening of the juice segment and the Fortuna brand, as well as the attractive acquisition of modern assets purchased at a discount through bankruptcy proceedings. The potential to leverage Polmlek’s experience in working with farmers and contracting raw materials in the fruit and vegetable segment may also prove significant.
If the integration process proves successful, the acquisition could represent the first step toward broader involvement by Polmlek in fruit and vegetable processing – a sector whose potential, including export opportunities, remains largely untapped.
We encourage you to read the full commentary:
Expert Assesses Polmlek’s Latest Acquisition: “A Sensible Strengthening of the Group.”




