Behind every M&A transaction are more than just numbers, analysis and negotiations. Above all, there are people—their decisions, experiences and relationships. Practical knowledge gained through successive investment processes is particularly valuable when discussing the challenges of the mergers and acquisitions market.
Agnieszka Pakulska, Partner at Avallon MBO, shared her experience at the EY M&A Forum. She joined the panel “M&A Unfiltered: Entrepreneurs and Investors on Unexpected Lessons from M&A Transactions”, which explored the practical aspects of transactions and the challenges faced by those involved.

The event offered an excellent opportunity for investors and entrepreneurs to exchange perspectives and discuss the lessons about transactions that textbooks and analysis do not always capture. At Avallon, we have long valued knowledge gained through hands-on experience and close collaboration with business owners and management teams.

Thank you to EY Polska for the invitation and an inspiring discussion!
Event recording:
https://lnkd.in/p/d_vhGwxx

Tomasz Stamirowski, Managing Partner at Avallon MBO, has joined EEC Members, a community bringing together representatives of Polish business, entrepreneurs, executives and public administration. New members were officially welcomed at an EEC Members meeting devoted to the key challenges facing the Polish economy.

One of the highlights of the event was a discussion with Deputy Prime Ministers Radosław Sikorski, Minister of Foreign Affairs, and Władysław Kosiniak-Kamysz, Minister of National Defence. Topics included Poland’s international standing, ways to support the foreign expansion of Polish companies, national security, and the outlook for the domestic defence industry.

These issues are also highly relevant from a private equity perspective. Strengthening the competitiveness of Polish companies and supporting their growth and expansion into international markets are among Avallon MBO’s core areas of activity.

The EEC Members meeting also provided an opportunity to exchange experiences, build new relationships and discuss potential cooperation between business and public administration.

Tomasz Stamirowski’s membership in the EEC Members community opens up a new forum for Avallon MBO to take part in discussions on the development of Polish companies and the future of the national economy.

A quarter of a century in business means hundreds of projects and transactions and the growth of many companies, but above all, relationships built over the years. That is why we wanted to celebrate Avallon’s 25th anniversary together with the people who have been, and continue to be, part of our story.

Nearly 250 guests joined us at Manuarte, in Łódź’s Manufaktura complex: entrepreneurs, investors, business partners, representatives of our portfolio companies, colleagues and friends of Avallon.

The anniversary evening was hosted by Tomasz Stamirowski, and the gala was presented by Marcin Dobrowolski. We opened the official programme with a look back at 25 years of Avallon, from our very first transaction to our fourth fund. This was followed by discussions that offered a chance to share memories and take stock, as well as to talk about the future, the challenges ahead and our plans.

After the official part, guests enjoyed dinner, networking and more informal conversations. Agustin Egurrola and his dancers gave the evening a truly special atmosphere, and the celebrations continued late into the night.

Above all, however, the evening was about people. We would like to thank everyone who accepted our invitation and joined us in Łódź, as well as everyone who, over the past 25 years, has placed their trust in Avallon, shared their experience with us and built companies alongside us.

It was an evening celebrating 25 years of shared history. Thank you for allowing us to experience it together.

And the next chapter is just beginning.

Avallon MBO has completed the first closing of its new fund, Avallon MBO IV, raising EUR 171.5 million in the first closing. The fund’s target size may increase to EUR 260 million. The fundraising process will continue, and in the next stage larger Polish family foundations will also be able to invest in the fund. The capital raised will be allocated to investments in companies from Poland and the Central and Eastern European region. 

Avallon MBO Fund IV is the fourth fund managed by Avallon MBO, one of the pioneers of the management buyout market in Poland. The recently announced investment in Inglot is the first transaction of this fund. Avallon MBO Fund IV will continue its existing strategy of investing alongside managers and the founders of family businesses, targeting the companies with turnover of EUR 20–100 million. 

– The launch of Avallon MBO Fund IV is an important step in the development of our team and a confirmation of investors’ confidence in our team and in the market position we have been consistently building for 25 years. Over that period, we have become the leader in management buyouts and a top local private equity fund, with an impressive base of contacts and experience gathered from our projects so far – says Tomasz Stamirowski, Managing Partner at Avallon MBO.

A key element of the Avallon MBO Fund IV strategy will be the greater use of technology as a driver of company growth. This applies both to technology companies and to businesses in more traditional sectors which, through digitalisation, automation, the use of software and data analytics, can improve their efficiency, scalability and competitiveness. At the same time, the fund will continue to invest in industries in which Avallon has many years of experience, including consumer brands, B2B services, e-commerce and manufacturing companies, as well as in promising companies requiring support in succession, professionalisation and consolidation processes. 

As Tomasz Stamirowski emphasises, the current market environment favours investors who know the local market well and are able to execute transactions smoothly with company owners and managers. A number of Polish companies are today undergoing generational change. We are seeing growing interest in succession transactions and management buyouts. For many owners, what matters today is not only achieving an attractive valuation, but also finding a partner who understands the specific nature of the company, its organisational culture and the role of its management board. The MBO model responds very well to these needs, as it allows capital, the fund’s experience and the commitment of managers who know the business from the inside to be combined – adds Tomasz Stamirowski.

Over its more than 25 years of activity, Avallon has invested more than PLN 1 billion in Polish companies. The new fund will operate at a larger scale than Avallon’s previous investment vehicles. Each successive fund has been larger than the one before. Avallon’s first fund amounted to EUR 50 million, the next was more than twice as large (EUR 109 million), and Avallon MBO III, closed in 2021, raised EUR 137 million and invested in eight companies. The third fund’s portfolio now includes: Clovin with the Purox and Dr.Prakti brands, Norlys, Letniskowo, MPPK Group with the Wiejska Zagroda and Pan Mięsko brands, SAT – owner of the S’portofino store chain, Globema and the Czech company TES Vsetin. These investments are currently being developed, although some of the companies are attracting strong investor interest. 

Alongside the launch of Avallon MBO Fund IV, the fund is also strengthening its team. Mateusz Kacprzak is joining the partner group and will be responsible for sourcing new investment projects and for developing the fund in the area of technology adoption and digitalisation in portfolio companies. In parallel, Avallon is expanding its investment, analytical and operational teams in order to increase its capacity to run a larger number of projects. 

– A fund of this scale will allow us to carry out larger transactions and, at the same time, to pursue more projects in parallel. We see significant potential in companies outside the technology sector, for which digitalisation and automation enable faster growth. This is an area in which we want to actively support companies after investment – says Mateusz Kacprzak, Partner at Avallon MBO.

Avallon MBO Fund IV addresses its offering both to institutional and private investors, including domestic ones family offices and family foundations, which are increasingly seeking long-term exposure to the private equity market. 

Maspex’s acquisition of a majority stake in Ukrainian company Carpathian Mineral Waters is a transaction that should be viewed through a much broader lens than that of a single industry. It also sends an important signal to Polish companies considering expansion across the Central and Eastern European region.

Speaking to Portal Spożywczy, Krzysztof Kuźbik, Partner at Avallon MBO, noted that Polish companies currently have a unique opportunity, but also a limited window of time to act. If Polish entrepreneurs fail to seize this opportunity, investors and businesses from other countries will.

Ukraine is set to become one of the key markets in the region, and those who begin building their presence early will be best positioned to benefit. For many Polish companies, Ukraine could become a natural direction for expansion—geographically close, economically complementary, and strategically important for the entire Central and Eastern European region.

“Understanding the local market is essential—its rules, relationships, consumer behaviour and the way public administration operates. It is simply not possible to successfully run a business in Ukraine solely from Warsaw or Kraków. This is why experienced professionals with in-depth knowledge of the market—Polish, Ukrainian and international managers alike—will play a crucial role. Such expertise will be a major asset for companies looking to enter Ukraine through acquisitions,” commented Krzysztof Kuźbik, Partner at Avallon MBO.

Read the full interview on Portal Spożywczy:
https://www.linkedin.com/posts/portalspozywczy_przej%C4%99cie-maspeksu-na-ukrainie-to-wa%C5%BCny-activity-7477291471122022401-EpnY