
Joanna Wiśniewska
Marketing and PR Manager j.wisniewska@avallon.pl
Hagen PR
Wojciech Dziewit
wojtek@hagen.pl
From left: Marcin Stamirowski – Investment Director MBO, Leszek Kordek – Chairman of the Board Norlys , Agnieszka Pakulska – Partner Avallon MBO
Avallon MBO Private Equity Fund has bought a majority stake in the Norlys holding company as part of Avallon MBO Fund III. Thanks to the MBO (management buyout) transaction, Avallon acquired 75 percent of shares from the company’s managers. Norlys is a company with Scandinavian roots with over sixty years of tradition in the production of premium outdoor lighting, adapted to difficult weather conditions. In 2020, the Norlys Group generated revenues of EUR 18 million.
The company was founded in 1953 in Norway, where the main branch dealing with the distribution of lamp fittings to the Scandinavian markets is located to this day. 28 years ago, a production plant was established in Nowy Sącz, with its own aluminum foundry, a press department for the production of steel frames, a hot‑dip galvanizing department, a processing department, as well as a powder coating shop and assembly departments. The Norlys group also includes companies: French and Swedish, dealing in the distribution of lighting systems manufactured in Poland in these countries. Norlys luminaires also go to many other countries around the world – from Asia, through Africa to Australia.
– This is a new, but extremely interesting segment of the market for us; the one where interesting design and brand play an important role. Norlys has a strong position there thanks to a strong brand image in the premium segment, especially among the Scandinavian countries. The company has a modern production base and the potential to increase sales mainly in Western European countries. We are happy that Norlys’ managers have seen in Avallon a partner which would help their company in its further expansion and development. Once again our many years of experience in working with managers has been appreciated, not only in the Polish market – comments Agnieszka Pakulska, partner at Avallon, responsible for the transaction.
Norlys produces simple lighting fixtures, following the spirit of Scandinavian design, in line with current trends, and with quality that meets the requirements of highest level necessary in difficult, snowy weather conditions. When it comes to lighting technologies, the company cooperates only with respected suppliers of the most modern LED solutions.
– The high quality of our products is the result of proper selection of materials and professional management of the production process, which is entirely run in Europe, and following the ISO standards. In the production plant with an area of over 18,000 m2, we make use of an innovative machine park, while our foundry is one of the most modern of its kind in Europe. We are proud to have our own research laboratory equipped with specialized, top‑class equipment that is used for testing lighting fixtures. In short, we have a strong position in the industry, and owing to the cooperation with Avallon, we are likely to move our expansion into new markets – says Leszek Kordek, the CEO of Norlys
After the purchase of Norlys , the Avallon Fund’s portfolios currently include seven companies. They are: Ceko and Wosana – representing the food industry, Stangl Technik – a company providing installation services, EDC Expert – a marketing company, Marketplanet – a purchasing platform, Novo Tech – a company dealing with polymer processing, and Clovin – a company producing cleaning products. At the same time, Avallon is actively looking for new investments. The Avallon MBO Fund III has by now raised EUR 137 million for this purpose.
From left: Marcin Stamirowski – Investment Director MBO, Leszek Kordek – Chairman of the Board Norlys , Agnieszka Pakulska – Partner Avallon MBO
Avallon MBO Private Equity Fund has bought a majority stake in the Norlys holding company as part of Avallon MBO Fund III. Thanks to the MBO (management buyout) transaction, Avallon acquired 75 percent of shares from the company’s managers. Norlys is a company with Scandinavian roots with over sixty years of tradition in the production of premium outdoor lighting, adapted to difficult weather conditions. In 2020, the Norlys Group generated revenues of EUR 18 million.
The company was founded in 1953 in Norway, where the main branch dealing with the distribution of lamp fittings to the Scandinavian markets is located to this day. 28 years ago, a production plant was established in Nowy Sącz, with its own aluminum foundry, a press department for the production of steel frames, a hot‑dip galvanizing department, a processing department, as well as a powder coating shop and assembly departments. The Norlys group also includes companies: French and Swedish, dealing in the distribution of lighting systems manufactured in Poland in these countries. Norlys luminaires also go to many other countries around the world – from Asia, through Africa to Australia.
– This is a new, but extremely interesting segment of the market for us; the one where interesting design and brand play an important role. Norlys has a strong position there thanks to a strong brand image in the premium segment, especially among the Scandinavian countries. The company has a modern production base and the potential to increase sales mainly in Western European countries. We are happy that Norlys’ managers have seen in Avallon a partner which would help their company in its further expansion and development. Once again our many years of experience in working with managers has been appreciated, not only in the Polish market – comments Agnieszka Pakulska, partner at Avallon, responsible for the transaction.
Norlys produces simple lighting fixtures, following the spirit of Scandinavian design, in line with current trends, and with quality that meets the requirements of highest level necessary in difficult, snowy weather conditions. When it comes to lighting technologies, the company cooperates only with respected suppliers of the most modern LED solutions.
– The high quality of our products is the result of proper selection of materials and professional management of the production process, which is entirely run in Europe, and following the ISO standards. In the production plant with an area of over 18,000 m2, we make use of an innovative machine park, while our foundry is one of the most modern of its kind in Europe. We are proud to have our own research laboratory equipped with specialized, top‑class equipment that is used for testing lighting fixtures. In short, we have a strong position in the industry, and owing to the cooperation with Avallon, we are likely to move our expansion into new markets – says Leszek Kordek, the CEO of Norlys
After the purchase of Norlys , the Avallon Fund’s portfolios currently include seven companies. They are: Ceko and Wosana – representing the food industry, Stangl Technik – a company providing installation services, EDC Expert – a marketing company, Marketplanet – a purchasing platform, Novo Tech – a company dealing with polymer processing, and Clovin – a company producing cleaning products. At the same time, Avallon is actively looking for new investments. The Avallon MBO Fund III has by now raised EUR 137 million for this purpose.
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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.” -
20.02.2026 READ MORECompany growth can be measured by revenue and margin expansion. It can also be measured by the real impact a business has on its surroundingsOur portfolio company MPPK – a distributor of premium pet food brands for dogs and cats, Wiejska Zagroda and Pan Mięsko – has been building a strong position in the pet food segment for years. At the same time, it is doing something equally important: consistently supporting animal welfare.
Together with Joanna Krupa, her friends, and Media Expert (Terg), the MPPK team visited places where every form of support truly matters:3 shelters,
6 tons of pet food,
1 shared idea – to help in a smart and responsible way.This was not a one-off PR initiative, but part of a broader, long-term approach – from ongoing cooperation with shelters and support for adoptions to educational activities promoting responsible pet ownership.
MPPK demonstrates that the pet food industry can set standards – both in quality and in ethics. Business scale and sensitivity do not have to be mutually exclusive. On the contrary, together they create lasting value. -
27.01.2026 READ MOREPolish E-commerce Enters a Maturity Phase – Commentary by Weronika JaskółaA compelling article was published in the daily Rzeczpospolita, based on data from Dun & Bradstreet Poland, illustrating the scale and dynamics of the domestic e-commerce market: nearly 75,000 online stores in Poland, on average more than six new ones launched daily, but at the same time a growing number of business closures and suspensions. This is a good moment to view e-commerce not through the lens of a boom, but rather of market maturity and selection.
In the article, Weronika Jaskóła, Investment Analyst at AvallonMBO, accurately describes this stage of market development:
“This is a signal of increasing rotation — launching a store is easy, but maintaining and scaling it is becoming increasingly difficult without a clear competitive advantage.”
As she further emphasizes, a net increase of around 2,400 e-stores over 12 months and a pace of about 200 new entities per month indicate stable growth rather than another boom wave. Approaching the level of 75,000 stores is more a sign of market saturation and fragmentation.
At Avallon MBO, Weronika is responsible, among other things, for S’portofino — a premium brand in the sport & fashion segment that combines scalable e-commerce with a network of brick-and-mortar boutiques. It is precisely such models — omnichannel, brand-driven, focused on service quality, logistics, and data-driven operations — that increasingly demonstrate where real competitive advantage is being built today. Growing pressure from global marketplaces, including platforms from outside the EU, is only accelerating this process.
For investors, the conclusion is clear: e-commerce continues to grow, but value is created by those who can go beyond “mere online presence” and build a resilient, scalable business model.
The full article can be read at the following link:
https://pro.rp.pl/raporty-ekonomiczne/art43687641-polacy-radza-sobie-z-chinczykami-codziennie-powstaje-szesc-nowych-e-sklepow




