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

Avallon MBO, a private equity company specialising in management buyouts, has invested in Inglot, one of Poland’s most recognized beauty brands with a significant international presence.

The transaction involves the acquisition of a majority stake and reflects Avallon MBO’s strong belief in the potential of Polish brands to build and strengthen their global position. Avallon brings extensive experience in supporting family-business succession, organisational transformation, and long-term value creation alongside founders, owners, and management teams.

Under the leadership of the next generation of the founding family, supported by Avallon MBO’s expertise, Inglot will continue to build on the same foundations that have shaped its global success: Polish heritage, in-house manufacturing, creative independence, and uncompromising quality.

Inglot is among a select group of Polish brands that have successfully established a global presence and strong brand recognition. Built over more than 40 years, the company now operates across international markets, leveraging a business model based on proprietary manufacturing, product innovation, creative independence, and a strong brand position.

The partnership with Avallon MBO is intended to support the next phase of business scaling, including further international expansion, organic growth, and investments in organisational capabilities, technology, and operational platform development. Inglot’s growth strategy focuses on international expansion, broadening its product portfolio, and strengthening e-commerce and omnichannel capabilities. Poland will remain one of the company’s key growth markets.

“This transaction is designed to support the continued scaling of the business, further professionalisation of the organisation, and the development of capabilities required to drive growth in international markets. For our business partners, it means continuity of cooperation within the existing operating model, combined with new opportunities to grow alongside the brand. Planned investments in product development, sales enablement tools, and competitive capabilities are intended to support revenue growth and further expansion across all channels,” said Agnieszka Pakulska, Partner at Avallon MBO and the lead on the transaction.

“This marks another important milestone in our development journey. Bringing on board a partner such as Avallon enables us to accelerate the execution of our strategic objectives and scale the business more rapidly across international markets. We gain access to valuable operational expertise and know-how that will support the continued professionalisation of the organisation. Operationally, we are not planning any revolution. Our focus remains on consistently developing each area of the business, strengthening sales channels, and capturing new growth opportunities. I believe this partnership will help Inglot enter the next stage of professionalisation and development—an ambition I have pursued for many years,” said Grzegorz Inglot, CEO of Inglot.

The transaction aligns with Avallon MBO’s strategy of partnering with companies that have strong market positions, recognised brands, and significant growth potential, working closely with founders, owners, and management teams to unlock long-term value.

In the photo: Agnieszka Pakulska, Grzegorz Inglot

“I will remain actively involved in the management of the company and will continue to contribute to its development as CEO and shareholder,” added Grzegorz Inglot. “The family will also remain an important part of the company’s ownership and governance structure. My sister, Milena Inglot, will continue serving on the Management Board, while our father, Zbigniew Inglot, will represent the family on the Supervisory Board. Existing family shareholders, Elżbieta Inglot and Barbara Inglot, will also remain involved both as shareholders and in expert roles within the organisation.”

Industry forecasts project the global beauty market to grow at a compound annual growth rate (CAGR) of between 3.4% and 7% through 2030, with total market value expected to exceed USD 800 billion. In Poland, the beauty market is forecast to grow at a CAGR of approximately 6–7%.

Consumers are increasingly focused on product quality and ingredient transparency, seeking not only makeup products but also skincare-oriented solutions that support skin health and overall condition. Demand continues to rise for science-led products backed by proven formulations and research-based efficacy.

Closing of the transaction is subject to customary regulatory approvals and is expected following the summer holiday period.

25 Years of Avallon MBO: 25 Years of Active Contribution to the Development of the Polish Economy. Tomasz Stamirowski for Forbes Poland on MBOs, Succession, and the Transformation of Polish Business.
The June issue of Forbes Poland features an interview with Tomasz Stamirowski, Managing Partner at Avallon MBO. The discussion covers, among other topics, Avallon MBO’s 25 years of experience, the development of the management buyout (MBO) market in Poland, and the practical aspects of fostering and promoting entrepreneurship.
The interview explores the practical dimensions of Poland’s economic transformation and the role of ownership structures and management teams in building Polish capital. It also examines how Polish companies address succession challenges and how succession planning influences business growth amid increasing market volatility, technological pressure, and geopolitical uncertainty.
We hope this interview will provide valuable insights for both managers and owners of privately held Polish companies.
We encourage you to read the June issue of Forbes Poland. The online version of the interview is available here:
https://www.forbes.pl/sukcesja-sprzyja-wykupom-menedzerskim/dt66ck1

Avallon MBO is a pioneer of the management buyout (MBO) market in Poland and, for 25 years, has remained true to its core principles—turning managers into entrepreneurs. This is underpinned by unique experience gained from over 150 transactions executed in partnership with management teams.

Since its inception, the fund has invested more than PLN 1 billion in the development of its portfolio companies, supporting their operational growth, international expansion, and transformation processes. On average, Avallon’s portfolio companies double their revenue and EBITDA during the investment period. Avallon has co-created the market success of brands such as VELVET Care, Good Food, and Wosana, and was also behind one of the most successful acquisitions of a Polish company in the German market—the medical company Meyra.

Today, Avallon ranks among the leading private equity funds in Poland. It is one of the few domestic firms to have completed at least three full investment fund cycles and is currently preparing to launch another. Its objective is to actively support the transformation of the Polish economy by implementing modern technological solutions in traditional sectors.

Over the years, the fund’s team has built a broad and lasting network of relationships, collaborating with more than 10,000 leading Polish managers and entrepreneurs and analyzing approximately 5,000 investment opportunities.

A quarter-century of Avallon MBO’s operations also reflects the maturation of the MBO market in Poland—from early transactions, conducted in an environment of limited capital access and  a short tradition of private investment, to a fully developed market segment where MBOs have become a key tool for succession, management professionalization, and accelerating the growth of domestic businesses.

Today, Avallon belongs to a select group of private equity funds in Poland with at least three full fund  cycles completed. The team is currently launching a fourth one —which is going to be significantly larger in scale and open to a new category of investors, including family foundations.

Avallon was a pioneer of the MBO model in Poland and is now the undisputed leader in this segment. The fund has played a significant role in popularizing management buyouts as an effective tool for business development and  promoting entrepreneurship in Poland.

The fund is an active investor focused on growth and long-term value creation. It invests in strong companies with a clear ambition—to transform them into best-in-class businesses. To date, Avallon has invested over PLN 1 billion to support management buyouts and the growth of mid-sized companies in Poland. Portfolio companies have additionally allocated nearly PLN 1 billion in capital expenditures (CAPEX) for development and modernization, while average employment growth during the investment period has reached approximately 20%. On average, companies double their revenue and EBITDA during the fund’s investment horizon.

Avallon invests across a range of sectors, building a diversified portfolio of successful projects. Its key areas include consumer goods (VELVET, GOOD FOOD, Wiejska Zagroda), healthcare (MEDORT), services (MPS, STANGL TECHNIK), as well as technology (Marketplanet, Globema) and engineering (Bipromet).

The fund has developed extensive sector expertise, further strengthened by its collaboration model with experienced managers and founders who bring deep knowledge of their companies and industries. Over 25 years, the team has established relationships with more than 10,000 top managers, and approximately 5,000 investment projects have gone through its analytical process. In the coming years, the MBO segment in Poland is expected to gain further importance driven by succession challenges, ongoing industry consolidation, and increasing pressure for technological transformation.

“25 years of Avallon is not only the story of the development of the MBO market, but also our active contribution to building Polish capital and strengthening the domestic economy. Ahead of us are further challenges—supporting the technological and business transformation of private companies established in the 1990s, as well as their international expansion. Today, private equity funds possess significant intellectual capital derived from transactional and operational experience, as well as extensive networks. Increasingly, they serve as an effective mechanism for allocating capital to companies with the highest growth potential,” says Tomasz Stamirowski, Managing Partner at Avallon MBO.

“We are often described as a ‘fund with a human face.’ From the very beginning, we have placed great emphasis on ethics, trust, and values such as commitment, integrity, and professionalism. For us, business is not only about capital, but also about long-term, mutually beneficial relationships. This may explain  why many of our transactions are carried out not only with managers, but also with founders or their successors,” says Robert Więcławski, Senior Partner at Avallon MBO.

In the near term, Avallon plans to launch its fourth fund—significantly larger than its previous investment vehicles. The new fund will enable further scaling of operations and the execution of additional ambitious development projects within Polish enterprises, with a focus on building strong, competitive companies and supporting the long-term growth of the Polish economy.

S’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/