18.01.2024
Change in the Management Board of our portfolio company TES VSETIN
Dwóch mężczyzn w garniturach, logo TES.
Contact for media

Joanna Wiśniewska
Marketing and PR Manager j.wisniewska@avallon.pl

PR Agency

Hagen PR
Wojciech Dziewit
wojtek@hagen.pl

Change in the Management Board of our portfolio company TES VSETIN – after 6 years as Chief Executive Officer, Manfred Lerch is transitioning to the Supervisory Board. In his new role, he will focus on strategic initiatives to guide the company’s long‑term vision.

Simultaneously, we are pleased to announce that the company’s Chief Sales Officer, Tomas Pavlica, is assuming the position of Chief Executive Officer and Chairman of the Board of Directors. Tomas Pavlica has been a part of TES VSETIN for 20 years, and we are confident that he will excel in leading the company.

While expressing our gratitude to Manfred Lerch for his excellent cooperation, we invite you to a brief interview in which he sheds light on the specifics of the industry in which TES VSETIN operates, the nature of Polish‑Czech cooperation, and the transaction conducted last year with Avallon MBO.

 

 

The industry in which you manufacture your machinery has recently undergone significant changes, such as in the field of “green” transformations. How has this process impacted TES’s business? Has it presented a new opportunity or threat to your company?

In economics, we refer to the Kondratiev cycle, which signifies the economy’s development in waves. TES was established in 1919, a period that witnessed the founding of several electric machine‑producing firms.  Electricity was originally utilized to ease our lives, replacing steam power and powering household devices like toasters, coffee machines and lighting. Today, however, we face a different challenge, with the need to tackle carbon dioxide emissions. Consequently, electric energy is being employed to replace sources that generate carbon emissions such as household heating systems, automotive engines, and transport systems.

From that perspective, I believe TES is in the perfect position within the market as it aligns with the direction of the industry’s future. At this stage, one may ponder the most efficient method of electricity generation, with two options available.  Firstly, one can install photovoltaics on roofs, using the sun’s rays to produce electrical energy. Secondly, an electric generator must be powered by a specific mechanism, such as wind, water, steam or a diesel engine. TES produces electric generators, possessing the technology and machinery to generate energy. In TES we offer “tailor‑made machines” for which the demand is quite high in the market, yet, despite our efforts to standardize, they cannot be catalogued for quick purchase. Only opon receiving a customer’s specification, do we proceed to finalize the desired product accordingly.

 

To what extent do the Czech and Polish energy markets differ, and in what specific areas?  

Although we carried out some projects in Poland in the past, we currently do not have any ongoing transactions directly with Polish customers. However, there can be indirect supplies to the Polish market as our company collaborates with system integrators, providing them with our generator or the complete unit that can be installed in any place worldwide. In that respect we work with customers in many countries and thus have project installations in Poland as well.

 

Could you tell us how exactly TES operates and what its specializations are?

TES operates in 3 divisions; the largest being the production of components, which accounts for approximately 60% of our business. Component refers to everything required to construct an electric machine, which can be ordered and manufactured. It can also include fully assembled modules. On the other hand, we have what we refer to as the “systems and solutions” business – we manufacture and supply complete electrical machines according to the customer’s specifications, but with our own design and the work of our engineers. This accounts for about 30% of our business activity and it also includes a small branch known as the “automation business,” where we provide test stands specifically for vehicles or fully automated production lines. Finally, the third area of our business comprises all of our services related to customer support and the maintenance of our products.

 

Do you observe any dominant trend in the end use of your components?

When a client comes to us and requests only a component, we are not always informed about the intended application – it can be intended for use in both conventional and renewable energies. Many of our clients are based in the Czech Republic, whilst numerous larger German or international companies that we collaborate with only have subsidiaries here. It is of course different when we ourselves design and produce electric machines following customer specifications. In 2021, renewable energy supplies constituted only 14%, whereas conventional energy components accounted for 43%. Consequently, over 50% of our business pertains to energy solutions. Since we are in a project business with our electric machines, this split will change from year to year.

 

What are TES’s primary markets at present?  Are there any areas you would like to expand into?

During the COVID pandemic, spanning two or three years, certain complications arose. Travel restrictions and the inability to hold on site project discussions with clients resulted in a downturn.  The subsequent shortage and increased prices of materials only compounded the issue, prompting our clients to wait for prices to decrease. However, we are now observing an upswing in project volume for the upcoming business year.

Additionally, it is worth noting that constructing big dams is restricted in many parts of the world, but in the small hydro market the demand is still growing. One of our main markets currently lies in Norway, which has abundant water resources leading to a high demand for hydropower units. We also conduct operations in other countries such as Finland, Canada, the United States, and of course the Czech Republic. There are still opportunities to construct medium or small‑scale hydropower projects that require machinery of the size we manufacture – up to 30 MW machines that can be transported by lorry.

Nonetheless, we also undertake nuclear energy initiatives. To this end, we have developed a prototype nuclear fusion experiment unit for a Czech university. We consider our creation a masterpiece – a complex structure built from various components. Nuclear fusion experiments demand stable high voltage whilst withstanding extreme temperatures. We designed a large generator weighing about 20 tons that meets these requirements. This project serves as evidence of our technical expertise.

We currently see a growing trend in Europe, except Germany, towards constructing new nuclear power plants and revitalizing existing ones over the past few years. We have already produced and delivered the first machines that can do that. They have undergone an intensive certification process and required to provide solid training for our staff, but we are now prepared to engage in high‑tech business of this nature.

 

What changed in the company after Avallon’s (Genesis’s) entry? How do you evaluate this process? 

Both of our investors made it clear right from the start that they intended to maintain our existing strategy, thus we did not have to modify it; we could simply pursue our business plans. It is highly encouraging that our associates display a keen interest in our operations and seek to fathom their workings. We hold monthly meetings to report on our progress, with detailed step‑by-step explanations. In addition, we maintain frequent communication through regular calls. This ensures that our investors are always fully informed and aware of the decision‑making process.  Furthermore, this approach generates a healthy level of productive competition within our team, as we strive towards a common goal. It’s like in a football team during a match – we want everyone in our team to win.

 

 

Change in the Management Board of our portfolio company TES VSETIN – after 6 years as Chief Executive Officer, Manfred Lerch is transitioning to the Supervisory Board. In his new role, he will focus on strategic initiatives to guide the company’s long‑term vision.

Simultaneously, we are pleased to announce that the company’s Chief Sales Officer, Tomas Pavlica, is assuming the position of Chief Executive Officer and Chairman of the Board of Directors. Tomas Pavlica has been a part of TES VSETIN for 20 years, and we are confident that he will excel in leading the company.

While expressing our gratitude to Manfred Lerch for his excellent cooperation, we invite you to a brief interview in which he sheds light on the specifics of the industry in which TES VSETIN operates, the nature of Polish‑Czech cooperation, and the transaction conducted last year with Avallon MBO.

 

 

The industry in which you manufacture your machinery has recently undergone significant changes, such as in the field of “green” transformations. How has this process impacted TES’s business? Has it presented a new opportunity or threat to your company?

In economics, we refer to the Kondratiev cycle, which signifies the economy’s development in waves. TES was established in 1919, a period that witnessed the founding of several electric machine‑producing firms.  Electricity was originally utilized to ease our lives, replacing steam power and powering household devices like toasters, coffee machines and lighting. Today, however, we face a different challenge, with the need to tackle carbon dioxide emissions. Consequently, electric energy is being employed to replace sources that generate carbon emissions such as household heating systems, automotive engines, and transport systems.

From that perspective, I believe TES is in the perfect position within the market as it aligns with the direction of the industry’s future. At this stage, one may ponder the most efficient method of electricity generation, with two options available.  Firstly, one can install photovoltaics on roofs, using the sun’s rays to produce electrical energy. Secondly, an electric generator must be powered by a specific mechanism, such as wind, water, steam or a diesel engine. TES produces electric generators, possessing the technology and machinery to generate energy. In TES we offer “tailor‑made machines” for which the demand is quite high in the market, yet, despite our efforts to standardize, they cannot be catalogued for quick purchase. Only opon receiving a customer’s specification, do we proceed to finalize the desired product accordingly.

 

To what extent do the Czech and Polish energy markets differ, and in what specific areas?  

Although we carried out some projects in Poland in the past, we currently do not have any ongoing transactions directly with Polish customers. However, there can be indirect supplies to the Polish market as our company collaborates with system integrators, providing them with our generator or the complete unit that can be installed in any place worldwide. In that respect we work with customers in many countries and thus have project installations in Poland as well.

 

Could you tell us how exactly TES operates and what its specializations are?

TES operates in 3 divisions; the largest being the production of components, which accounts for approximately 60% of our business. Component refers to everything required to construct an electric machine, which can be ordered and manufactured. It can also include fully assembled modules. On the other hand, we have what we refer to as the “systems and solutions” business – we manufacture and supply complete electrical machines according to the customer’s specifications, but with our own design and the work of our engineers. This accounts for about 30% of our business activity and it also includes a small branch known as the “automation business,” where we provide test stands specifically for vehicles or fully automated production lines. Finally, the third area of our business comprises all of our services related to customer support and the maintenance of our products.

 

Do you observe any dominant trend in the end use of your components?

When a client comes to us and requests only a component, we are not always informed about the intended application – it can be intended for use in both conventional and renewable energies. Many of our clients are based in the Czech Republic, whilst numerous larger German or international companies that we collaborate with only have subsidiaries here. It is of course different when we ourselves design and produce electric machines following customer specifications. In 2021, renewable energy supplies constituted only 14%, whereas conventional energy components accounted for 43%. Consequently, over 50% of our business pertains to energy solutions. Since we are in a project business with our electric machines, this split will change from year to year.

 

What are TES’s primary markets at present?  Are there any areas you would like to expand into?

During the COVID pandemic, spanning two or three years, certain complications arose. Travel restrictions and the inability to hold on site project discussions with clients resulted in a downturn.  The subsequent shortage and increased prices of materials only compounded the issue, prompting our clients to wait for prices to decrease. However, we are now observing an upswing in project volume for the upcoming business year.

Additionally, it is worth noting that constructing big dams is restricted in many parts of the world, but in the small hydro market the demand is still growing. One of our main markets currently lies in Norway, which has abundant water resources leading to a high demand for hydropower units. We also conduct operations in other countries such as Finland, Canada, the United States, and of course the Czech Republic. There are still opportunities to construct medium or small‑scale hydropower projects that require machinery of the size we manufacture – up to 30 MW machines that can be transported by lorry.

Nonetheless, we also undertake nuclear energy initiatives. To this end, we have developed a prototype nuclear fusion experiment unit for a Czech university. We consider our creation a masterpiece – a complex structure built from various components. Nuclear fusion experiments demand stable high voltage whilst withstanding extreme temperatures. We designed a large generator weighing about 20 tons that meets these requirements. This project serves as evidence of our technical expertise.

We currently see a growing trend in Europe, except Germany, towards constructing new nuclear power plants and revitalizing existing ones over the past few years. We have already produced and delivered the first machines that can do that. They have undergone an intensive certification process and required to provide solid training for our staff, but we are now prepared to engage in high‑tech business of this nature.

 

What changed in the company after Avallon’s (Genesis’s) entry? How do you evaluate this process? 

Both of our investors made it clear right from the start that they intended to maintain our existing strategy, thus we did not have to modify it; we could simply pursue our business plans. It is highly encouraging that our associates display a keen interest in our operations and seek to fathom their workings. We hold monthly meetings to report on our progress, with detailed step‑by-step explanations. In addition, we maintain frequent communication through regular calls. This ensures that our investors are always fully informed and aware of the decision‑making process.  Furthermore, this approach generates a healthy level of productive competition within our team, as we strive towards a common goal. It’s like in a football team during a match – we want everyone in our team to win.

 

 

Do you like this news?
Share it!
See latest news
  • Krzysztof Kuźbik in Portal Spożywczy on Maspex’s Latest Acquisition in Ukraine

    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

    1.07.2026 READ MORE
  • Avallon MBO and Inglot Join Forces to Accelerate the Global Expansion of a Leading Beauty Brand

    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.

    17.06.2026 READ MORE
  • 25 Years of Avallon MBO: Tomasz Stamirowski Discusses the Transformation of Polish Business in Forbes Poland

    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

    1.06.2026 READ MORE
  • 25 Years of Avallon MBO – A quarter-century of supporting entrepreneurship and over PLN 1 billion invested in the Polish economy

    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.

    21.04.2026 READ MORE
  • S’portofino Strengthens Its Premium Market Position with Urszula Radwańska as Brand Ambassador

    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/

    2.04.2026 READ MORE