When acquiring a controlling stake in a company we cooperate closely with its management team. As a result the team, and therefore the company’s shareholders, help shape strategy and operational plans. What matters most in this type of transaction is management’s commitment to meeting both the immediate and the long-term strategic goals.
Enterprise Investors has conducted management buyouts in Skarbiec and Danwood, among others.
Skarbiec Holding is one of the oldest asset management companies in Poland. The company has secured a significant part of Poland’s highly competitive investment funds market. In 2007 PEF V bought 100% of the shares of Skarbiec, completing the first takeover of an asset management company by a private equity fund in Central and Eastern Europe.
Soon after the transaction we sold a 7% stake in Skarbiec to a group of 12 key managers, for whom we set up a management options scheme. The managers of Skarbiec invested alongside us to purchase shares in their company, thus demonstrating their confidence in its continuing growth. For us as investors, this is an additional investment incentive. Our decision to invest in Skarbiec was based on several factors. The experience and competence of the management team were fundamental, as was the favorable macroeconomic outlook that facilitated the rapid growth of mutual funds. These, together with our financial sector expertise, helped raise the value of Skarbiec.
The company’s strong track record and its engaged management team caught the attention of public investors, and in 2014 Skarbiec Holding completed an IPO on the Warsaw Stock Exchange. This was the 30th listing of a company from EI’s portfolio and the firm’s 29th on the WSE.