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Advent to sell Polish rail company Axtone to IK11/08/2008. Source: AltAssets. 
 Mid-market private equity firm Advent International has agreed to sell Kanczuga, Poland-headquartered rail freight buffer manufacturer Axtone to IK Investment Partners. The size of the deal was not disclosed but is believed to be around €100m, according to Dow Jones Financial News/Private Equity News.
Advent acquired Polish rail wagon buffer business Kamax and German rail wagon buffer manufacturer Keystone Bahntechnik in January 2006, and subsequently integrated the two companies to form Axtone.
The company employs 600 workers. Axtone anticipates turnover this year in excess of €70m, according to a statement.
Monika Morali-Efinowicz, head of Advent in Poland, said, 'Axtone demonstrates our ability to accelerate growth in CEE companies, particularly when that growth involves international expansion, access to new markets and technologies.'
Detlef Dinsel, managing partner responsible for Germany and the CEE region at IK, added, 'Our intention is to apply IK's successful buy-and-build strategy and to capitalise on growth opportunities as rail networks are expanded and modernised in many countries. This transaction represents IK's first direct investment in the growing CEE region and we are very excited about the prospects of being an active investor in such a dynamic region.'
Earlier this year, Advent closed its fourth CEE-focused fund, ACEE IV, on €1bn.
The deal marks the start of IK's plans to invest directly in Poland, the Czech Republic, Slovakia, Hungary and the Baltic States, according to the firm.
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