Central and Eastern Europe-focused private equity firm Mid Europa Partners has acquired a majority stake in ski lift operator Kolej Gondolowa Jaworzyna Krynicka from Polish financial institutions PZU and PKO.
The transaction was completed through Polskie Koleje Gorskie (PKG) as a bolt-on to Polskie Koleje Linowe, a recently completed acquisition. It was established by the local communities to participate in the PKL privatisation process and is currently majority owned by Mid Europa.
The deal represents the first step of implementing the consolidation strategy of the mountain tourism market in Poland, according to Zbigniew Rekusz, partner at Mid Europa. He said, “We are pleased to have been able to complete this attractive investment shortly after the PKL acquisition. Combining PKL and Jaworzyna Krynicka under the PKG platform represents a key milestone in creating a market leader able to compete for tourists and skiers with mountain resorts in other countries.”
Mid Europa was said to be recently eyeing first close for its €1bn-targeting fourth fund.
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