Highlander Partners backs bolt-on for Polish packaging compamny Akomex


US private equity firm Highlander Partners has backed its portfolio company Akomex’s bolt-on acquisition of cardboard packaging company Druk-Pak from local investment firm Penton Partners.

The takeover of Druk-Pak shares by Highlander Partners depends on the approval of the Polish Antimonopoly Office (UOKiK).

The potential acquisition will result in creating one of the largest consumer packaging companies in Poland with an even larger potential to effectively compete in the EU market, Highlander said.

Founded in 1993 Akomex supplies corrugated and solid fiberboard packaging products to the food industry. Druk-Pak is one of the largest manufacturers of cardboard packaging in Poland and has been listed on NewConnect, the alternative market of the Warsaw Stock Exchange, since 2010

The investment will also be used to finance the construction of a new manufacturing facility, as well as adding machinery for the two existing plants of Druk-Pak and Akomex. Total revenues of both companies in 2013 are expected to exceed PLN130m (€31m).

“Our intention is to strengthen the capital base and utilize the potential of our combined businesses to grow in Europe while maintaining our customized service philosophy,” said Artur Łakomiec, operating partner at Highlander Partners. “We are pleased with the development of Akomex, the value of which we and the minority shareholder have been successfully building for more than three years. But new market challenges lie ahead requiring new investment and a strong industry partner. Highlander Partners will continue to look for additional strategic acquisitions,” Artur Łakomiec added.

Dallas-based Highlander Partners opened its Central European office in September 2008> Previous investments in Poland include healthcare company MEDI-Systems, financial services company ProService and energy company ZREW Transformatory.

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