The Kaczmarek Family and Innova Capital join forces to acquire Pfleiderer Poland

Bogdan and Elżbieta Kaczmarek together with Innova Capital, through an investment vehicle Breticontic Investments, have agreed to acquire 100% of Pfleiderer Polska in a corporate carve-out transaction from Pfleiderer Group owned by funds managed by affiliates of Strategic Value Partners. The transaction is expected to close in the first half of 2024, subject to the receipt of the required regulatory approvals as well as other customary closing conditions.

Pfleiderer Polska produces premium and high-quality wood-based panels, with customer-focused service and a consistent sustainability orientation. The business has three production facilities, including Pfleiderer Grajewo, Pfleiderer MDF Grajewo, and Pfleiderer Wieruszów. Pfleiderer Group is 100% owned by funds managed by Strategic Value Partners, a global investment firm.

Miguel Kohlmann, Chairman of Pfleiderer Group, said: “After a long history as part of the Group, today’s announcement formally separates Pfleiderer’s German and Polish panels activities. We see the investment from the Kaczmarek Family and Innova Capital as a strong vote of confidence in Pfleiderer Polska’s strategy and business model, the recognition of its client relationships, and the quality of the management team and broader employee base. This divestment will not affect the remaining activities of the Group, which include Pfleiderer Deutschland and Silekol in Poland.”

John Brantl, Co-Head of Strategic Value Partners’ European Investment Team said: “We are pleased with the value creation at Pfleiderer Polska, which has been driven by the company’s strong and dedicated leadership and front-line staff. We thank the Pfleiderer Polska team for their excellent work and we look forward to seeing the business continue to grow under new ownership.”

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Bogdan and Elżbieta Kaczmarek, who team up with Innova Capital in this transaction, are private investors and owners of Central European manufacturers of quality furniture and mattresses.

“Competition is humanity’s greatest drive. Our goal is to further enhance Pfleiderer Polska’s development within the Polish market of wood-based panels, which is central to Europe’s furniture industry. As new shareholders in the Company, we intend to invest in state-of-the-art technologies and to widen production capabilities. Our focus will be on improving efficiency and implementing green transformation projects,” commented Bogdan Kaczmarek.

The deal is a fourth transaction executed under Innova Capital’s newest Innova/7 fund which has raised over €350m in the last 12 months.

Andrzej Bartos, Senior Partner at Innova Capital, highlighted, “This transaction gives us strategic exposure to Poland’s furniture sector. The industry is a true locomotive for Polish exports and is expected to continue its dynamic growth in the medium to long term. Pfleiderer Polska is a dynamic player in the sector, with a great leadership and remarkable growth potential. We are particularly pleased to be partnering with Bogdan and Elżbieta Kaczmarek, recognized entrepreneurs with a huge expertise in the furniture industry”.

Complimentary capabilities of the consortium members will enable the new investors in Pfleiderer Polska to benefit from its recognition in the local market and further growth opportunities, including those related to green transformation. The Company is already a frontrunner in the usage of post-consumer-recycled wood and intends to further develop this sourcing strategy.

Strategic Value Partners and Pfleiderer Group were advised by Rothschild & Co for financial matters while Kirkland & Ellis acted as legal advisor. Greenberg Traurig acted as legal advisor for Bogdan and Elżbieta Kaczmarek and Innova Capital.