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Vienna Capital Partners has been in business since 1998. In its short history, its role as an independent corporate finance adviser and private equity investor has gone from strength to strength.
From its origins in Vienna, the firm was encouraged to expand when it saw promising opportunities in converging Europe. In 2006, the firm officially opened its Warsaw office, headed by Piotr Samojlik, one of VCP’s senior partners. Although VCP has two permanent offices, it also has a presence in the Baltic states, Hungary and the Czech Republic among other CEE countries. Known for its locally driven M&A deals, VCP has become a prominent regional name.
VCP had its greatest successes in Poland since 2010, with a number of landmark M&A transactions that highlight the firm’s success. In February 2010, it advised Advent International on the acquisition of WSiP, the largest educational publisher in Poland; in August 2010, it advised shareholders of consumer company Agros Nova on the sale of 99.5% of the company to IK Investment Partners; in May 2011, it advised Mid Europa Partners, a leading independent private equity investment firm, on its acquisition of Zabka Polska, the largest convenience store chain in Poland.
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Even when we faced competition from the big, multinational banks, we were the firm that won the deals
Piotr Samojlik, VCP |
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In 2010, VCP came second in the Mergermarket league tables for M&A transaction value, having completed €443 million throughout the year. According to the Thomson Reuters M&A League Table for Poland, VCP completed the second-largest number of successful transactions in 2010. “Even when we faced competition from the big, multinational banks, we were the firm that won the deals,” says Samojlik. VCP’s formula for success is staying local. “First, large global players generally have a much smaller presence in the region compared with us,” says Samojlik. “Investment banks based in the UK and in the US will generally be called in to a place like Poland to complete a deal if they already have an existing relationship with the client. But they are not able to originate transactions because they do not have a base in the region. We do.”
VCP’s staff in Warsaw includes 10 professionals dedicated to M&A activity in the region. As a result, deals can be brought to the table and closed quickly. A permanent local presence is supported by extensive understanding of the region and business in which they work.
“The key to our success in Poland is not only to have a solid European network and an experienced team, but also that we have a team that is able to speak and think Polish,” explains Heinrich Pecina, founder and senior partner of Vienna Capital Partners.
Samojlik adds: “All of the members of the Warsaw office have had previous exposure to larger institutions. As a group, in Vienna and in Warsaw, we have no shortage of expertise. Our clients know about our history and trust our judgement.”
For VCP, staying local distinguishes the firm from competitors and acts to its advantage. Combined with years of experience, VCP has created a formula for success.
But the region is not without its problems. As is the case globally, market uncertainty has affected business in Poland. Larger deals, which need external debt financing, have been more difficult to complete. “Even when VCP can extract the funding,” explains Samojlik, “putting together all the pieces of a transaction is taking a lot longer.”
But VCP is sure it is in the right market. “The Polish M&A and private equity market is outstanding relative to its CEE peers,” says Pecina. “This is not only due to the size of the local market, but also to the fact that Poland has undergone steady and very deliberate reforms since democracy returned 20 years ago and now is to be considered the CEE Tiger country.”
For VCP Poland was the logical choice to complete successful business. It is now a prominent regional company. “We are a well-recognized company in Poland,” says Samojlik. “When M&A is brought up in Poland, VCP is what comes to people’s minds.”
