Category: Poland

DLA Piper has advised bValue Growth on its investment in Polish sports e-commerce brand Sportano.

Sportano is an online sports retailer where customers can buy equipment, clothing, footwear, and accessories from over 800 brands. The business is present in 12 European markets and has more than 1 million active customers.

The bVALUE Growth fund invests in companies from Central and Eastern Europe.

According to DLA Piper, the funds will be “utilized to support the dynamic development of the brand, and allow Sportano to exceed the PLN 300 million that it recorded in revenue this year.”

The DLA Piper team included Partner Jakub Domalik-Plakwicz, Counsel Anna Chrabota-Bajson, and Junior Associates Zofia Waszczykowska and Michal Bandurski.

DLA Piper did not disclose additional information on the deal.

Former LSW Partner Aleksandra Polak has joined Billtrust as a Director and Assistant General Counsel.

Before the move, Polak spent a year with LSW, which she joined in July 2023 (as reported by CEE Legal Matters on July 10, 2023). Earlier, she spent four years with B2RLaw as a Partner, from 2019 to 2023. Before that, she spent two and a half years as a Senior Associate with the former Maruta Wachta, between 2016 and 2019, and another two and a half with Kochanski Zieba & Partners, also as a Senior Associate, between 2014 and 2016. Polak started her career as an Attorney at Law with Greenberg Traurig in 2012, where she spent almost two years.

“I’m thrilled to be joining Billtrust at such an exciting and pivotal time for finance teams beginning to embrace generative AI to reduce friction in accounts receivable,” commented Polak. “Billtrust is an exciting company, and I look forward to partnering with our leadership team to enhance their ability to optimize B2B payments and digitize accounts receivable for their global customers. The legal and compliance team I’ve joined focuses on client contracts, transactions, and regulatory aspects related to AI, data protection, and cybersecurity. We strive to help the company achieve its business objectives. What is especially exciting for me is that our team includes legal and compliance professionals from the US, the Netherlands, and Poland. We work on international projects across many jurisdictions, enhancing innovative technologies.”

Originally reported by CEE In-House Matters.

DLA Piper has advised PGE Polska Grupa Energetyczna S.A. on a PLN 1 billion loan from the European Investment Bank.

The loan was announced on July 29, 2024, and, according to the EIB, represents its sixth contract with the group, which currently benefits from credit lines at the bank topping EUR 1.3 billion. The contract covers the construction of 43 electrical substations, which convert electrical energy from alternating current to direct current needed to power trains in Poland, as well as the modernization of 24 substations. In addition, it includes the construction of high-voltage and medium-voltage power lines, as well as accompanying infrastructure for efficient power supply to the domestic rail network.

“We are a proven partner for large infrastructure investments in Poland,” commented EIB Vice-President Teresa Czerwimska. “The modernization of railway lines enhances the quality of life for residents and is beneficial for business. It is also conducive to sustainable development, which is a key priority for the European Union.”

“Both the specific nature of electricity supply to the railway sector and the growing demands of rail carriers require us to take very specific actions that will guarantee the adequate capacity and efficiency of railway power systems,” said PGE Group Management Board Vice-President Przemyslaw Jastrzebski. “Cooperation with the EIB gives us the tools we need to carry out those tasks. Thanks to the obtained funds, we will be able to invest in modern power infrastructure and develop innovative renewable energy projects – such as recuperating and storing energy from breaking trains – that accelerate the transformation of the Polish power system.”

According to the EIB, the project is in line with the EU’s goal of promoting sustainable transport. Better rail connections will accelerate regional convergence, ease road traffic congestion, and reduce energy consumption, air pollution, and noise in Poland.

The DLA Piper team was led by Counsel Aleksander Haleniuk and included Partner Mariusz Hyla and Junior Associate Szymon Piotrowski.

Wiercinski, Kwiecinski, Baehr has advised Modus Asset Management, acting through its managed Clean Energy Infrastructure Fund, on the construction of a 9.7-megawatt photovoltaic farm in  Serniki, Poland, including an EPC contract and contracts for the supply of modules and inverters.

Modus Asset Management is a licensed and regulated asset manager with a focus on the renewable energy sector

The WKB team included Partner Marta Midloch and Managing Associate Aneta Citko.

WKB did not respond to our inquiry on the matter.

A&O Shearman has advised NORD/LB on its EUR 109 million financing for two GoldenPeaks Capital solar farm portfolios. Dentons reportedly advised GoldenPeaks.

GoldenPeaks Capital is an independent producer of green energy in Europe. According to A&O Shearman, “the two portfolios consist of over 100 solar farms with a combined capacity of 177 megawatts. The carbon-free electricity generated by the two portfolios will fulfill the energy needs of more than 12,000 households.”

The A&O Shearman team included Partner Tomasz Kawczynski, Counsel Kamil Jankielewicz, Senior Associates Antoni Roszkowski and Jana Marsalkova, and Associates Taddeo Ferraro, Aleksander Smakosz, Karolina Piorkowska, and Jan Vaclav Nedvidek.

Editor’s Note: After this article was published, Clyde & Co announced that it also advised GoldenPeaks Capital. The firm’s team included Partner Agnieszka Kulinska, Counsels Lena Boczkaja, Mikolaj Kepas, Maciej Dymnicki, and Zbigniew Stasiak, Senior Associate Jacek Korcz, and Associates Witold Szpek, Marcin Ratajczak, Maciej Pienkowski, and Franciszek Jedras.

CK Legal Chabasiewicz Kowalska has advised PragmaGO on the issue of series C5 bonds with a total nominal value of PLN 35 million with a 64,1% subscription reduction.

PragmaGO is one of the largest non-bank financial institutions in Poland specializing in providing online financing in the form of factoring and loans in the SME segment.

Earlier in 2024, CK Legal advised PragmaGO on its PLN 30 million series C4 bonds issue (as reported by CEE Legal Matters on July 10, 2024), on an EUR 3.5 million bonds issuance (as reported by CEE Legal Matters on May 28, 2024), on its PLN 25 million C3 bonds issuance (reported by CEE Legal Matters on April 2, 2024), on its PLN 25 million issuance of series C2 bonds (reported by CEE Legal Matters on February 1, 2024), and on its acquisition of single invoice financing market company Monevia (reported by CEE Legal Matters on February 13, 2024).

The CK Legal team included Partner Wojciech Chabasiewicz and Head of Capital Markets Anita Gwozdz.

Clifford Chance has advised Boguslaw Kowalski and Abris Capital Partners on the sale of Koral to Captain Fresh. Herbert Smith Feehills, DSK Legal, and Schjodt reportedly advised Captain Fresh.

Abris Capital Partners is an independent private equity fund manager investing in Central Europe.

Koral is a manufacturer and distributor of smoked salmon products.

Captain Fresh is an India-based seafood company.

The Clifford Chance team included Partner Wojciech Polz, Of Counsel Nick Fletcher, Counsels Karol Kulhawik, Bartosz Kaniasty, and Jaroslaw Lorenc, Senior Associates Michal Besciak, Zuzanna Potoczna, and Marta Michalek-Gervais, and Associates Maria Janiak, Marcin Waszynski, and Julia Galera.

Editor’s Note: After this article was published, DZP informed CEE Legal Matters that it advised Captain Fresh as well. The firm’s team included Partners Bartosz Marcinkowski, Joanna Wierzejska, Jaroslaw Lukawski, Agata Mierzwa, and Daniel Chojnacki, Counsel Anna Okla-Wozniak, Associates Grzegorz Policht, Jan Siesicki, Julia Lysik, Zuzanna Gaczynska, Klaudia Skubiszak, Michal Nita, and Martyna Gruszka.

Crido, working with Pirola Pennuto Zei & Associati and Portolano Cavallo, has advised OstroVit on its acquisition of EthicSport Italia.

OstroVit is a manufacturer of dietary supplements and products.

EthicSport Italia is an Italian company operating in the sports nutrition market under the Ethicsport brand. 

The Crido team included Partner Przemyslaw Furmaga, Managing Associate Andrzej Dunikowski, Senior Associate Filip Sobocinski, and Associate Julia Dziubinska.

Crido did not respond to our inquiry on the matter.

CK Legal Chabasiewicz Kowalska has advised Digital First AI on its USD 3.8 million investment round led by 4growth VC. Pillsbury Winthrop Shaw Pittman reportedly advised Digital First AI as well. LSW Bienkowski, Laskowski, Lesnodorski, Melzacki and Partners reportedly advised one of the investors.

The investment round also included Plug&Play, Sher Ventures, Hub71, as well as individual investors and business angels.

According to CK Legal, “the funding will be used to advance autonomous marketing tools powered by artificial intelligence and to implement the company’s offerings for large firms and corporations.”

The CK Legal team included Founding Partner Agata Kowalska and Managing Partners Magdalena Golonka and Antoni Liskiewicz.

Editor’s Note: After this article was published, LSW Bienkowski, Laskowski, Lesnodorski, Melzacki and Partners confirmed it advised 4growth VC. The firm’s team included Managing Partner Krzysztof Laskowski, Counsel Magdalena Frackowiak, and Senior Associate Agata Kozuch.

Additionally, KWKR informed CEE Legal Matters that it advised NCBR Investment Fund on its participation in the round. The firm’s team included Partner Paulina Opielka and Associates Jaroslaw Stras, Pawel Machowski, Dominik Korybalski, and Radoslaw Urban.

Jasinski has successfully represented Nauta Shiprepair Yard before the National Appeals Chamber in a case concerning an appeal against the outcome of a tender for the modernization of a submarine.

Earlier in 2024, Jasinski advised Nauta Shiprepair Yard on its acquisition of Gdynia Dry Dock from the Industrial Development Agency (as reported by CEE Legal Matters on January 29, 2024).

The Jasinski team included Lawyers Marcin Deczkowski and Karolina Sikora.