Category: Poland

  • CK Legal Advises Kruk on Euro-Denominated Retail Bond Offering

    CK Legal Chabasiewicz Kowalska has advised Kruk on its first EUR-denominated bond offering addressed to retail investors and, following high demand, on an additional issuance as well, for total proceeds of EUR 10 million.

    Kruk operates in the debt collection industry in Poland and Central Europe and has been listed on the WSE since 2011.

    According to CK Legal, “Kruk has successfully placed a bond issuance totaling EUR 5 million with a 71.15% subscription reduction. Due to high demand, Kruk S.A. has decided to issue additional series AO4EUR bonds with a total nominal value of EUR 5 million.” The bonds bear interest at a variable rate equal to three-month Euribor plus a fixed margin.

    The offering of series AO3EUR and A04EUR bonds was conducted under the prospectus for Kruk’s tenth bond program, approved by the Polish Financial Supervision Authority. Under the prospectus, Kruk may issue bonds with a total nominal value of up to PLN 700 million until July 2024.

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

  • SK&S Advises Nordkalk on Sale of Szczecin Harbor Limestone Milling Plant to Lafarge Kruszywa i Beton

    Soltysinski Kawecki & Szlezak has advised limestone product supplier Nordkalk on the sale of its Szczecin harbor limestone milling plant to Lafarge Kruszywa i Beton. Sole practitioner Tomasz Parus reportedly advised Lafarge.

    Nordkalk is a member of the SigmaRoc Group. Nordkalk supplies raw materials for a range of industries such as construction, road building, agriculture, metallurgy, power generation, glassmaking, and sugar. In Poland, it operates production facilities in Wolica, Slawno, and Miedzianka.

    Lafarge Kruszywa i Beton is a member of the Holcim Group. It provides building solutions and operates the Bielawy, Malogoszcz, Lubien, Dubie, Radkowice, Klikuszowa, Sepolno, and Bydgoszcz production facilities in Poland.

    The SK&S team included Managing Partner Robert Gawalkiewicz, Partners Piotr Andrzejak and Krzysztof Kanton, Senior Associates Michal Dawidowicz and Maciej Zelewski, and Associates Marcin Gutkowski and Bartlomiej Piazdecki.

    The Nordkalk in-house team was led by In-House Counsel Mariusz Krystyniecki.

    The Lafarge in-house team was led by General Counsel Andrzej Palilo.

  • Gide Advises Internet Ventures FIZ on Sale of Stake in Focus Telecom

    Gide has advised Internet Ventures FIZ on its sale of a stake in Focus Telecom to MCI.Euroventures in a transaction that saw the MCI fund acquire 80% of Focus Telecom for a total of PLN 80.1 million. Porebski and Partners reportedly advised the Focus Telecom founders. Dubinski Jelenski Masiarz and Partners reportedly advised MCI.

    Both Internet Ventures FIZ and MCI.Euroventures are MCI Capital group funds. MCI Capital is a private equity group in the CEE region, specializing in digital transformation processes.

    Focus Telecom is a Polish provider of cloud-based contact center solutions, customer experience, and business communication services.

    According to Gide, with this transaction “the MCI Fund acquired a total of 80% of the shares in Focus Telecom from Internet Ventures FIZ and the other shareholders, for a total of PLN 80.1 million. The remaining 20% of the shares were retained by the company’s founders.”

    The Gide team included Partner Pawel Grzeskowiak and Senior Associate Wojciech Czyzewski.

  • Norton Rose Fulbright Advises Eiffel Investment Group on Financing Grid Deposits for Sunly 6-Gigawatt PV Portfolio

    Norton Rose Fulbright has advised the Eiffel Investment Group on financing the grid deposits for a 6-gigawatt photovoltaic and battery storage portfolio sponsored by Sunly, in Poland.

    The Eiffel Investment Group is an independent asset manager with EUR 5.5 billion under management.

    Sunly is an independent energy producer that develops renewable energy projects in the Baltics and Poland.

    The Norton Rose team included Partner Tomasz Rogalski, Senior Associates Igor Kondratowicz and Cezary Zawislak, Associate Cezary Zientecki, and Lawyers Wiktoria Jadczak, Izabela Kregiel, Martyna Orlowska, Bartosz Odziemkowski, and Aleksandra Szostak.

  • Musical Chairs in Poland: A Buzz Interview with Pawel Halwa of Schoenherr

    Poland’s legal landscape is characterized by the increased mobility of lawyers and legal teams, while its markets are feeling optimistic following the results of the recent elections, according to Schoenherr Poland Managing Partner Pawel Halwa, and everyone is waiting for the new government’s investment and legislative priorities to come into focus.

    Over the last three to six months, there has been a notable surge in legal team mobility in Poland, according to Halwa, “presenting significant opportunities for both domestic and international firms looking to expand their presence in the country. This movement has been particularly robust, leading to substantial growth for many firms, including ours and our peers like Rymarz Zdort Maruta and Wolf Theiss.” Noteworthy changes also occurred, he notes, within the former Dentons team, “with departures and the establishment of new firms. The energy sector has been a focal point during this period, along with robust activity in M&A, banking, finance, and healthcare. Long-established M&A teams have also witnessed notable shifts, indicating a dynamic and evolving legal landscape.”

    Moving on, Halwa says the outcome of recent elections in Poland has already generated excitement in the market: “The Warsaw Stock Exchange responded enthusiastically, signaling positive expectations. The election results indicate access to new EU funds, particularly from the European Recovery and Resilience Facility funds. Infrastructure and innovation are poised to be primary beneficiaries, paving the way for increased investments and tech-driven M&A activities.” More broadly, he thinks “the legal market can anticipate heightened activity in infrastructure, energy, and healthcare, as these sectors are likely to gain prominence on the new government’s agenda.”

    “The government’s focus on transitioning from coal-based energy to more sustainable alternatives is expected to generate changes in energy policy and drive legal work,” Halwa also highlights. “In context, while specific legislative proposals are not yet on the table, it is evident that renewable energy will be a priority – the legal sector is already witnessing growth in RFPs, with companies strategically aligning for the long term in response to expected or anticipated policy changes.”

    When looking ahead to 2024, Halwa reports a “looming concern regarding a potential wall of debt, leading to anticipated restructurings and distressed transactions.” This trend is already visible in the real estate sector, he says, “and is expected to extend to other areas.” He points out that “specialized investors focused on special situations and distressed assets have been actively entering the Polish market over the past 12 months, positioning themselves for opportunities arising from debt refinancing difficulties.” As businesses seek to refinance their debt in 2024, “the markets foresee potential asset sales and restructuring opportunities,” Halwa concludes.

  • WKB Advises Volvo Polska on Acquisition of Serwisy Jozef Skrzypa Truck Service Business

    WKB Lawyers has advised Volvo Polska on its acquisition of the truck service business previously operated by Serwisy Jozef Skrzypa.

    According to WKB, “the transaction included the acquisition of several service points located in western Poland – with more than 100 employees. Volvo Polska is part of the Volvo Group – one of the world’s leading manufacturers of trucks, buses, construction machinery, and propulsion systems for motorboats and industrial equipment.”

    The WKB team included Partners Anna Kratiuk and Wioleta Polak, Counsel Wojciech Kulczyk, Attorneys at law Magdalena Purol, Sebastian Wozniak, and Marta Czarnecka, Lawyers Dorota Gajuk and Marta Palyga, and Associate Filip Rybak.

    WKB did not respond to our inquiry on the matter.

  • Greenberg Traurig, Gessel, and Clifford Chance Advise on Abris Capital Partners’ Sale of Velvet Care

    Greenberg Traurig has advised Abris Capital Partners on the sale of paper hygiene product manufacturer Velvet Care to the Partners Group. Gessel advised the Velvet Care management. Clifford Chance, working with Latham & Watkins, advised the Partners Group.

    The transaction remains contingent on regulatory approval.

    Abris Capital Partners is an ESG transformation specialist private equity investor focused on Central Europe.

    Velvet Care manufactures paper hygiene products including tissues, toilet paper, and kitchen paper towels, and is the owner of the Velvet brand in Poland. The company was established in 2013 but its origins date to 1897, including a period of 17 years under the ownership of International Paper and Kimberly Clark.

    The Greenberg Traurig team included Partner Rafal Baranowski, Local Partners Maciej Pietrzak and Filip Kijowski, Senior Associate Tomasz Denko, and Associate Michal Kuratowski.

    The Gessel team included Partner Maciej Kozuchowski, Managing Associates Krzysztof Jasinski, Barlomiej Wozniak, and Karolina Krzal-Kwiatkowska, Senior Associates Majka Rucinska and Katarzyna Olszak, and Associate Karolina Sobola.

    The Clifford Chance team included Warsaw-based Partner Wojciech Polz, Counsels Tomasz Szymura and Karol Kulhawik, Senior Associates Aleksandra Wlaszczuk, Tomasz Szekalski, Katarzyna Aleksandrowicz-Dziubak, Marta Michalek-Gervais, Lukasz Piergies, and Pawel Zawislak, Associates Michal Besciak, Krzysztof Regucki, Maria Janiak, Marcin Waszynski, Krzysztof Burda, Katarzyna Kuchta, Julia Piotrkowicz, and Maria Majchrzak, and Paralegal Dominik Kwiatkowski; Prague-based Associate Tomas Prochazka and Junior Lawyers Petr Rysina and Jiri Krejca; as well as additional team members from London, Luxembourg, and Duesseldorf.

    Editor’s Note: After this article was published, Gide announced that it advised Private Label Tissue and Italian Paper on the sale of their shares to Velvet Care. The firm’s team included Partner Pawel Grzeskowiak, Counsel Wojciech Czyzewski, and Associate Magdalena Zawislak.

  • DLA Piper Advises International Personal Finance on PLN 72 Million Note Issuance

    DLA Piper has advised International Personal Finance on the successful PLN 72 million issuance and settlement of senior unsecured floating-rate notes under the IPF’s EUR 1 billion medium-term note program.

    According to DLA Piper, “this strategic move by IPF diversifies its funding profile and unlocks new opportunities in the region. The notes have been admitted to listing and trading on the regulated market of the Irish Stock Exchange (trading as Euronext Dublin). In addition to clearing through Euroclear and Clearstream, the notes are also cleared through KDPW, the central securities depository of Poland.”

    The DLA Piper team included Partner Rafal Kluziak, Counsel Marek Kleczek, and Senior Associate Michal Baldowski alongside further team members in London.

  • SPCG Appoints Jakub Gorski, Slawomir Dudzik, and Piotr Kaminski as New Managing Partners

    Studnicki, Pleszka, Cwiakalski, Gorski has announced the appointment of Jakub Gorski, Slawomir Dudzik, and Piotr Kaminski as the firm’s new Managing Partners.

    Gorski specializes in real estate transactions, administrative law, and industrial property law. He has been with the firm since its inception.

    Dudzik, who specializes in competition law, state aid and structural funds, telecommunications law, and personal data protection law, is also a full Professor and Head of the Chair of European Law at the Jagiellonian University and is a member of the Auditing Committee of the Polish Competition Law Association.

    Kaminski is a specialist in civil law, corporate law, and civil procedure. He has been with the firm since 2004.

    “Together with [the other Name Partners], we started our legal advisory activities during the transformation period,” commented the outgoing Managing Partner, Krzysztof Pleszka. “It was a turbulent but fascinating time of systemic and economic change in Poland. After 35 years of managing the law firm’s work, it is with satisfaction that I hand over its management to its co-founder, [Jakub Gorski, as well as Slawomir Dudzik and Piotr] Kaminski.”

    “We see taking on the role of Managing Partners as a new opening and a challenge to support our clients’ harmonious development in a dynamically changing legal environment, not only in Poland,” the new management team stated. “Therefore, we would like to focus on expanding the range of advisory services and using new technologies to support the firm’s work.”

  • Allen & Overy Advises MBDA UK Limited on GBP 4 Billion Agreement with PGZ for NAREW Air Defense Program

    Allen & Overy has advised MBDA UK Limited on its GBP 4 billion agreement with Polska Grupa Zbrojeniowa to support PGZ’s delivery of the NAREW air defense program for the Polish Armed Forces.

    According to Allen & Overy, “MBDA will equip Poland with an enhanced ground-based air defense system capable of countering threats such as cruise missiles and fighter jets at ranges of over 40 kilometers, and provide technology transfer enabling complex defense equipment to be manufactured on Polish soil in years to come.”

    The Allen & Overy team was led by London-based Partner Nigel Parker and included Warsaw-based Senior Associates Maciej Szykut, Marcin Ziarkowski, and Artur Rutkowski, with further team members in the UK. 

    Allen & Overy could not disclose further information on the deal.