Polish Enterprise Fund and Polish Enterprise Fund IV, private equity funds managed by Enterprise Investors, have fully exited their 46% stake in Opoczno, Poland’s leading manufacturer of ceramic tiles.
Opoczno was acquired by the Polish ceramic sanitary ware producer Cersanit through a public tender.
Opoczno SA (www.opoczno.com)
Opoczno is the one of the leading manufacturers of ceramic tiles in Poland with 25% of the domestic market, and the seventh largest tile manufacturer in Europe. Established 125 years ago, the company was privatized in 2001 by a consortium including funds managed by Enterprise Investors.
EI initiated the restructuring of Opoczno in 2004, enabling the tile producer to expand its production capacity. Opoczno now has three manufacturing plants in Poland and one in Lithuania, with total production capacity of 31 million square meters.
The company has been publicly traded on the Warsaw Stock Exchange since 2005.
Enterprise Investors (www.ei.com.pl)
Enterprise Investors is one of the oldest and largest private equity firms in Central and Eastern Europe. Active since 1990, the company manages funds with capital exceeding € 1.6 billion. These funds have invested € 833 million in 102 companies in Poland and other Central and Eastern European countries, and exited 87 investments with total proceeds of over € 1.2 billion.
The sale of Opoczno yielded a 2.4x investment multiple and gross proceeds of USD 87 million.