Boston-based private equity firm Advent International has made a public bid for WSiP S.A. The bid, for Poland’s leading textbook publisher, offers PLN 16.35 per share which represents a 1.5% premium over the closing price for Nov. 5th. If accepted, the bid could amount to a total sale price of up to PLN 405 million. Advent has indicated it plans to de-list WSiP if it can obtain at least 80% of the formerly state-owned company. ING Securities is managing the offer and investors will have the opportunity to get in on the deal beginning in late November.
WSiP S.A. (www.wsip.pl)
Wydawnictwa Szkolne i Pedagogiczne S.A. is Poland’s leading textbook publisher, providing books, supplemental materials, and multimedia products for schools throughout the country with roughly 2,000 titles.
The company also provides parent and teacher resources including internet service, methodology materials, and child psychology materials.
Founded in 1945 as a state-owned enterprise, WSiP was privatized as a joint-stock company in 2004. WSiP is based in Warsaw and employs several hundred people.
Advent International (www.adventinternational.com)
Founded in 1984, Advent International is one of the world’s leading global buyout firms, with buyout offices operating in 23 countries. Since inception, The Company’s strategy is based primarily on buyout opportunities and turnarounds in a variety of sectors. Advent employs 280 people including 140 investment professionals.
Advent International has been investing across Central & Eastern Europe since 1994 and has local offices in Warsaw, Prague, Bucharest and Kiev. In April 2008, the firm announced the closing of its fourth fund for the region, ACEE IV, at € 1 billion.
November 10, 2009
Central & Eastern Europe, Investment, Poland