Abris Capital and IDM Team Up to Acquire WestLB Polska

WestLB, the German financial institution owned in a partnership between North Rhine-Westphalia and a group of local banks, has agreed to sell its Polish operations as part of a restructuring effort needed to secure EU financial assistance. Purchasing WestLB Bank Polska will be IDM Brokerage House and Abris Capital Partners via PL Holding Sarl (PHS). The sale price, which is tied to the bank’s net book value, is expected to be around PLN 250 million.

PHS will gain a majority share at 55% with IDM acquiring the remaining 45%. The deal must be approved by government authorities and is expected to close by the fall of this year.

WestLB Bank Polska (www.westlb.pl)
WestLB Bank Polska S.A. is an investment banking institution which bills itself as deliberately focusing on the business profile in Poland. The bank offers both commercial and public-sector clients a variety of lending products as well asset management, payment processing, treasury, and foreign finance services.

With 46 employees at its Warsaw office, WestLB Bank Polska reported assets of PLN 1.6 billion at the close of 2009.

Abris Capital (www.abris-capital.com)
As one of the leading private equity firms in Poland, Abris Capital Partners seeks out opportunities in Central and Eastern Europe for growth capital investments and mid-market buyouts. The firm prefers companies with an enterprise value between €15 million and €45 million. Sectors of interest vary for the firm but it considers alternative energy, construction, financial services, manufacturing, media, and telecom among its areas of expertise.

Abris is backed by a variety of institutional investors, pension plans, insurance companies, and endowments. The firm is based in Warsaw with additional offices in Kiev and Bucharest.