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Penta increases stake in EM&F

Aneta Cichla 08 March 2016
Penta increases stake in EM&F
Thomas von Werner, the investment director of Penta Investments
POLAND Slovakian companies Penta Investments and Krockella Limited have purchased entities that together hold 37.2 pct of the shares in the Empik Media & Fashion (EM&F) group and had belonged to subsidiaries of Eastbridge.

The companies now hold a 75.4 pct stake in EM&F. “By increasing our involvement in EM&F in cooperation with Krockella Limited, we are demonstrating our readiness for the further development of the group, in particular Empik and Empik.com,” declared Thomas von Werner, the investment director of Penta Investments. Penta now holds an almost 50 pct stake in EM&F via its subsidiaries, which represents just under 50 pct of the total number of votes at the company’s general. Krockella Limited controls 25.4 pct of the shares of EM&F through its subsidiaries and has the corresponding number of votes at the company’s general meeting. The companies have now announced a call for the purchase of the remaining 24.6 pct of EM&F’s shares (and the same share in the total number of votes). They have also established that Krockella (a subsidiary of Krockella Limited) will be the only entity purchasing the shares, priced at PLN 3.49 per share. Penta started the investment process in EM&F in 2012. Since that time it has implemented a number of restructuring changes, such as: the restructuring of the group’s debt of PLN 1.34 bln and the provision of further financing; changes to the corporate governance to streamline the company’s operations; updating the company’s strategy; the implementation of a plan for the full development potential of key companies in the portfolio; and the successful divestment of Grupa Smyk. “After the restructuring of the debt, the development of the portfolio companies and the sale of non-key assets and the Smyk group, the situation for the EM&F group has stabilised and the group is now planning to deleverage its debt, which constitutes a healthy basis for the further growth of Empik,” Thomas von Werner added.

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