Transcript
Preparing & Executing the Perfect Exit
MODERATOR:
Michal KarwackiPartnerSquire Patton Boggs
10:30-11:30
PARTICIPANTS Preparing & Executing the Perfect Exit
Witold RadwanskiManaging PartnerKrokus Private Equity
Sylwester JanikSenior PartnerMCI Capital
Bill WatsonManaging PartnerValue 4 Capital
Malgorzata Bobrowska-JarzabekCo-Founder & PartnerResource Partners
Tomasz StamirowskiManaging PartnerAvallon
MODERATOR:Michal KarwackiPartnerSquire Patton Boggs
Resource Partners Exit - Good Food (rice waffles producer)
Transformation Transformation of Company from local player to top 3 European producer
Return on investment
3.0x
Company almost doubled income since Fund’s investmentIncome
PARTICIPANTS Preparing & Executing the Perfect Exit
Witold RadwanskiManaging PartnerKrokus Private Equity
Sylwester JanikSenior PartnerMCI Capital
Bill WatsonManaging PartnerValue 4 Capital
Malgorzata Bobrowska-JarzabekCo-Founder & PartnerResource Partners
Tomasz StamirowskiManaging PartnerAvallon
MODERATOR:Michal KarwackiPartnerSquire Patton Boggs
MCI Exit - Invia/Travelplanet (No. 1 e-travel agent in CEE)
Return on investment
Benchmark
Exit value EUR 76M
Enterprise value = EBITDA 11.7x vs benchmark EBTIDA 10.3x
11x (on primary investment) and 3.5x (on secondary investment)
PARTICIPANTS Preparing & Executing the Perfect Exit
Witold RadwanskiManaging PartnerKrokus Private Equity
Sylwester JanikSenior PartnerMCI Capital
Bill WatsonManaging PartnerValue 4 Capital
Malgorzata Bobrowska-JarzabekCo-Founder & PartnerResource Partners
Tomasz StamirowskiManaging PartnerAvallon
MODERATOR:Michal KarwackiPartnerSquire Patton Boggs
Avallon Exit - Organic Farma Zdrowia (healthy food stores)
Return on investment
Transformation
Growth
Company almost tripled revenues since Fund’s investment
2.0x
Sale at early growth stage forced by Fund cycle
PARTICIPANTS Preparing & Executing the Perfect Exit
Witold RadwanskiManaging PartnerKrokus Private Equity
Sylwester JanikSenior PartnerMCI Capital
Bill WatsonManaging PartnerValue 4 Capital
Malgorzata Bobrowska-JarzabekCo-Founder & PartnerResource Partners
Tomasz StamirowskiManaging PartnerAvallon
MODERATOR:Michal KarwackiPartnerSquire Patton Boggs
Krokus PE Exit – Polwax (industrial paraffins producer)
Return on investment
IRR
Exit route The Polish Stock Exchange continues to be a viable alternative exit route
45%
3.5x
PARTICIPANTS Preparing & Executing the Perfect Exit
Witold RadwanskiManaging PartnerKrokus Private Equity
Sylwester JanikSenior PartnerMCI Capital
Bill WatsonManaging PartnerValue 4 Capital
Malgorzata Bobrowska-JarzabekCo-Founder & PartnerResource Partners
Tomasz StamirowskiManaging PartnerAvallon
MODERATOR:Michal KarwackiPartnerSquire Patton Boggs
V4C Exit – Home.pl (web hosting provider)
Exit value
Benchmark
Return on investment
Enterprise value = EBITDA 17.3x vs benchmark EBTIDA 11.5x
EUR 155M
3.4x
PARTICIPANTS Preparing & Executing the Perfect Exit
Witold RadwanskiManaging PartnerKrokus Private Equity
Sylwester JanikSenior PartnerMCI Capital
Bill WatsonManaging PartnerValue 4 Capital
Malgorzata Bobrowska-JarzabekCo-Founder & PartnerResource Partners
Tomasz StamirowskiManaging PartnerAvallon
MODERATOR:Michal KarwackiPartnerSquire Patton Boggs
PE exits – key success factors
Timing
Preparatory
Alternatives
Advisors
PARTICIPANTS Preparing & Executing the Perfect Exit
Witold RadwanskiManaging PartnerKrokus Private Equity
Sylwester JanikSenior PartnerMCI Capital
Bill WatsonManaging PartnerValue 4 Capital
Malgorzata Bobrowska-JarzabekCo-Founder & PartnerResource Partners
Tomasz StamirowskiManaging PartnerAvallon
MODERATOR:Michal KarwackiPartnerSquire Patton Boggs
PE exits – key risk factors
Regulatory
Macroeconomic
Management Board attitiude
Timing
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