Chabasiewicz Kowalska & Partners has advised PragmaGO on the tender sale of 100% of its shares to Polish Enterprise Fund VIII, managed by Enterprise Investors. White & Case’s Warsaw office advised the buyer on the deal.
The subscription period for the tender offer will run from December 16, 2020, until January 29, 2021, and the maximum value of the offer is EUR 11.9 million.
According to Enterprise Investors, “once the tender offer is settled, [PEF VIII’s] intention is to delist PragmaGO so it can continue its development on the private market.” The company reported that it plans to increase the company’s share capital by EUR 13.4 million.
Enterprise Investors is a private equity company which manages nine funds, with total capital exceeding EUR 2.5 billion. The funds have invested EUR 2 billion in 145 companies and have exited 134 companies with total gross proceeds of EUR 4.1 billion.
PragmaGO is a provider of factoring and purchase financing services, as well as working and investment capital.
The Chabasiewicz Kowalska & Partners team included Partners Agata Kowalska and Wojcieh Chabasiewicz, Of Counsel Antoni Liskiewicz, and Legal Counsel Anita Gwozdz.
White & Case’s team consisted of Partner Marcin Studniarek, Local Partner Rafal Kaminski, and Associates Damian Lubocki, Karolina Kalucka, Dawid Ksiazek, and Michal Perdjon.