In a transaction expected to reach PLN 1.06bn, the Bridgepoint fund is set to acquire the local toy retailer Smyk through its vehicle Coortland Investments. The fund signed a preliminary agreement with Smyk’s owner Empik Media & Fashion, whose holdings also include E-Commerce Services, Kids International, Spiele Max Holding, Madras Enterprises, Mexvet Enterprises, Prolex Services and others. The transaction is expected to close at the end of May. The chain will be added to Bridgepoint Europe V, a €4bn middle market buyout fund. Przemysław Krych and Maciej Dyjas are participating in the deal through their shareholdings in Cornerstone Partners fund. (Krych is also the CEO of Griffin Real Estate while Dyjas is head of Empik Media & Fashion’s supervisory board).
Set up back in 1952 in Warsaw, Smyk’s network of stores now numbers 125 stores in Poland, Romania, Ukraine and Germany. Online sales are now responsible for 12 percent of total income, which is expected to reach PLN 1.4bn in company in 2015.
“With a new shareholder entering the group, who provides extensive experience in retail sales business, while supporting our ambitions, we gain the ability to focus on expanding our traditional formats further, as well as multichannel operations, while developing our franchise and wholesale model offshore,” said Smyk’s CEO Mark Rollmann.
