The THC fund has finalized the sale of 100% of Rockfin shares to the Czech investment company Jet Investment, the fund said.
The Czech investment company Jet Investment, a Czech investment company, for which this is one of the largest acquisitions in history, bought Rockfin through the Jet 2 fund, the company said in an announcement.
“We have invested in Rockfin to benefit from sales, engineering and manufacturing synergies as well as R&D. With the Jet 2 fund we want to build a strong industrial platform that will offer solutions for the transformation towards clean energy and decentralized generation. Together with our two companies, Rockfin will offer advanced energy solutions that will enable this structural change in the energy sector – they are actively working on the development of hydrogen equipment and infrastructure. This is a sector in which we would like to lead in Europe in the future,” said managing partner Jet Investment Igor Fait.
Since 2013, when the Polish private equity fund Tar Heel Capital invested in Rockfin, the company has significantly increased the scale of its operations, including by investing in the expansion of production halls from 5,300 to 11,000 m2 and the reconstruction of the portfolio towards more advanced systems and future markets such as renewable energy and hydrogen. At the end of 2021, the company had PLN 370 million in sales and PLN 43 million at the EBITDA level, it was also announced.
“Since the acquisition of the company by the fund, we have tripled its revenues and almost quadrupled the EBITDA value. We focused on research and development and developing an innovative, diversified product portfolio, increasing production capacity and investing in international expansion. This has made us a world leader in the systems market. key auxiliaries for the energy and production sectors. I would like to thank the management board and employees of Rockfin for their outstanding achievements and wish them further success with the new owner,” added Tar Heel Capital managing partner Andrzej Różycki.
Rockfin was established in 1991 and currently employs 700 people, including over 200 engineers. The company specializes in the design and production of auxiliary systems and the integration of critical machines used in conventional, distributed and renewable energy, in the production and processing of hydrogen, extraction, processing and transport of hydrocarbons and industry.
Rockfin was in the portfolio of the THC 2 fund, which invested over EUR 50 million, and with debt financing of around EUR 100 million in 9 companies. The network of TOMMA diagnostic laboratories was sold to PZU Zdrowie in 2019, and the Dobrowolski company, a manufacturer of special vehicles, was sold in 2021 to an industry investor – the R&G holding from Germany. The THC 2 portfolio also includes: Transsystem, Mera Systemy, ELPLC, Flavourtec, Aludesign and TMR.
In 2019, the THC 3 fund was launched, which in the next few years will allocate over EUR 100 million of its own funds for acquisitions and development of Polish enterprises – currently the portfolio includes Suret, Cad / Cam Solution, Radpol and the Dentity dental group. The companies from the THC portfolio employ over 2,000 people in Poland and achieve a total turnover of PLN 2.5 billion, it was also reported.
Source: Jet Investment and ISBnews
