Innova Capital

Innova Capital Sp. z o.o., founded in 1994 and headquartered in Warsaw, Poland, is a private equity firm that focuses on mid-market investments across Central Europe. The firm specializes in growth capital, buyouts, and corporate spin-offs, primarily targeting mature companies with enterprise values between €50 million and €125 million. Innova Capital seeks investments in various sectors, including financial services, business services, technology, manufacturing, consumer products, healthcare, and telecommunications. It typically invests between €5 million and €75 million and aims for both majority and minority stakes in its portfolio companies. The firm prefers to invest over a three to five-year horizon, with exit strategies including sales to strategic investors or public offerings. With a strong regional focus, Innova Capital has invested nearly €500 million in 40 companies across Central and Eastern Europe, emphasizing markets such as Poland, Slovakia, Hungary, and Romania.

Andrzej Bartos

Senior Partner

Lukasz Cyran

Managing Director

Tobiasz Jankowski

Managing Director

Michal Kurczych

Analyst

Magdalena Lewinska

Analyst

Katarzyna Marchlewska-Sieczek

Managing Director

Leszek Muzyczyszyn

Senior Partner

Magdalena Pasecka

Partner, CFO

Andrzej Pietrzak

Partner

Amanda Pinheiro

Partner

Piotr Raczkowiak

Associate

Marcin Suchan

Associate

Piotr Swierczek

Director

Paweł Wojas

Director

Michal Wojdyla

Partner

Michal Wojdyla

Partner

Anna Zientkiewicz-Pakulska

Director

49 past transactions

LabelProfi

Acquisition in 2021
LabelProfi is offering flexible label and packaging solutions.LabelProfi provides high-quality printing services, with very short turnaround times and can produce very small volumes, which are often not cost-effective in conventional printing technologies, Innova said. The share of exports in 2020 was more than 30%, as the majority went to German-speaking countries.

Bielenda

Private Equity Round in 2020
Bielenda is a family business and was founded by the great knowledge and passion of founder Barbara Bielenda, who graduate from the Faculty of Chemistry at the University of Gdansk. Bielenda pioneered in Poland the field of producing all-natural cosmetics with natural ingredients extracted from plants. Bielenda was the first company in Poland that has used a GINKGO BILOBA extract for the production of cosmetics. Ms. Barbara discovered it in her travel researches as the perfect plant with unusual properties.

PayPoint Romania

Acquisition in 2020
PayPoint is a Romania-based market consumer payments operator that allows clients access to even safer, quicker and easier payments. Their mission is to lead the market in the provision of products to consumer service companies and retailers, through innovative solutions and first-class service. Over the last 5 years, PayPoint Romania established itself as an undisputed leader of the OTC bill payment market in Romania. It was founded in 2008 and is based in Bucharest, Bucharest.

STX Next

Private Equity Round in 2020
STX Next sp. z o.o. specializes in designing and developing digital solutions using the Python programming language. Founded in 2002 and headquartered in Poznan, Poland, the company provides a wide array of services, including Python and JavaScript development, mobile application development with React Native, machine learning, data engineering, DevOps, product design, software testing, and quality assurance. STX Next has successfully completed over 200 projects for prominent brands across the USA, Europe, and the Middle East, establishing a strong reputation in the field of Python Django software development. The firm caters to international corporations, small and medium enterprises, and startups, assisting them with complex projects and tight deadlines. In addition to its main office in Poznan, STX Next operates additional offices in Wroclaw, Pila, Gdansk, Lódz, Poland, and The Hague, Netherlands.

HATCHER+

Seed Round in 2019
Hatcher+ is a next-generation, data-driven venture firm that uses AI/ML-based technologies to identify early-stage opportunities in partnership with leading accelerators and investors, worldwide.

Optiplaza

Acquisition in 2019
Optiplaza S.R.L. retails optical products. The company retails optical frames, sunglasses, and contact lenses. It offers its products through stores and online website. Optiplaza S.R.L. was incorporated in 2003 and is based in Brasov, Romania.

OPTIblu

Acquisition in 2019
OPTIblu is one of the main retailers of media coverage in Romania. An extension of the Sensiblu brand - the pharmacy chain, then developing into a network of stores with its own marketing strategy, adapted to the demands of a different, increasingly complex market. At OPTIblu, we look at the purchase of a pair of glasses both from the aesthetic perspective and from the medical perspective, offering a pleasant experience and the memorability of each client.

CS Group

Acquisition in 2019
Cs group provides analyze, advise, design and implement integrated online campaigns, helping Polish companies reach the largest group of customers.CS Group Polska SA, is the owner of the pkt.pl brand, the ClearSense Interactive Agency and the E-Marketing Academy, supports small and medium-sized enterprises by offering integrated services and marketing activities conducted in search engines, using all available channels and observing industry rules.

CheMeS

Acquisition in 2019
CheMeS is a modern printing company specialised in the production of self-adhesive labels, shrink sleeves and laminate tubes that has been operating for 25 years. The work and the passion have made this modest family investment transform into a powerful enterprise that achieves significant successes. CheMeS is a continuously developing company, investing in people and technologies whilst introducing new solutions. The only thing that remains intact is passion and a true working ethos so immanent in the Wielkopolska region.

OSHEE

Private Equity Round in 2018
OSHEE Polska SP. z o.o., established in 2008 and headquartered in Krakow, Poland, specializes in the production of isotonic and functional beverages. The company offers a diverse range of products, including isotonic drinks, functional waters, and dietary beverages, alongside vitamin products and food items such as bars, cereal biscuits, and candies. OSHEE has positioned itself as a key player in the Polish market for energy and functional drinks, catering to the growing demand for health-oriented beverage options.

OCRK

Acquisition in 2017
OCRK Polska spolka z ograniczona odpowiedzialnoscia specializes in developing work time management systems for drivers in the transportation industry. Established in 2002 and based in Bielsko-Biała, Poland, the company employs over 260 experts in labor and transportation law, with extensive experience in the logistics sector. OCRK actively monitors the legal and economic landscape of the transportation industry throughout Europe, ensuring that it delivers high-quality and comprehensive services to its clients. The company is recognized as a significant player in the Polish market, focusing on optimizing compliance and efficiency for transportation professionals.

Inelo

Acquisition in 2017
Inelo is a prominent European manufacturer specializing in driver analysis and billing software, as well as digital data acquisition equipment and GBOX® satellite location systems. Established in 2002, the company gained recognition with its TachoScan® driver analysis program, which has maintained its status as a leading solution in the market for many years. Inelo's software is tailored for the transportation industry, providing tools to download, archive, and process record sheet data, driver card data, and tachograph data. This functionality helps transport companies manage their work time effectively and avoid penalties related to incomplete data.

Profim

Acquisition in 2017
Profim is a manufacturer of office furniture based in Turek, Poland, specializing in office seating for the European market. With 25 years of experience, the company produces a range of products, including chairs, tables, benches, and coat stands, designed to meet high standards of ergonomics, quality, and design. Profim's offerings cater to various environments, such as offices, open spaces, waiting rooms, hotel halls, and conference rooms, allowing clients to create functional interiors that accommodate different budgets. The organization recognizes the significant impact their furniture has on the health, well-being, and comfort of users, and they approach their work with a strong sense of responsibility for the functionality and reliability of their products.

Polskie ePłatności

Acquisition in 2016
Polskie ePlatnosci (“PeP”) is the payment processor delivering the innovative business services, providing support for payment transactions using payment cards and terminals in retail outlets.

Netsprint

Private Equity Round in 2016
Netsprint is a dynamically developing new technology company. The company was established in 2001 and specializes in technology solutions that support internet marketing. It provides solutions for the largest Internet companies on Europe’s key markets.

Trimo

Acquisition in 2015
Trimo d.o.o. is a company based in Trebnje, Slovenia, that specializes in designing and constructing building envelope systems and modular space solutions. Founded in 1961, Trimo manufactures a variety of products, including steel buildings, roofs, façades, containers, and sound-proof and insulation systems. The company's offerings encompass modular façade systems, insulated and un-insulated façades, partition walls, and roofing solutions such as insulated roof systems and photovoltaic panels. Trimo serves diverse sectors, including commercial, industrial, educational, and cultural construction, and operates production facilities in Slovenia and Serbia. With a presence in 54 countries and a sales network spanning 27 countries, Trimo leverages proprietary technology to deliver innovative construction solutions to its clients.

PEKAES

Acquisition in 2015
Pekaes S.A. is a logistics company based in Blonie, Poland, providing a wide range of services globally. Established in 1958, it specializes in warehouse logistics, domestic and international freight forwarding, and offers sea and air transportation solutions. Additionally, Pekaes provides contract logistics, rail forwarding, customs services, and operates ferry crossings. The company has also expanded its operations to include fuel stations. In June 2017, Pekaes S.A. rebranded to PEKAES Sp. z o.o. while continuing to focus on enhancing its logistics capabilities.

Jampp

Series A in 2015
Jampp is a growth platform based in Buenos Aires, Argentina, specializing in programmatic advertising for on-demand applications. Founded in 2011, the company provides a demand-side platform that utilizes contextual and behavioral signals to enhance user acquisition and retargeting strategies. Jampp focuses on driving incremental performance through its advertising solutions, making it a preferred choice for major mobile brands seeking to optimize their marketing efforts. The platform enables clients to effectively promote their applications and games, facilitating growth in both customer engagement and in-app purchases.

Grupa Wirtualna Polska

Private Equity Round in 2014
Grupa Wirtualna Polska S.A. is a Polish holding company that specializes in operating a variety of internet portals. Its primary business involves the sale of advertising services across its extensive portfolio of websites, which includes popular platforms such as o2, Pudelek, Money.pl, and domodi.pl. The company also offers electronic services and operates in several segments, including Advertising and Subscriptions, Tourism, and Consumer Finance. Through its diverse range of online services, Grupa Wirtualna Polska effectively caters to the needs of users engaged in e-commerce, video streaming, and content consumption, while also providing essential tools for communication and information exchange.

Bakalland

Acquisition in 2014
Bakalland provides various food products primarily in the Poland market. It offers dried fruits and nuts, snacks, cake fillings, breakfast products, and bars under the brand names of Bakalland, Orico, and Mr. Breakfast.

Benestra

Venture Round in 2014
Benestra, s.r.o. is a national telecommunications operator based in Bratislava, Slovakia, specializing in B2B services. Founded in 1993 and formerly known as GTS Slovakia, the company rebranded in December 2014. Benestra offers a wide range of telecommunications services, including voice, data, Internet, and hosting solutions, all characterized by contractually guaranteed quality. Since its acquisition by SWAN, a.s. in January 2019, Benestra has continued to enhance its service offerings and infrastructure to meet the needs of its business clients.

EnergoBit

Acquisition in 2012
S.C. EnergoBit S.A. is a Romanian company that specializes in manufacturing electrical equipment and providing electric contracting services both domestically and internationally. Founded in 1990 and based in Cluj-Napoca, with additional offices in several major cities, the company offers a range of products for low, medium, and high voltage applications. Its medium voltage offerings include transformers, circuit-breakers, and tele control systems, while low voltage products encompass distribution cubicles and automation panels. EnergoBit also develops high voltage solutions, such as transformer electric stations, and provides energy management equipment, including monitoring systems and smart grid technology. The company engages in various contracting services, including the construction and maintenance of wind farms, power lines, and transformer substations. Additionally, EnergoBit offers lighting solutions, energy audits, and consultancy services, contributing to the reliability and efficiency of energy systems across multiple sectors, including power generation and distribution.

Ujastek

Acquisition in 2012
Ujastek provide care for women expecting their offspring from the first weeks of pregnancy until the time they are due.

NEOMEDIC

Acquisition in 2012
NEOMEDIC operates a network of hospitals and multi-specialty clinics in Poland, primarily focused on obstetrics, neonatology, and gynecology. Based in Kraków, the organization has established the largest network of obstetric-gynecological hospitals in the southern region of the country, serving cities such as Kraków and Nowy Sącz. Each year, approximately 7,000 children are born in its facilities, underscoring the company's significant role in maternal and neonatal healthcare. NEOMEDIC's comprehensive services ensure that patients receive quality care throughout their pregnancy and beyond.

Wirecard Romania

Acquisition in 2011
Wirecard Romania offers full outsourcing of card services. The services include all card personalization and processing, ATM and POS management, monitoring and maintenance, along with loyalty programs and applications, dispute management, fraud monitoring solutions, and emergency card support (anywhere in the world) Call-center and support in implementing EMV standards in line with current trends. Wirecard Romania develops complex incentive programs designed to stimulate the card market by increasing the number of cards issued by banks and their use. The infrastructure and the range of services offered are constantly updated and developed so as to enable continuous adaptation to market requirements.

EmiTel

Private Equity Round in 2011
Emitel is the leading operator of terrestrial radio and television broadcast infrastructure in Poland. The company offers a range of services categorized into radio, TV, and communications, focusing on high-quality and innovative solutions. Emitel is at the forefront of digital radio and TV, as well as the development of advanced wireless systems. In addition to traditional broadcasting, the company is expanding into Ethernet and IP-based services, including Virtual Private Networks, Internet Access, Content Delivery, and Digital Signage. Emitel also specializes in the design and installation of radio diffusion and communication systems, providing technical consulting and leasing infrastructure to broadcasters and operators. The company is actively contributing to the development of smart cities and the rollout of 5G networks.

Expander Polska

Acquisition in 2010
Expander Polska, established in 2000 and based in Warsaw, is an independent financial advisory firm that provides a range of personal financial services to customers in Poland. The company specializes in loans and financing, investment and savings products, insurance solutions, and services tailored for businesses. Initially launched as an internet portal, Expander has since expanded its operations to include a traditional branch network, enhancing its accessibility to clients. As a financial intermediary, Expander Polska plays a significant role in helping individuals and companies navigate their financial needs and make informed decisions.

Marmite

Acquisition in 2010
Based in Poland and Sweden, Marmite is Europe's leading producer (~60% share) of high quality cast marble washbasins, shower-trays and bathtubs. Over 35 years, the Company has developed innovative materials and production technologies to serve Europe's leading branded manufacturers and retailers of bathroom furniture. Marmite’s annual production capacity is 900k washbasins, 250k shower trays, and 100k bathtubs.

Libet

Acquisition in 2010
Libet is a Polish manufacturer specializing in concrete surfacing materials, including cobblestones and various types of pavement blocks. The company's product range encompasses a wide variety of concrete surfaces, such as blasted-brushed, upholstered, and washed surfaces, as well as single color and unique designs. Additionally, Libet offers terrace tiles, natural stones, and facade products, catering to diverse applications in residential estates, shopping centers, office buildings, recreational facilities, and public infrastructure projects.

Benestra

Acquisition in 2008
Benestra, s.r.o. is a national telecommunications operator based in Bratislava, Slovakia, specializing in B2B services. Founded in 1993 and formerly known as GTS Slovakia, the company rebranded in December 2014. Benestra offers a wide range of telecommunications services, including voice, data, Internet, and hosting solutions, all characterized by contractually guaranteed quality. Since its acquisition by SWAN, a.s. in January 2019, Benestra has continued to enhance its service offerings and infrastructure to meet the needs of its business clients.

GTS Central Europe

Private Equity Round in 2008
GTS Central Europe, owned by Deutsche Telekom, is a prominent telecommunications service provider in Central and Eastern Europe, specializing in integrated telecommunications services for over 20 years. The company offers a range of solutions, including fixed voice, data, internet protocol, multiprotocol label switching, and broadband services, primarily targeting business customers, telecommunications carriers, mobile operators, and content providers. With a commitment to service excellence, GTS serves approximately 35,000 clients, including businesses and government institutions, by delivering secure and reliable communication solutions that enable effective operations and growth. As technology evolves, GTS Central Europe remains focused on helping its clients adapt and expand their capabilities.

La Fantana

Acquisition in 2007
La Fantana SRL is a company based in Bucharest, Romania, specializing in the bottling and distribution of spring water for offices in Romania and Serbia. It extracts, processes, and bottles spring water, providing a range of services including water delivery, installation of water cooler systems, and training for personnel on their use. Additionally, the company offers maintenance and service throughout the contract period. La Fantana manages a network of over 100,000 bottled water coolers and tap-fed point-of-use units across both countries. The company was incorporated in 1999 and was formerly known as Aqua National before rebranding in January 2001. It operates factories in Talmaclu, Romania, and Mitrovo Polije, Serbia, and has service coverage in multiple Romanian cities including Bucharest, Cluj, and Timisoara.

Meritum Bank

Acquisition in 2007
Meritum Bank offers a wide range of banking services to individual customers and to small businesses with up to PLN 10m annual turnover.

Oresa

Acquisition in 2007
Oresa is present in Central and Eastern Europe through private-equity investments since 1995. Our owners and investors are a Swedish entrepreneurial family. They have instilled in Oresa a strong culture of openness, fairness and trust, as well as a great deal of respect for visionary entrepreneurs and managers. Our current core market is Romania, where we hold majority or significant stakes in a broad portfolio of companies. Over the years, we have invested more than EUR 150 million in equity in over 25 companies. EUR 100 million in equity were invested in Romania alone.

DONAKO

Acquisition in 2006
Donako specializes in the manufacturing and supply of components and tools essential for the production of electrical machines. The company produces high-precision laminations, including rotor and pole sheets, along with punching dies, press tools, and cutting tools. Additionally, Donako provides tooling and accessories for assembly and production processes, as well as moulds designed for the creation of winding coils. The company also engages in engineering services, contributing to the construction of large-output electrical machines. Through its diverse offerings, Donako supports the efficiency and effectiveness of electrical machinery production.

Mercor

Private Equity Round in 2006
The Mercor group is the largest manufacturer and provider of comprehensive passive fire protection systems with a well-developed sales network in Middle-Eastern Europe. We have established a leading position in the Polish, Czech, and Slovakian markets, and currently we are successfully extending our activity in the new ones.

ACE Group

Acquisition in 2005
ACE Group is a prominent French mortgage broker that specializes in credit brokerage for real estate assets. The company has established itself as a key player in the industry, offering tailored financial solutions to individuals and businesses seeking to secure mortgages. By focusing on the real estate sector, ACE Group helps clients navigate the complexities of financing property purchases, ensuring they find the most suitable loan products for their specific needs. With a commitment to excellence in service and a deep understanding of the mortgage market, ACE Group continues to play a significant role in facilitating real estate transactions in France.

First Data Polska

Private Equity Round in 2003
First Data Polska S.A. provides electronic payment card accepting services in Poland.

Liberty Poland S.A.

Private Equity Round in 2001
Liberty Poland S.A. retails electronic top-ups for pre-paid cards and cellular phones through its shops in Poland.

Carman

Acquisition in 1999
Carman went into bankruptcy in 2004. It provides quick-fit services.

Empik Media & Fashion S.A.

Private Equity Round in 1998
Empik Media & Fashion Spólka Akcyjna engages in retail and wholesale businesses in Poland.

Atomic Media

Private Equity Round in 1997
Atomic combined interests in leisure and media. In leisure, Atomic was developing the only chain of family entertainment centers in Poland.

Town & City

Acquisition in 1997
Town & City (now News Outdoor Poland) was established in 1994. is a provider of media services.

KidsPlay

Acquisition in 1997
KidsPlay was Poland’s first family entertainment center (“FEC”) focused on families with children of twelve or under.

Mediplast

Private Equity Round in 1996
Mediplast was one of the largest Polish producers of plastic garden furniture and household products.

Beverly Hills Video

Acquisition in 1996
Beverly Hills Video is a chain of video and DVD rental superstores located throughout Poland.

Euronet Worldwide

Private Equity Round in 1996
Euronet Worldwide, Inc. is a global provider of electronic payment and transaction processing solutions, catering to financial institutions, retailers, service providers, and individual consumers. The company operates through three main segments: EFT Processing, epay, and Money Transfer. Its EFT Processing segment focuses on electronic payment solutions, including ATM and point-of-sale management, card outsourcing, and various value-added services such as fraud management and bill payment. The epay segment specializes in the distribution and processing of prepaid mobile airtime and other prepaid products, supported by a vast network of point-of-sale terminals. The Money Transfer segment offers consumer-to-consumer and account-to-account money transfer services, along with foreign currency exchange and cash management solutions. Founded in 1994 and headquartered in Leawood, Kansas, Euronet operates extensively in the United States and maintains a significant presence in the European market, emphasizing its role in the electronic payments landscape.

Phoenix Privatisation Partners

Acquisition in 1996
Phoenix Privatisation Partners provides financial and business services. It offers opportunity in voucher privatization. Phoenix Privatisation Partners is based in Poland.

Great Plains Software

Private Equity Round in 1995
Great Plains Software is a provider of Microsoft Windows NT client/server financial management software for mid-sized businesses. The Company's award-winning products and services automate essential accounting functions and enhance the strategic value of financial information. The Company's products and services are sold and implemented exclusively by its extensive network of Partners throughout the United States, Canada and select international markets.
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