Carried out projects
Investment process
Deal sourcing
Market analysis and identifying targets in consumer finance
Metropolitan assisted an international financial investor in identification of acquisition targets in consumer finance. It performed (a) market analysis of consumer finance banks, financial intermediaries, and consumer loan portfolios on sales and (b) cost benefit analysis of acquisition of a mid-sized bank vs. a roll-up comprising a bank in a start up phase and a financial intermediary vs. launching a green-field bank. Based on this analysis and our recommendation, the investor decided to perform due diligence of the target.
Market analysis and identifying targets in banking
Metropolitan along with seasoned banking executives developed a Management Buy In acquisition plan of a bank. An international private equity fund submitted an offer to buy a bank in cooperation with Metropolitan.
Market analysis and identifying targets in Romania
Metropolitan is actively assisting international private equity and hedge funds in identifying acquisition targets in Romania.
Market entry Private Equity Fund to Poland
Waldemar Maj advised Rabo Private Equity fund in developing of the entry strategy to Polish market. The fund became a cornerstone investor in Resource Partners PE.
Market entry strategies in Romania
Nicoleta Banica advised international strategic investors in developing of the entry strategy to Romanian market, including water resources and construction industry.
Investment entry
Commercial due diligence of biscuit producer
Metropolitan assisted sector investor from France, portfolio company of international PE fund, with a detailed commercial due diligence – both of the target and of the market – of a leading Polish biscuit producer, prior to the acquisition.
Buy side mandate from a financial investor
Metropolitan assisted an international financial investor in identification of acquisition targets, performed business due diligence of a consumer finance bank and a broker, and assisted in transaction negotiations (deal size ca EUR 50 mln).
Buy side mandate from a leading telecom/technology player
Metropolitan was the lead advisor on three buy side mandates from a leading Polish telecom and technology company, each valued substantially above EUR 100 mln. Work entailed multiphase due diligence, valuation, and transaction support coordination.
Acquisition of a public company in Romania
Metropolitan advised Asian investment fund on buy side mandate to buy a public company in the construction industry in Romania. The first part of the transaction – acquisition of a controlling stake was realized with the support of the Metropolitan.
Acquisition of a public company in Poland
Metropolitan assisted an international investment fund to perform a commercial due diligence of public company in the real estate industry. We have developed a detailed, asset by asset, financial model, working closely with legal and real estate advisors.
Portfolio company development
„100 days program”
Metropolitan worked jointly with a leading PE fund and the target’s Management Board during the first 100 days after acquisition of a new portfolio company to: take control, immediately prevent potential value destruction, launch short term improvements, and define a 12 months restructuring plan for the management.
Growth strategy for a chain of chemist’s
Metropolitan advised the management and shareholders (a Polish private equity) of the second largest drugstore/cosmetic store chain in Poland on how to maximize its growth aspirations in the dynamic Polish formatted retail environment.
Route to market for biscuit producer
Metropolitan worked with the management and the owners (an international private equity) of a leading Polish biscuit producer, on optimizing its distribution channel strategy and its coverage of the Polish traditional retail trade, still a major part of the retail universe in Poland.
Evaluating business fit of a brand and a company in cosmetics sector
Metropolitan worked for the management and shareholders (investment fund) of a cosmetics company evaluated business fit of a target brand and a company in cosmetics sector, estimated potential synergies and value of the target brand, and performed an operational and financial due diligence.
Strategy for health care
Metropolitan supported the management of investment fund in developing a strategy for restructuring and growth of acquired health care companies across Poland.
Exit
Capital raising mandate from an IT company
Metropolitan supported a privately held IT company and its owners in raising capital for further development and in partial exit. Developed market and company financial models and performed valuation. Prepared equity story and assisted in negotiations with PE funds.
Strategy for the privatization, establishment and IPO of PHN Group
Metropolitan defined the optimal strategy for the privatization of real estate assets of the Ministry of Treasury and then – in consortium with DTZ Polska – assisted the Ministry of Treasury in merging real estate assets into PHN Group and advised the Company in developing a strategy and equity story in their IPO process (deal size above EUR 500 mln).
IPO equity store
Metropolitan supported a portfolio company of a leading PE fund in defining its strategy and communication to external stakeholders. Evaluated market and company model, assisted in prioritizing growth options, prepared equity story.
Privatization strategy
Metropolitan working closely with the Ministry of Treasury evaluated a new auction platform to privatize small and mid-sized Treasury owned companies. The project was executed in close cooperation with the Warsaw Stock Exchange and brokerage houses.
Projects in capital markets
Capital rising by retail bank
Metropolitan supported Polish retail bank in capital rising from financial investor. Prepared set of materials in order to present the company to potential investors (developed an information memorandum, defined a list of potential investors), and coordinated the transaction process.
Capital raising mandate from a food processing company
Metropolitan supported a listed company in raising capital from PE funds for organic growth and market consolidation – and the main private shareholder in exit. Prepared equity story, assisted in negotiations with Polish and international PE funds and SPAC Special Purpose Acquisition Company listed on NASDAQ.
IPO of Polish companies on the Warsaw Stock Exchange
Waldemar Maj was engaged in EUR 2 bn IPO of PZU in 2010 (he chaired the IPO Committee of the Supervisory Board), EUR 100 mln IPO of Bank BGZ in 2011 (he chaired the IPO Committee of the Supervisory Board and the IPO Steering Committee), and was invited to join the Supervisory Board of TMS Brokers prior to the listing on the NewConnect, an alternative public market.
SPO of Polish companies on the Warsaw Stock Exchange
Waldemar Maj was engaged in EUR 100 mln SPO of Ciech in 2011 (as Member of Supervisory Board). He advised the main shareholder in connection with EUR 1 bn SPO of a major bank in Poland.
ECM, DCM and brokerage in Romania
Nicoleta Banica was engaged in EUR 136 mln IPO on the London Stock Exchange of A&D Pharma, the largest Romanian distributer and wholesale pharmaceutical company (post listing market capitalization of EUR 450 mln); EUR 30 mln dual listing of a Bulgarian company on the Bucharest Stock Market (pulled in 2007); EUR 30 mln capital increase of Dafora, a Romanian drilling company; and EUR 10 mln private placement of Albalact, a Romanian diary company. She led the sales desk of one of the largest brokerage company in Romania where she achieved trading over 10% of the share capital of Fondul Proprietatea, the largest closed-end investment fund in emerging markets by market capitalization of ca EUR 4 bn, listed on the Bucharest Stock Market. She was responsible for the placing of the largest corporate bond to date listed in Romania, EUR 125 mln, issued by UniCredit Tiriac Romania.
Strategic advisory
Developing and implementing a new business model
Metropolitan worked for management of Polish subsidiary of an international holding in the consumer services industry on evaluating new business and operational models, aiming to the changing of organizational culture. Metropolitan supported management in implementation of initiatives as an „internal consultant” for over half a year.
Developing and implementing initiatives to improve profitability
Metropolitan worked for management of a Polish company in the food industry on developing and implementing a new model of wholesale and logistic management in the traditional trade. New initiatives were developed and implemented, including a new organizational structure, assortments and customer segmentation, and prices management. Metropolitan supported management in implementation of initiatives as an „internal consultant” for over a year.
Growth strategy for investment and treasury banking
Metropolitan supported bank in developing and implementing growth strategy for investment and treasury banking in the area of institutional and corporate sales. Market model and sales stimulation program were developed during this project.
Developing and implementing a cost reduction plan
Metropolitan worked for management of a Polish subsidiary of an international holding in the food industry on developing cost reduction plan. Assisted management in implementation of initiatives for over a year. Cost reduction program in the Polish company has been replicated in all companies of the group in Europe.
Restructuring
Restructuring of an IT company
Metropolitan assisted a company in developing a restructuring plan amid financial losses and liquidity risk. Developed short term action plan to reduce costs and improve operations, assisted the company in negotiations with banks to extend credit lines.
IBR Independent Business Review
Metropolitan worked for management of a Polish company on conducting an Independent Business Review (IBR) of the recovery plan required by the financing bank.
Restructuring FX options exposure of a Polish listed company
Waldemar Maj supported the main (private) shareholder and management of a public company on restructuring an FX derivative exposure leading to an off-the-court settlement agreement signed with the bank. A long-term business plan was developed, with an estimate of FX exposure and cash flow enhancement opportunities. Designed and co-led the negotiation strategy.
Sales turnaround of BGŻ Bank / Rabobank Group
Waldemar Maj led successful turnaround of institutional sales in corporate, SME, micro segments, and agribusiness. Developed and implemented new strategy and operational plans for each market segment leading to a stop in market share loss and profitable growth of loan and deposit volumes at two times market average. The Bank obtained top award for „Bank friendly for entrepreneurs”.
Operational turnaround of DZ Bank
Waldemar Maj led successful turnaround of AmerBank, a mid-sized corporate bank. The Bank returned to profitability and the name was changed into DZ Bank Polska. As part of the turnaround, an IT core banking system was implemented in a record time of 7 months for which the Bank obtained the „Banking Gazette” award.