Mid Europa acquires Polish Cable Railways
Mid Europa Partners has wholly acquired Polish Cable Railways (PKL), Poland’s oldest cable car provider, from the state-owned Polish State Railways (PKP) group for PLN 215 million (€51.2 million), a business site unquote.com reported. The firm invested in PKL via the business’s newly created holding company, PKG, which was established by local communities in Zakopane to ensure that PKL will stay in keeping with the needs of the tourist market and local businesses in the region post-privatization. Mid Europa Partners typically invests €75-200 million in equity per company, with a focus on Central Europe and Turkey. PKL was established in Zakopane, south Poland, in 1935. The company is the country’s oldest provider of cable cars, ski lifts and ski slope services and is present mainly in the Tatra mountains range. The company employs approximately 200 staff and recorded revenues of PLN 51.4 million for 2011, with an EBITDA of PLN 25.7 million and a net profit of PLN 9.1 million (appr. €2 million).
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