Mid Europa Partners to buy out retiring Waberer founder
The founder of Waberer’s International will be bought out by private equity fund, Mid Europa Partners, as he is retiring from the Hungarian haulage company, according to a press release issued by Mid Europa Partners today.
The fund increased its stake from 56.8% to 97.1% in the company.
The Hungarian competition authority must approve the deal prior to its completion.
The founder, György Waberer, is set to retire from the business and resign from his position within the company. He was appointed as commissioner by Prime Minister Viktor Orbán last year for developments in the road haulage and logistics sector.
Waberer is to be replaced by deputy-CEO, Ferenc Lajkó, as top executive.
Revenue at Waberer’s has increased by nearly 60%, up to €523 million annually, since Mid Europa Partners’ initial investment in 2011. The company’s vehicle fleet has gone from around 2,300 to 3,500, and the number of employees has increased from around 4,000 to 6,000.
Miklós Bethlen, a partner at Mid Europa, mentioned that the fund will support the company through its next stage of growth.
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