Avallon recognised by PSIK for “Deal of the Year (Exit)” for its sale of Velvet Care, with GESSEL as counsel

We are happy to note that the Avallon fund, our longstanding client, has received the “Deal of the Year (Exit)” award from the Polish Private Equity and Venture Capital Association (PSIK) for its sale of Velvet Care.

GESSEL is proud to have provided comprehensive legal support throughout Avallon’s exit from Velvet Care; among other duties, we drafted the legal documents for the transaction and represented the selling side in negotiations.  

GESSEL’s work on this project was managed by Maciej Kożuchowski, partner, leading a team composed of Małgorzata Wilczyńska, advocate, Katarzyna Olszak, trainee attorney, Karolina Krzal, advocate and Bartłomiej Woźniak, advocate.

The involvement of our firm in Avallon’s investment in Velvet began at the very inception of the project in 2013, when we provided legal support in the management buy-out of the company from Kimberly Clark. We then went on to advise Velvet on various strategic aspects of its operations.

The PSIK competition aims to honour private equity/venture capital fund managers as well as advisors, banks, and law firms for their contributions to the private equity/venture capital markets in Poland.

Velvet Care is an established leader in the Polish and CEE market for paper hygienic and cleaning products (tissues, toilet paper, paper towels etc.). Its paper mill and main production base in Klucze has been active for 120 years and, while Velvet Care in its current form was incorporated in 2013, the roots of the operation go back to 1897. In 2013, Avallon joined a group of managers in buying the company from Kimberly-Clark; since that time, the company doubled its sales and significantly increased its profits.