GESSEL advises funds managed by CVI

GESSEL provided comprehensive legal advice in the complex transaction for a leveraged management buy-out of Exact Systems S.A. by Paweł Gos and Lesław Walaszczyk, with the support of funds managed by CVI, through Remango Investments, an SPV.

Consequent to this transaction, Remango Investments purchased from the previous majority shareholder, Work Service S.A., a stake which leaves it with 100% of the shares in Exact Systems S.A. (which, in turn, purchased from Work Service S.A. the company Exact Systems GmbH).

GESSEL advised Remango Investments and Exact Systems S.A. on obtainment of bank financing and on fundraising with the use of subordinated bonds; we also represented Remango Investments Sp. z o.o. before the Polish antitrust authority in securing clearance for the acquisition of Exact Systems S.A.

CVI Dom Maklerski (CVI) is an independent investment firm recognised as a leader in non-bank financing for businesses in Poland and around Central and Eastern Europe. Since 2012, CVI (working under the business name Credit Value Investments) completed more than 700 transactions, including 450 in the private debt category, and it currently manages assets of PLN 5.6 billion in seven closed-end investment funds.

Exact Systems is a leading provider of quality control (selection, repair and sorting) solutions for parts, components and finished products for the automotive industry, supplying car producers as well as members of their supply chain and also volume producers of electronics, household appliances and cosmetics.

Overall leadership of the GESSEL team working on this project was provided by Marcin Macieszczak, managing partner; day-to-day supervision was performed by Karol Sokół, managing associate, with Michał Osowski, trainee attorney, Krzysztof Jasiński, attorney, Weronika Zdeb, trainee advocate and Mateusz Bąk, trainee attorney contributing.

The financing leg of the project was coordinated on GESSEL’s part by Małgorzata Badowska, partner, with Klaudia Krawiec-Guz, trainee attorney and Weronika Zdeb, trainee advocate contributing. 

The acquisition of Exact Systems GmbH proceeded with advice by Christian Schmidt, partner and Marcin Maciejak, trainee advocate.

The antimonopoly element of the transaction was handled by Bernadeta Kasztelan-Świetlik and by Karolina Krzal. Due diligence, finally, was performed by a team led by Michał Boryczka, managing associate and composed of Iwona Gielo-Benza, legal specialist, Mykola Zembra, trainee advocate, Piotr Tracz, trainee advocate and Marcin Maciejak, trainee advocate.