Subsequent to successful application to the Polish Office of Competition and Consumer Protection (UOKiK), Polish Enterprise Fund VIII, a private equity fund managed by Enterprise Investors (EI), could proceed to become the majority shareholder in Anwim (upping its previous stake of 35%).

Enterprise Investors first invested in Anwim in 2018, when the company operated a network of 180 petrol stations – GESSEL had the pleasure of advising on that initial transaction (please see here). As at late 2020, Anwim’s MOYA network comprised over 300 stations (having been increased, among other additions, by the eMILA self-service petrol station network – see here), with Anwim’s aggregate operating revenues reaching PLN 3.9 billion.

As always, GESSEL delivered a complex package of legal services, including drafting of the transaction documentation, the corporate documents, and the filing to the antitrust authority as well as representing EI in the proceedings before UOKiK.

Our team was led by Marcin Macieszczak, partner and included Dr Bartłomiej Woźniak, managing associate and Karolina Sobóla, associate; Bernadeta Kasztelan-Świetlik, partner and Karolina Krzal-Kwiatkowska, senior associate were responsible for the antitrust aspects.

Anwim was founded by two entrepreneurs in 1992 and was initially focused on wholesale fuel trading. In 2009, the company launched retail operations under the MOYA brand, building a nationwide network of petrol stations. Anwim is now Poland’s largest independent petrol station operator and is keeping up a notable growth programme.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has nine funds with total capital exceeding EUR 2.5 billion. These funds have invested EUR 1.9 billion in 134 companies across a range of sectors and exited 128 companies with total gross proceeds of EUR 4.1 billion.