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Gessel Advises on Leveraged Management Buy-out of Exact Systems

Gessel Advises on Leveraged Management Buy-out of Exact Systems

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Gessel has provided legal advice on the leveraged management buy-out of Exact Systems S.A. by Pawel Gos and Leslaw Walaszczyk, with the support of funds managed by CVI, through Remango Investments, an SPV.

Consequent to the transaction, Remango Investments purchased the remainder of the shares in Exact Systems S.A. from the previous majority shareholder, Work Service S.A.

Gessel advised Remango Investments and Exact Systems S.A. on obtainment of bank financing and on fundraising with the use of subordinated bonds, and 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 that provides non-bank financing for businesses in Poland and around Central and Eastern Europe. According to Gessel, "since 2012, CVI (working under the business name Credit Value Investments) has 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."

According to Gessel, "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."

The Gessel team working on the project was led by Managing Partner Marcin Macieszczak, with day-to-day supervision performed by Managing Associate Karol Sokol, working with attorney Krysztof Jasinski, trainee attorneys Michal Osowski and Mateusz Bak, and trainee advocate Weronika Zdeb.

The financing leg of the project was coordinated on Gessel's part by Partner Malgorzata Badowska, supported by trainee attorney Klaudia Krawiec-Guz and trainee advocate Weronika Zdeb. Partner Christian Schmidt and trainee advocate Marcin Maciejak advised on the acquisition of Exact Systems GmbH.

The antimonopoly element of the transaction was handled by Gessel Partner Bernadeta Kasztelan-Swietlik and Advocate Karolina Krzal. Due diligence was performed by a team led by Managing Associate Michał Boryczka and included legal specialist Iwona Gielo-Benza and trainee advocates Mykola Zembra, Piotr Tracz, and Marcin Maciejak.

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Established in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

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