Since its foundation in 2008, Doxa has realized more than 20 M&A transactions, working both on sell side and buy side. Please find below some examples of our projects.


Sell side projects

Sale of 100% shares by Ashton Moss Holdings to PPHU Specjał Sp. z o.o.

July 2022
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Ashton Moss Holdings decided to dispose its shares in REN Sp. z o.o and granted Doxa with the sell side mandate. Doxa, after the initial assessment of the company and the market, decided to focus on identifying a strategic and most synergistic buyer. Such an approach was mainly driven by challenging financial situation of the company. During the process Doxa tested a number of horizontal and vertical integration scenarios, approaching 40+ domestic and international players. Ultimately, Ren represented the biggest value to a local distribution leader – Grupa Specjał, which considered the company as an entry point to the highly perspective segment of frozen food distribution.

Sale of Polmos Łańcut enterprise by United Beverages

February 2022
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Polmos Łańcut

United Beverages decided to dispose its ethanol production site to focus on the bottling and distribution business. During the process, Doxa approached more than 50 local and international players, potentially interested in further increase of their production capacities. Finally, a rapidly growing Polish company - BGW was invited to exclusive negotiations, successfully closing the deal. Deal complexity was driven by its asset nature and evolving regulatory environment in the time of the transaction.

Disposal of its Polish assets by MBWS SA

October 2020
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Doxa Capital was a transaction advisor to MBWS SA in the disposal process of its subsidiaries in Poland. The aim of the project was identification of domestic and international players, interested in the expansion to the spirit market in Poland. In result of the process, MBWS Polska and Polmos Łańut were sold to United Beverages.

Sale of 80% shares by Orbico d.o.o.

June 2020
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Four years after the purchase of the majority stake, the Orbico group decided to withdraw from the alcoholic beverage distribution segment. Doxa Capital conducted a share sale project, while having a mandate to help manage the company during the transition period. Its activities resulted in the sale of 80% of shares to United Beverages, a leading player in the alcoholic beverage distribution market.

Sale of 100% shares by Kofola ČeskoSlovensko AS

February 2019
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Hoop Polska

Doxa was asked by Kofola Ceskoslovensko to help sell its Polish part of the operation, the Hoop company with a factory in Kutno and the Hoop Cola brand. In this project, Doxa focused primarily on finding the right buyer for whom Hoop would have the greatest value, due to potential synergies, restructuring know-how and its own distribution channels. Ultimately, Ustronianka sp z o.o. proved to be the best option and the transaction was finalized.

Sale of minority shareholding to Abris International

May 2018
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Velvet Care

Doxa advised Velvet Care's minority shareholder, Betz Beteiligungen GmbH, on the sale of a minority stake to Abris International.

Sale of 100% shares to Kofola ČeskoSlovensko AS

July 2017
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Premium Rosa

Sale of shares in Premium Rosa sp z o.o. was also a moment for Doxa Capital to exit from its own investment after three years of tremendous growth and value creation. Finding an entity that would be able not only to accept the created value, but also to further develop it, was the most important in this project.

Sale of 100% shares by individual shareholders

July 2014
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Sale of 100% shares to Hortex

January 2013
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Owners of the distribution company Ren sp.z o.o. engaged Doxa Capital to prepare the company's sales strategy. Doxa led this project by proposing a number of exit routes and identifying potential buyers. Ultimately, Hortex sp.z o.o. acquired 100% of shares.

Sale of 49% shares to Krokus Private Equity

March 2011
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ID Marketing

Owner of ID Marketing, one of the biggest players in the mass mail market, asked Doxa Capital for help in finding a financial investor who would provide support in the acquisition of two companies - TNT Post Czech Republic and TNT Post Slovakia. ID Marketing's ambition was to create a Central European leader in the market of unaddressed and addressed mail. Doxa Capital carried out a capital increase process, as a result of which Krokus Private Equity became a minority shareholder in the company.

Sale of 66% shares to EVA Group

October 2010
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At the request of the majority shareholder, Doxa Capital conducted the process of selling the majority stake of shares and undertook the management of the company during the transition period. This was crucial to maintaining the value of the public company during the sale period. It is worth mentioning that while Tomasz Towpik was the President of the Company (March 2009-June 2010), the share price on the WSE doubled (from PLN 1.50 to PLN 3 per share).

Sale of 100% shares to Penta Investments

July 2010
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Doxa Capital carried out, at the request of the owners of Iglokrak sp z o.o., a leading distributor of frozen foods in Poland, the process of selling 100% of the company’s shares. Doxa, adopting the assumptions of the project, i.e. maximizing the company's value, prepared a wider industry consolidation project, which it successfully sold to the private equity fund Penta Investments. The next step of the project was the acquisition of further distribution companies by Penta and, consequently, the creation of the market leader - Iglotex S.A.

Buy side projects

Purchase of 24,9% shares by Orbico d.o.o. 

October 2023
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Orbico decided to grow its footprint in Ukraine, strongly believing in long-term potential of the local market. SavServive became a natural target for such expansion, due to its extensive route2market, professional management and similar suppliers’ base. Russian invasion to Ukraine raised numerous challenges to the transaction inc. shaping adequate structure of the deal, verifying ordinary course of business under unordinary circumstances, identifying one-offs and securing transaction against potential material adverse changes.

Purchase of 4 enterprises running 2 medical centres for LNA Sante

February 2022
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Origin Centres

Doxa joined the project in its early stage, playing match-making role throughout the process. We facilitated negotiations between parties by drafting a clear transaction process, aligning their expectations and overcoming cultural differences between buyer and seller. The form of asset deal additionally increased the complexity of transaction, requiring a strong coordination between many aspects of the transaction.

Purchase of 60% shares by Orbico d.o.o

July 2019
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Doxa supported the buyer as a transaction advisor in the process of acquiring a majority stake in a leading FMCG distributor on the Romanian market.

Doxa, as an advisor to the buyer, led to the acquisition of one of the leading toy distributors on the Polish market.

January 2018
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Doxa, jako doradca kupującego, doprowadziła do transakcji przejęcia jednego z czołowych dystrybutorów zabawek na polskim rynku.

Purchase of 100% shares by Orbico d.o.o

Lipiec 2016
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Doxa, as a transaction advisor, supported Orbico d.o.o. in the process of acquiring shares in a group of companies operating in the segment of luxury cosmetics, lifestyle clothing and footwear in Poland, the Czech Republic, Slovakia, Russia, Ukraine and Romania from Empik Media & Fashion S.A.

Purchase of 80% shares by Orbico d.o.o

February 2016
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Doxa supported its client in the process of acquiring a majority stake in Distribev sp z o.o. - a leading distributor of alcoholic beverages from Grupa Żywiec S.A. Doxa actively supported its client not only in the transaction process, but also in the introductory process, where building a positive perception of Orbico by the seller was crucial, in this highly competitive process.

Purchase of 100% shares by LERG Group

March 2013
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Doxa was one of the advisers in the process of acquiring shares in Pabex - a producer of laminates and packaging for the food industry, by the chemical group LERG S.A.

Purchase of 75% shares by Abris International

March 2013
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Doxa worked for the private equity fund Abris International, presenting this investment and assisting at all stages of the process implementation. After three years of dynamic growth, this company was sold by the fund to a Chinese strategic investor - China Everbright International.