Equity

At TDJ Equity, we invest in shares of mature companies, taking over a controlling interest and focusing on building long-term value
41
years of investment experience
31
M&A transactions
4 bn
capitalization of portfolio companies in PLN
41 %
export share in portfolio companies’ sales

Investment strategy

We invest in mature companies with growth prospects and the ability to generate stable cash flows, in which, thanks to our competences and experience, we can generate added value.
Equity is the largest investment area of TDJ, under which investments are made in mature companies, having a scalable business model, export and consolidation potential, having their own product, brand or other competitive advantages.

Zespół

MAGDALENA ZAJĄCZKOWSKA-EJSYMONT

Managing Partner

MAGDALENA ZAJĄCZKOWSKA-EJSYMONT

Managing Partner

A graduate of Finance and Banking at the University of Lodz, she holds an investment advisor license: No. 238. She started her professional career at PZU AM SA, successively as an equity analyst and investment adviser. Later, she was the deputy manager of equity portfolios at Amplico PTE S.A. In 2009-2015 she was the deputy director of the Portfolio Management Department at PKO TFI S.A., where she managed equity funds. From 2013 to 2015 she was also a member of the Supervisory Board and the Chairperson of the Audit Committee of PKP Intercity SA, and in the years 2015-2016 she was a member of the PKP Intercity SA Management Board, supervising the following areas: finance, purchasing and storage, IT, audit and control, standards and quality, and customer service, including conductor and HR services. In the period from 2008-2014 she was also the president and vice president of the Association of Brokers and Advisers and held several other social functions, taking an active part in the legislative work on the capital market. From April 2016 she has been the managing partner in TDJ, where she is responsible for TDJ Equity. She is a member of Supervisory Boards of the following companies: Famur S.A., Zamet S.A., PGO S.A., FPM S.A., NiUW Glinik sp. z o.o., and Famak S.A.

JACEK LEONKIEWICZ

Managing Partner

JACEK LEONKIEWICZ

Managing Partner

He is a graduate of the financial and economic faculties of two British universities, the University of Reading (BA in Business Analysis) and the University of Warwick (MSc in Economics). He also has the professional qualifications of a certified auditor (ACA) from the British association ICAEW. He started his professional career in the London branch of the PwC, where he dealt with strategic consulting. In the period from 2010 until 2014 he managed the area of sales and analysis strategies of Orange Polska SA and was responsible for transformation projects.

Between 2014 and 2016 he was the Managing Director at PKP Intercity where he was responsible for the area of product and tariff strategy and analysis. From April 2016 he has been the Managing Director of TDJ Equity. He sits on the supervisory boards of the portfolio companies Famur SA, PGO SA, Zamet and FPM.

Sylwia Kowalska-Haupka

Senior Manager

Sylwia Kowalska-Haupka

Senior Manager

She graduated from the Warsaw University of Cardinal Stefan Wyszyński in the field of mathematics, and gained experience in companies from the HR services sector, railway transport and new technologies. She associates her professional career with finances, mainly in financial reporting and analysis, budgeting and operational and financial controlling as well. She also worked in the field of corporate governance.

She has been working in the TDJ Equity team since 2017 and is responsible for cooperation with the Famur Group and for investments in the cosmetics, furniture and recycling sectors.

Artur Forma

Manager

Artur Forma

Manager

Artur worked at PKP S.A. in positions from analyst to department director from 2014 to 2016. He was responsible for corporate and business supervision over the PKP Group Companies and for supporting privatization processes. Previously, he held internships at EY (strategic consultancy for the energy industry) and CEMEX Polska S.A. (strategy department).
Artur graduated from the Warsaw School of Economics in 2014 with a degree in corporate finance.

In the TDJ Equity team, Artur has been working since 2016. Artur supports the value creation in public listed companies: PGO S.A. and Zamet S.A. and is responsible for investments in the following sectors: speciality chemicals, food, security systems and control and measurement equipment.

Justyna Kisiel

Analyst

Justyna Kisiel

Analyst

Before joining TDJ in 2016, Justyna completed internships in the field of M&A in Rothschild& Co and in the Valuation& Business Modelling team in KPMG.

Justyna holds MSc in Financial Economics from Erasmus University Rotterdam and BA in Finance & Accounting from Cracow University of Economics as well as exchange semester diploma from the ESCP Europe in Paris.

Among other projects in TDJ Justyna was involved in the ABB of Famur and Strategy of TDJ. Currently she is responsible for the daily overseeing and supporting the value creation projects of two portfolio companies, FPM S.A. and NiUW Glinik Sp. z o.o., as well as analyzing potential investment opportunities in the fields of i.a. logistics, packaging and beverages.

Michał Nowak

Managing Director

Michał Nowak

Managing Director

He is a graduate of the financial and economic faculties of two British universities, the University of Reading (BA in Business Analysis) and the University of Warwick (MSc in Economics). He also has the professional qualifications of a chartered accountant (ACA) from the British association ICAEW. He started his professional career in the London branch of PwC, where he dealt with strategic consulting. In the period from 2010 until 2014 he managed the area of sales strategy and analysis at Orange Polska SA and was also responsible for transformation projects.

Between 2014 and 2016 he was the Managing Director at PKP Intercity where he was responsible for the area of product and pricing strategy and analysis. From April 2016 he has been the Managing Director of TDJ Equity. He sits on the supervisory boards of TDJ portfolio companies including Famur SA, PGO SA, Zamet and FPM.

Our investments

Famur

The Famur Group is one of the world’s largest producers of machinery and equipment for underground and opencast mining.
The Group currently consists of 42 companies and 11 manufacturing plants employing over 5,000 employees. The Famur Group has belonged to TDJ since 2002 and since then has been successfully building the position of a global mining machinery manufacturer. The parent company of the capital group, Famur S.A. is listed on the Warsaw Stock Exchange.

Company Website

PGO

The PGO Group is the largest industrial group in Poland specializing in the production of castings and forgings. The products of the PGO Group are used in many industries on the domestic and foreign market. The PGO Group has 4 production plants employing over 1,100 employees. The group has been part of TDJ since 2005. Since then, 4 acquisitions diversifying the industries in which the Group operates have been carried out. The parent company of the capital group, PGO S.A. is listed on the Warsaw Stock Exchange.

Company Website

Zamet

The Zamet Group is a producer of large-size steel constructions for the market: underwater oil and gas extraction, energy, infrastructure and reloading as well as machinery and equipment for the metallurgical and food industries. The Zamet Group has 4 production plants employing nearly 900 employees. The parent company of the capital group, Zamet S.A. is listed on the Warsaw Stock Exchange.

 

 

Company Website

NiUW Glinik

NiUW Glinik is a producer of drilling tools and equipment for the oil and gas, geological, hydrogeological, geophysical, engineering drilling and coal mining industries. The company has been a part of TDJ since 2011 and since then consistently implements the strategy of foreign expansion and industry diversification.

Company Website

FPM

FPM specializes in the production of machinery and equipment intended for domestic and foreign power plants, combined heat and power plants and heating plants as well as plants producing energy for their own needs such as steel mills, mines, sugar factories, breweries. FPM has been part of the TDJ portfolio in 2015.

Company Website

Case Study for the construction of the Famur Group's value

Gradual consolidation - Stage I

The years 2003-2006 mark the first stage of the gradual consolidation of Polish producers of mining machinery. Thanks to the significant improvement in results, Famur regains its financial credibility, which makes it possible to take out loans for further development.
During this time, the largest competitor of Famur, Kopex, was continuing its growth on the Polish market.

Gradual consolidation - Stage II

The years 2007-2016 denoted a continuation of industry acquisitions on the Polish market.
Famur expands its product portfolio by entering the area of surface mining. The competition of Famur and Kopex on both the domestic and foreign markets continues to increase. Famur achieves record results and continuously optimizes its operations. At the turn of 2013 and 2014, TDJ buys 10% of Kopex shares. Famur offers a merger to larger Kopex, but the latter rejects the offer.

SPO/ ABB

On 6 June 2017, the process of an accelerated bookbuilding was carried out. 20% of Famur shares were sold, after which Famur share capital wass increased by 15%, and the shares issued acquires TDJ. This is one of the few transactions on the Warsaw Stock Exchange that is realized with a premium in relation to the share market price.

PLN 535m

value of the shares sold in ABB

20%

share in capital

4%

premium

Famur integration process

The process of integration with Kopex begins. The aim is to create a cost-effective organizational structure of the Group with unique know-how and a wide portfolio of products ready to compete with global leaders in the mining machinery market.

Acquisition of Famur S.A.

In 2002, TDJ buys Fabryka Maszyn Famur from NFI. The company which is on the verge of bankruptcy is bought for PLN 33m. At the time of the acquisition, the company generates a net loss of PLN 12m at a PLN 65m revenue. A thorough restructuring was undertaken.

 

Famur Group IPO on the Warsaw Stock Exchange

In 2006, approximately 25% of shares are issued, which allows the procurement of PLN 300m for further development. The goal is to create a Group with a full portfolio of products for underground mining.

PLN 300m

value of the shares issued

25%

share capital of issue

Kopex takeover

In 2016, negotiations are under way to take over Kopex. TDJ buys more shares. Due to the difficult financial situation of the acquired company, at the same time negotiations are carried out with the banks financing Kopex. In December, a restructuring agreement is signed and TDJ finalizes the acquisition.

 

The culmination of the consolidation

The funds obtained by Famur are allocated for the purchase of 65.8% of Kopex shares from TDJ as well as for the activities related to the implementation of the Go Global strategy. In this way the consolidation of the Polish market in the area of machinery for underground and surface mining ends.

 

Famur today

The current Famur Group structure is the result of 13 successful acquisitions carried out over the last 15 years.
Thanks to low leverage, Famur has the ability to quickly adapt to the changing market and thereby capitalize on market opportunities. Famur is consistently implementing Go Global strategy, the goal of which is to achieve 50% of exports in 2022.

Acquisition of Famur S.A.

In 2002, TDJ buys Fabryka Maszyn Famur from NFI. The company which is on the verge of bankruptcy is bought for PLN 33m. At the time of the acquisition, the company generates a net loss of PLN 12m at a PLN 65m revenue. A thorough restructuring was undertaken.

 

Gradual consolidation - Stage I

The years 2003-2006 mark the first stage of the gradual consolidation of Polish producers of mining machinery. Thanks to the significant improvement in results, Famur regains its financial credibility, which makes it possible to take out loans for further development.
During this time, the largest competitor of Famur, Kopex, was continuing its growth on the Polish market.

Famur Group IPO on the Warsaw Stock Exchange

In 2006, approximately 25% of shares are issued, which allows the procurement of PLN 300m for further development. The goal is to create a Group with a full portfolio of products for underground mining.

Gradual consolidation - Stage II

The years 2007-2016 denoted a continuation of industry acquisitions on the Polish market.
Famur expands its product portfolio by entering the area of surface mining. The competition of Famur and Kopex on both the domestic and foreign markets continues to increase. Famur achieves record results and continuously optimizes its operations. At the turn of 2013 and 2014, TDJ buys 10% of Kopex shares. Famur offers a merger to larger Kopex, but the latter rejects the offer.

Kopex takeover

In 2016, negotiations are under way to take over Kopex. TDJ buys more shares. Due to the difficult financial situation of the acquired company, at the same time negotiations are carried out with the banks financing Kopex. In December, a restructuring agreement is signed and TDJ finalizes the acquisition.

 

SPO/ ABB

On 6 June 2017, the process of an accelerated bookbuilding was carried out. 20% of Famur shares were sold, after which Famur share capital wass increased by 15%, and the shares issued acquires TDJ. This is one of the few transactions on the Warsaw Stock Exchange that is realized with a premium in relation to the share market price.

The culmination of the consolidation

The funds obtained by Famur are allocated for the purchase of 65.8% of Kopex shares from TDJ as well as for the activities related to the implementation of the Go Global strategy. In this way the consolidation of the Polish market in the area of machinery for underground and surface mining ends.

 

Famur integration process

The process of integration with Kopex begins. The aim is to create a cost-effective organizational structure of the Group with unique know-how and a wide portfolio of products ready to compete with global leaders in the mining machinery market.

Famur today

The current Famur Group structure is the result of 13 successful acquisitions carried out over the last 15 years.
Thanks to low leverage, Famur has the ability to quickly adapt to the changing market and thereby capitalize on market opportunities. Famur is consistently implementing Go Global strategy, the goal of which is to achieve 50% of exports in 2022.

year 2002

PLN 86m

REVENUE

PLN 105m

ASSETS

960

EMPLOYEES

year 2017

PLN 1,458m

REVENUE

PLN 3,138m

ASSETS

5000+

EMPLOYEES

Contact us

Office in Warsaw
TDJ Spółka Akcyjna

ul. Chłodna 51,
00-867 Warszawa
e-mail: tdj@tdj.pl

Sąd Rejonowy Katowice-Wschód w Katowicach
Wydział VIII Gospodarczy Krajowego Rejestru
Sądowego.
KRS: 0000361419
NIP: 6350000825