Individual
investment
approach
45
years of investment experience
35
M&A transactions carried out
10
portfolio companies
1 bn
of export revenues in portfolio companies (PLN)
Projects are we looking for
Projects are we looking for
• TDJ is open to investments in new sectors: automotive, specialized chemistry, cosmetics, logistics, furniture, packaging, recycling, food and security systems and control and measurement equipment, as well as companies providing solutions for the above sectors in the field of technology, machinery and IT.
• The investment horizon is at least 5 years.
• The investment mandate includes controlling stakes of mature enterprises located in Poland, where the EV varies between EUR 25-100 million. Smaller investments will be possible if there is potential for consolidation and larger ones, even up to EUR 200 million, for projects with high growth prospects.
• Construction of long-term value in the Equity area is based on an individual investment approach, tailored to the specifics and needs of each individual investment. Thanks to financial support, we provide portfolio companies with dynamic development and the opportunity to take advantage of emerging market opportunities. TDJ Centre of Competence, created by top-class experts in areas most important for the development of our companies, is and will be our key competitive advantage, which allows active support of portfolio companies in their dynamic growth.
Our investment sectors
automation
cosmetics
packaging
recycling
dietary supplements
security systems and control and measurement equipment
food and beverages
health care
renewable energy resources
What we offer
Individual investment approach
We are actively creating added value, supporting the development of the most important areas of our companies.
We use an individual model of building added value, adapted to the specifics and needs of each of our investments.
We create market leaders thanks to our decades of experience, providing support in market consolidation and foreign expansion.
We build long-term relationships with the management boards of our companies, based on shared values.
TDJ Competence Center
What makes us different is our internal TDJ Competence Center.
Thanks to the experience of our experts, we constantly improve the competencies from the key areas need for the development of companies, such as: Strategy, Sales and marketing, Production, Lean Management, Shopping and logistics, Finance, Communication and image, HR, IT, Legal Consultancy, Property Optimization, M&A , Project management, owner supervision.
Development capital
We provide financial support that enables our companies to develop dynamically and take advantage of market opportunities through the implementation of long-term strategies.
The TDJ Network
We give our companies the access to a wide network of external experts with the highest competences and experience in Poland and abroad.
Team
JACEK LEONKIEWICZ
Managing Partner
JACEK LEONKIEWICZ
Managing Partner
He is a graduate of the Warsaw School of Economics and CEMS Master in International Management at CBS in Copenhagen, he also studied in Madrid. He started his professional career in J.P. Morgan and Merrill Lynch in London. Then he was associated with PKO TFI, where he dealt with the analysis of the stock market, especially companies from the construction, industrial, development and transport sectors.
In the years from 2013 to 2015 he was the Managing Director for Ownership Supervision and Privatization in PKP SA, where he was responsible, among others, for for overseeing privatization processes in the PKP Group.
He conducted, among others PKO Cargo’s debut on the stock exchange and ABB. In the period from January 2015 to March 2016 he was the president of PKP Intercity SA. From April 2016, he is the managing partner of TDJ Equity, where he is responsible for corporate governance. He also sits on the supervisory boards of portfolio companies: FPM, Odlewnia Śrem, Pioma Odlewnia, Pemug, ZBM and PGO.
ADAM TOBOREK
Managing Partner
ADAM TOBOREK
Managing Partner
Adam Toborek is an MBA graduate of the Kozminski University in Warsaw and has completed numerous management programs. He began his professional career with the BRADO Companies, where he was President of the Management Board at Z.M. BRADO 2 S.A.. He was also Head of the Board at RODO SRL in Romania and at Lodus Sp. Z.o.o.. He was Director of the Distribution Center at Animex S.A. (Smithfield Foods Incorporated), while between 2000-2015 he became associated with the Finnish RAMIRENT Group, where he served as Vice President of the Board at RAMIRENT Scaffolding Sp. Z o.o. and Member of the Board at RAMIRENT S.A.. In April 2015, he became Vice President at NiUW Glinik, and a few months later he became its President of the Board. From 2017 until June 2021, he headed up the wall complex segment and managed export sales at FAMUR Group in the Underground segment. As a managing partner at TDJ Equity, he is responsible for owner supervision of portfolio companies and for portfolio expansion strategy delivery, including managing M&A processes.
Krzysztof Szary
Investment Director
Krzysztof Szary
Investment Director
Krzysztof is a graduate of Warsaw School of Economics (Finance & Banking) and currently is Executive MBA student at Kozminski Executive Business School.
Krzysztof joined TDJ in June 2020. Prior to the that, he worked at the Corporate Finance team of KPMG and investment banking teams at Raiffeisen Group (also working on multiple projects with Lazard). In 2017-2020 he completed several strategic projects for SuperDrob S.A. (member of CPF Group companies), where he held M&A Director position.
Artur Forma
Investment Manager
Artur Forma
Investment 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.
Łukasz Kornowski
Investment Manager
Łukasz Kornowski
Investment Manager
Łukasz graduated from the University of Economics in Poznań with a BA in Finance and Accounting . He has also completed post-graduate studies in project management at the Kozminski University in Warsaw.
He started his professional career as an analyst at one of the recognized consulting companies. Then he was associated with the PKP Group, where he gained experience working on the privatization processes of PKP PKL, TK Telekom and the IPO of PKP Cargo. In the years 2014-2016 he worked as a Director in the Bureau of Operational Analyzes and Controlling at PKP Intercity S.A. From 2016, he was associated with Luma Investment S.A., where he held the position of Investment Director.
He started working at TDJ in 2018, where he supports the creation of the Famur Group and Teamtechnik value and is responsible for investments in the automation sector.
Justyna Hanuščin
Investment Manager
Justyna Hanuščin
Investment Manager
Justyna holds a MSc in Financial Economics from the Erasmus University Rotterdam and a BA in Finance & Accounting from the Cracow University of Economics as well as exchange semester diploma from the ESCP Europe in Paris.
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.
Among other projects in TDJ Justyna was involved in the ABB of Famur and the creation of the TDJ Strategy. Currently she is responsible for overseeing and supporting the value creation projects of three portfolio companies, FPM S.A., NiUW Glinik Sp. z o.o. and EDINA Vetcare Group as well as analyzing potential investment opportunities in the fields of i.a. health care and packaging and recycling.
Our investments
Edina Vetcare Group
Established by the Gutkowski family, Edina Vetcare Group is the first national Polish network of veterinary surgeries, offering a complex range of medical treatments for domestic animals. Much like other largest European veterinary networks, Edina VG plans to expand dynamically in the coming years. Both existing and new surgeries will develop, along with investments in new medical treatment centers. As the leader in the segment, Edina creates modern, specialized veterinary centers offering the highest standards of care. Edina VG plans to offer clients access to a broad and varied spectrum of services, investing in equipment and digital technologies ensuring modern, automated systems of customer service.
Edina Vetcare Group has been a part of the TDJ companies portfolio since 2021.
Miya Cosmeticks
The Miya Cosmetics brand launched in 2016 – from the moment it was established, the company has been expanding its products range designed for daily skin care based mainly on natural ingredients. At present, it offers three cosmetics categories: facials, body care and make up ranges. Miya products are available in Rossman, Hebe and Super-Pharm store chains, as well as online retailers, including its own e-shop. Miya cosmetics have a loyal following of female consumers, with over 100,000 followers on Instagram. Their products have proven popular with experts and have won prestigious awards such as Perła Rynku Kosmetycznego (Pearl of Poland’s Cosmetics Market) and Fashion Beauty Awards.
The Miya Cosmeticks has been a part of the TDJ companies portfolio since 2021.
Projekt Solartechnik
Projekt Solartechnik delivers large-scale, complex solutions in the photovoltaics sector. The company was established in Germany in 2008 and as the renewable energy sector developed it gained extensive experience in designing and constructing the first photovoltaic farms in Europe. Projekt Solartechnik specializes in the market of large scale commercial installations generating sizable power outputs. The company has its own design studio and a large portfolio of existing projects. By the end of 2020, the company was responsible for delivering more than 300MW photovoltaic farm output.
Projekt Solartechnik has been a part of the TDJ companies portfolio since January 2021.
Teamtechnik Production Technology
Teamtechnik Production Technology is a global manufacturer of innovative assembling lines and testing parts and components for the automotive industry. Teamtechnik handles the entire production automation process – from planning to service. Systems manufactured in Poland operate, among others, in the BMW and Ferrari factories. The Polish branch of Teamtechnik was founded in 2005. The company operates over two production plants in Skawina and Ostrów Wielkopolski with 250 employees and over 400 projects completed to date.
Teamtechnik Production Technology has been a part of the TDJ companies portfolio since 2019.
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 a part of the TDJ companies portfolio since 2015.
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. Since the company has been a part of TDJ then consistently implements the strategy of foreign expansion and industry diversification.
The NiUW Glinik has been a part of the TDJ companies portfolio since 2011.
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.
The Zamet Group has been a part of the TDJ companies portfolio since 2005.
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 3 production plants employing over 1,100 employees. Since the compnay has been part of TDJ, 4 acquisitions diversifying the industries in which the Group operates have been carried out.
The PGO Group has been a part of the TDJ companies portfolio since 2005.
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.
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 ABB20%
share in capital4%
premiumFamur 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
Famur is the preferred, global supplier of comprehensive and innovative solutions for the mining and transshipment industries with a clear long term growth strategy. Famur is consistently consequently implementing the Go Global strategy, the goal of which is to achieve hit 50% of exports in 2022.
The current Famur Group structure is the result of 13 successful acquisitions carried out over the last 18 years.
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 issued25%
share capital of issueKopex 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.
ABB II
On 9 January 2019, the process of an accelerated book building is carried out resulting in a sale of 10% of the Famur stake by TDJ with the value of PLN 276m.
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.
ABB II
On 9 January 2019, the process of an accelerated book building is carried out resulting in a sale of 10% of the Famur stake by TDJ with the value of PLN 276m.
Famur today
Famur is the preferred, global supplier of comprehensive and innovative solutions for the mining and transshipment industries with a clear long term growth strategy. Famur is consistently consequently implementing the Go Global strategy, the goal of which is to achieve hit 50% of exports in 2022.
The current Famur Group structure is the result of 13 successful acquisitions carried out over the last 18 years.
year 2002
PLN 86m
REVENUEPLN 105m
ASSETS960
EMPLOYEESyear 2020
PLN 1,299m
REVENUEPLN 2,492m
ASSETS4000+
EMPLOYEESContact us
Office in Warsaw
TDJ
ul. Twarda 4,
00-105 Warszawa
e-mail: tdj@tdj.pl
Sąd Rejonowy Katowice-Wschód w Katowicach
Wydział VIII Gospodarczy Krajowego Rejestru
Sądowego.
KRS: 0000286498
NIP: 6342645499
