Montagu Private Equity to sell Emitel, an operator of tower infrastructure sites across Poland, to Alinda Infrastructure Funds

Montagu Private Equity (“Montagu”), a leading European private equity firm, announced today that it has reached an agreement to sell Emitel (“the Company”) to investment funds managed by Alinda Capital Partners (“Alinda”), one of the world’s largest infrastructure investment funds. Emitel is the sole owner and operator of a state?of?the?art nationwide network of tower infrastructure sites across Poland, which enables television and radio broadcasters to send signal to nearly all households in the country and makes it possible for mobile phones to communicate with one another. The terms of the transaction were not disclosed.

Montagu acquired Emitel from TPSA in 2011. Over the course of Montagu’s ownership, Emitel invested substantially in its infrastructure. As a result, its network is modern, reliable and offers the latest technology in the sector. The investment programme allowed Emitel to successfully lead the digitalisation of television in Poland and seamlessly migrate from analogue television to a high quality digital terrestrial platform with a nationwide reach: the platform is the primary source of television for more than 30% of households in Poland.

Under Montagu’s ownership Emitel has also acquired two complementary businesses extending its portfolio of broadcast and telecom towers, as well as enhancing the business’ operational capabilities. Since Montagu acquired Emitel, the business has shown revenue growth, with enhanced profitability, and has continued to evolve into a multi-channel and fully integrated infrastructure service provider to broadcast and telecom networks in a rapidly growing market.

Montagu co-investors in the deal included CEE-focused international financial institutions: Innova Capital, Value4Capital and the European Bank for Reconstruction and Development.

Micha? Cha?aczkiewicz, Director at Montagu Private Equity said:

“Our sale of Emitel marks the completion of another successful investment for Montagu. Today, Emitel is the market leader of television as well as radio transmission services in Poland. Following the digitalisation process, the terrestrial television platform has become a viable and growing content distribution channel. Moreover, the company is the only operator serving all nationwide radio stations and is also the largest independent (from mobile operators) telecoms towers operator in Poland. This is a good illustration of our strategy to invest in high quality and well managed companies, with potential to benefit significantly from partnering with Montagu.”

Przemys?aw Kurczewski, CEO of Emitel, said:

“Our partnership with Montagu has been very successful and allowed Emitel to deliver on a fantastic growth strategy. Being fully aligned, in less than three years we have been able to achieve our strategic objectives initially designed for a period of five years. It has been a pleasure working in partnership with an owner who backed Management efforts in the transformation and development of the Emitel’s business. We very much look forward to the next phase of development of the company under the ownership of Alinda, a global investor with a great record of investment in infrastructure assets.”

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