Press release of Nafta Polska SA
In connection with the sale of shares at ZAK S.A., Zakłady Azotowe w Tarnowie-Mościcach S.A. and Ciech S.A., Nafta Polska S.A., after having verified initial bids submitted by potential investors in response to the Invitation to negotiations on the purchase of shares of companies of the Great Chemical Synthesis Sector (published on June 26th, 2009), informs that on September 23rd, 2009 it made a decision on entering 6 entities to the so-called “Short List”.
The following companies have been classified to the next stage (in alphabetical order):
- Bain Capital Ltd
- Consortium: Cinven Ltd, Kolaja & Partners Sp. z o.o.
- NQI (National Qatar Industries Company)
- PCC SE
- UAB Achema Group
- I Fundusz Mistral S.A.
Characteristics of companies entered to the so-called “Short List”:
Bain Capital Ltd.
One of the most active American private equity investment funds. Since its foundation, i.e. since 1984, the Fund invested in more than 300 enterprises. Currently, the company manages assets with a value of more than USD 58 billion in both, private equity enterprises and venture capital projects. In the recent three years, the Fund announced 27 transactions with a total value of more than USD 130 billion. The company employs approximately 330 specialists in its offices in, among others, London, Munich, New York, Boston, Hong Kong, Shanghai, Tokyo and Bombay. The most important investments of Bain Capital Ltd. in the chemical sector include: Brentag Group, SigmaKalon and Novacap.
Consortium: Cinven Ltd, Kolaja & Partners Sp. z o.o.
Cinven Ltd
British investment fund established in 1977, one of the largest European private equity funds. The Fund’s activities focus on buy-out of companies with a value of more than USD 100 million in the following sectors: industry, financial institutions, consumables, modern technologies, media and telecommunication. The Company has its branches in, among others, Paris, Frankfurt am Main, Milan, and Hong Kong. The Fund’s investments include, among others, Avecia – a company in business of specialist chemicals.
In the years 1977-2007, the fund concluded transactions with a total value of more than EUR 60 billion, including 25 transactions with a value of more than EUR 1 billion. In 2006, Cinven Ltd. concentrated more than EUR 6.5 billion in the Fund no. IV. Currently, Cinven Ltd. manages assets with a total value of EUR 11 billion. The capital derives from 150 investors from 23 countries. They include, in particular, institutional investors operating in the financial and insurance sectors with long-term investments. Approximately 50% of the capital originates from the European Union, 40% from the United States of America, 10% from other countries.
Kolaja & Partners Sp. z o.o.
Established in 1995, Kolaja & Partners Sp. z o.o. is an international consultancy company with its seat in Poland operating in the national and foreign markets. Up to 2004, the company provided services under the name CII Group. The company specializes in the so-called temporary management, consisting in entrusting key leading positions at the customer’s company to a specialized team of managers and consultants. A long-proven method enables effective implementation of new solutions and results in increase in efficiency of the enterprises managed. To date, the company has implemented projects for, among others: Calsberg, Danone, Dr. Irena Eris, Ciech, Lotos, Orlen, OMV, Petrom and others.
NQI
National Qatar Industries Co. is a private fund specializing in investments, mainly in the crude oil, gas and petrochemical industry. The fund wins capital from investments in Qatar in order to implement specific investment projects. The shareholder and the president is Dr. Mohammed Ballol. Currently, the National Qatar Industries Company has been implementing a number of projects, including:
- Installation to LABS production (sulphate surfactants from the group of linear alcylbenzanes) with a capacity of 20 thousand tons / year. LABS are used as surfactants.
- Installation to production of high-density polyethylene pipes (HDPE) with a capacity of 10 thousand tons / year. Polyethylene pipes are used to transport of drinking water and in sewage systems.
- Installation to POM production (polyoxymethylene) with a capacity of 30 thousand tons / year. POM is a plastic characterized by a unique mechanical and impulse resistance and chemical passivity.
NQI has been cooperating with the Polish chemical industry for several years in order to implement common production projects.
PCC
German capital group with its seat in Duisburg established in 1993. Consisting of nearly 100 subsidiary and related companies operating in 18 countries. The company’s activities are focused on three segments: chemistry, power industry and logistics. As regards the chemical industry the company specializes in production of and trade in chemical resources and solid fuels. The company occupies a leading position in the market of the Central Europe and partially of the whole Europe in the production of: polyols, chlorine, surfactants and bisphenol A. The supplier of polyols used in production of foams for the furniture and automotive industry, is the Lower-Silesian PCC Rokita S.A. with its seat in Brzeg Dolny near Wrocław, the largest production plant of PCC Group in Poland. The products of the PCC Capital Group are used, among others, in the paper, cosmetic, pharmaceutical industry and household chemicals. In 2008, the consolidated sales revenues accounted for EUR 913 million with EBITDA of EUR 28.7 million.
Achema
UAB Achema Group is one of the largest private groups in the Baltic region, third company as regards the value of sales in Lithuania and the second greatest Lithuanian exporter. In 2008, the consolidated sales revenues of the group accounted for EUR 923.3 million. The main areas of business of the Lithuanian concern include, but are not limited to: chemical production, sales, logistics, transport, renewable energy sources, and media and promotion. The company has its branches and representative offices in Belgium, France, Germany, Poland (Prostki k. Warszawy), Georgia, Estonia, and Latvia. The main company owned by Achema Group concern is Achema AB with its seat in Jonavos – a company established in 1994 and dealing with fertilizers and chemicals. The company specializes, in particular, in the production of: nitric acid, ammonia, urea, ammonium nitrate, RSM – saltpetre and urea and methanol solution. It produces a total of 70 chemical compounds. In 2008, the company manufactured and sold 2.3 million tons of fertilizers. The company exports its goods using its own, well-developed logistic infrastructure (including own railway carriages, three transhipment terminals in Klaipeda port and one terminal in Lubeck). Achema Group employs more than 6100 people.
I Fundusz Mistral S.A.
I Fundusz MISTRAL S.A. was established in 2001. The purpose of the fund is to conduct private equity investment activities. In 2008, I Fundusz MISTRAL S.A. capital group achieved consolidated sales revenues of PLN 504 million, with PLN 315 million achieved in the previous year. To date, I Fundusz MISTRAL S.A. implemented more than ten investments, with the greatest ones being investments in Plastics Plants IZO-ERG S.A. and ODRATRANS S.A.
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Privatization of Ciech - Azoty Tarnów - ZAK