The Czech investment firm Jet Investment has completed the sale of engineering group TEDOM to global conglomerate Yanmar Group. Jet Investment’s investment in TEDOM, which for several years has offered comprehensive solutions for distributed energy in Poland, generated almost a sevenfold return for Jet Investment.
Jet Investment invested in TEDOM in 2019 through the Jet 2 fund and a year later became its sole owner. Over the course of five years of investment by Jet Investment, TEDOM has transformed from a manufacturer and supplier of cogeneration units into a company that offers comprehensive energy solutions and services. The company also expanded its presence in global markets, expanding its operations in the USA, the UK, Poland, and Kazakhstan. The company’s revenue doubled during this time from 4 billion crowns to 8 billion crowns forecasted for this year.
“- We took over TEDOM, with a clear vision for the company’s development – we wanted to turn it into a global player. Today we can say that we have successfully achieved this,” said Marek Malík, partner at Jet Investment.
In Poland, TEDOM and Polimex Mostostal, one of the largest Polish engineering and construction companies, formed a joint venture this year – Polimex Energo, which supports the energy transformation of companies. Polimex Energo is a specialized entity active in the field of energy outsourcing for the production and sale of heating, cooling and electric energy, derived from high-efficiency cogeneration powered by natural gas, LPG, LNG, biogas or coal gas.
The sale of TEDOM is the first exit from an investment under the Jet 2 fund, whose investment horizon ends in 2028. The portfolio of this fund includes other leading companies in the energy sector, such as the Czech company 2JCP and the Polish company Rockfin, providing engineering services for the industry with three production plants located near Gdańsk, in Gorlice and Bydgoszcz. Jet Investment is also indirectly the owner of the Eurodruk-Poznań printing company.
“- Now, as part of the transaction with the Yanmar Group, we are handing over TEDOM to a strong strategic partner who will support further development of the company within its global portfolio,” added Marek Malík.
Jet Investment currently has €120 million in capital to buy industrial companies through the Jet 3 fund (the total size of the fund is about €150 million). It also plans to raise an additional €50 million for the new Jet Venture 1 fund, which will be focused on investments in start-ups offering innovative B2B solutions in the industrial sector. Jet Investment is looking into the possibilities of taking over other companies in Poland.
In the sale of TEDOM, Jet Investment’s advisors were the law firm DRV Legal, with a team led by Tomáš Rada and Tomáš Antal, and the consulting firm PwC Czech Republic, represented by Jan Hadrava, Daniel Janeček, and Dominik Kohut.
Source: https://managerplus.pl/jet-investment-finalizuje-sprzedaz-tedom-na-rzecz-yanmar-group-54385
