Mid Europa Partners, a firm focused on buyouts in Central and Eastern Europe and Turkey, has appointed Pawel Padusinski as co-head of the firm’s Warsaw office, according to a statement from the firm.
Padusinski, who joined Mid Europa in 2005 and is already based in Warsaw, will lead the office alongside senior partner Zbigniew Rekusz. When the firm made a number of promotions in January this year, including promoting London-based Manish Mittal from chief financial officer to partner and chief operating office, Padusinski was made partner.
“Poland remains the largest country in our core geography, and with a sizeable and growing Mid Europa presence in Warsaw, the time has come to further strengthen our local management team,” Mid Europa managing partner Thierry Baudon said.
During his time at Mid Europa Padusinski has worked on a number of deals, including Polish private out-patient healthcare provider Lux Med, which was sold to BUPA in April 2013 in a deal valuing the company at €400 million and generating a return of more than 2.5x, Polish medical laboratory Diagnostyka and Alpha Medical, a laboratory diagnostics provider in Slovakia and the Czech Republic which the firm acquired in 2012.
The appointment follows the final close of Mid Europa Fund IV on its revised target of €800 million in July 2014. The fund came to market in February 2013 with a target of €1 billion, but Mid Europa agreed with LPs to raise no more than €850 million amid concerns that the fund would be too large to do deals in the region, which have dropped in size in recent years, PEI reported earlier.
The firm also lowered the cap because it wanted to continue to offer 50 percent of each fund in co-investments. Fund IV, which held a €665 million first close in January, has an additional pre-allocated co-investment program of €650 million, PEI previously reported.
Fund IV will aim to deploy equity investments of between €75 million to €250 million in control buyouts of companies with enterprise values of up to €500 million.