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act legal Poland advises AmeriGas on lease agreement with HB Reavis Poland

Posted on by adminTS

The act BSWW legal & tax real estate team provided comprehensive legal advice in negotiations of a lease agreement with HB Reavis Poland, concerning office premises in the Forest office complex at Burakowska 14, in the post-industrial part of Warsaw.

Forest has been given the BREEAM and BREEAM Communities certificates, on top of winning an award granted by the Ecological Construction Association.

The client was advised by Marta Łobzowska (Senior Associate) in cooperation with Marta Kosiedowska (Partner).

AmeriGas is a leading supplier of LPG in Poland. The company is part of UGI International, which belongs to the American UGI Corporation.

HB Reavis is a development company operating in Poland, the UK, the Czech Republic, Hungary and Slovakia, specializing in the development of workspaces.

The real estate team at act BSWW legal & tax is one of the biggest among Polish law firms. Our practitioners advise on all types of real estate projects, with a strong focus on large development, retail and office projects. They act for a wide range of international, domestic and regional clients, including developers, property owners, asset managers, investors, lessors and lessees.

 

 

act legal Poland advises on financing of prestigious apartment hotel project in Gdynia

Posted on by Małgorzata Zelek

act BSWW legal & tax advised an investment company, CVI, on a debt financing transaction involving the issue of bonds with a total value of PLN 38 million. The funds obtained by the issuer, Affiliate Gdynia, a special-purpose vehicle associated with the key management staff of the Allenort Group, served to co-finance the purchase of the real estate located at Kościuszko Square in Gdynia. The bonds redemption is scheduled for October 2026.

The planned investment project entails the construction of one or more five-storey buildings accommodating a hotel, residential apartments and retail space. The project will be implemented in the city’s most popular section, close to Gdynia Marina, the Gdynia Aquarium, the beach and the harbour, offering a view onto the iconic ships ORP Błyskawica and Dar Pomorza.

act BSWW legal & tax advised on the preparation of the issue documentation and establishment of collaterals, as well as on negotiations of the issue terms and conditions.

The transaction was handled by Piotr Smołuch (Managing Partner, Head of the Bonds) and Sebastian Sury (Partner), supported by Kornelia Walczak (Senior Associate) and Edyta Krzepicka (Associate).

CVI is an independent investment firm operating since 2012, focusing on investments in Central and Eastern Europe. CVI manages 7 investment funds with a total AUM of almost PLN 4 billion (as of December 2020). CVI provides flexible financing solutions for SMEs that address a wide range of capital needs (e.g. capital expenditure, working capital, LBOs, refinancing, recapitalizations and restructurings).

Upper Finance was responsible for obtaining the financing.

act BSWW legal & tax provides comprehensive debt financing advisory services. The team has conducted over 500 debt financing transactions with a total value of almost PLN 7 billion.

act legal Poland advises on financing and management buyout of leading provider of facility management services

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The team advised FM Solutions SPV sp. z o.o. on the acquisition of shares in FM Solutions sp. z o.o. from Giovanni FIZ.

act BSWW legal & tax advised the buyer throughout the process related to the acquisition of shares (management buyout). The advisory services covered the due diligence audit of the target company, transaction financing (loan documentation negotiation, establishment of collaterals, and loan disbursement) and transaction-related assistance.

FM Solutions is a leading facility manager in the south of Poland (Kraków, Katowice, Wrocław), offering comprehensive technical, infrastructural and administrative services for properties across the country.

The project was supervised by Michał Wielhorski (Managing Partner). Mateusz Prokopiuk (Partner) and Paweł Bochnia (Senior Associate) advised on the transaction and financing. Katarzyna Marzec (Partner) was responsible for due diligence supervision.

“We are pleased to have been given the chance to handle this project and offer comprehensive advice at every stage of the transaction,” said Michał Wielhorski.

The real estate team at act BSWW legal & tax is one of the biggest among Polish law firms. Our practitioners advise on all types of real estate projects, with a strong focus on large development, retail and office projects. They act for a wide range of international, domestic and regional clients, including developers, property owners, asset managers, investors, lessors and lessees.

act legal Poland advises on sale of Bakalland shares

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act BSWW legal & tax advised Uno Capital Fund and Marian Owerko (the President of Bakalland S.A. in 1996-2014, and currently the Chairman of the Supervisory Board) on the transaction involving the sale of shares by the remaining shareholders of Bakalland S.A.

Uno Capital Fund will remain a shareholder of Bakalland S.A. after the transaction is completed. The preliminary agreement for the sale of approximately 90% of shares was signed by the remaining shareholders on 23 November 2021. The transaction is scheduled for closing at the beginning of 2022. After its completion, the shareholders of Bakalland S.A. will be the Uno Capital fund and O&R Holding.

The client was advised by Marek Wojnar (Managing Partner) and Marta Kosiedowska (Partner).

Bakalland is a company operating on the Polish food market, aa leading player in the nuts and snacks sector. The Bakalland Group comprises two main brands, Bakalland and Delecta, whose products are available both in Europe and on other continents.

Uno Capital is a fund established in 2010, investing mainly in companies from the FMCG sector, new technologies and medical services.

act BSWW legal & tax advises leading Polish and foreign corporations and investment companies on commercial law and capital transactions. As a co-founder of act legal, a network of leading independent legal advisory firms, the firm participates in cross-border projects led by international groups of experts advising on commercial and corporate matters.

 

NEWSLETTER: The tax side of real estate / November 2021

Posted on by adminTS

Get the RET right

The tax side of real estate. Periodic newsletter for the Real Estate sector.

November 2021

A spin-off involving the division between the main and additional business activity, accompanied by the lease of a property to an affiliated entity, is not artificial in nature and has a specific economic purpose, according to the ruling issued on November 04, 2021 by the Supreme Administrative Court (case files no. 573/19).

The company’s object of business was the transport of goods, vehicle repairs, and the sale of automotive parts. In relation to the implementation of a new business strategy, the company decided to separate its main business, i.e. transport services, from other operations, including vehicle repairs and lease of real estate to the parent company. The tax authority considered such actions to be artificial in nature and aimed exclusively at securing a tax advantage, i.e. reduction of revenues by the costs of the lease rent. The Supreme Administrative Court decided, however, that there is, in fact, no tax advantage because the lease rent will act as the cost for the parent company, and as the revenue for the newly-created company, meaning that there is no valid ground to refuse to issue an advance tax ruling.

VAT obligation emerges upon execution of a report covering the public tender for the sale of real property, according to the advance tax ruling issued on November 22, 2021 by the President of the National Fiscal Information (0111-KDIB3 1.4012.831.2021.1.AB).

The company had doubts as to when the VAT obligation emerges in relation to the payment of a bid security towards the real estate price. The company believed that such obligation is created on the real estate supply date, i.e. upon execution of the sale agreement in a notarial deed. The tax authority held a different view.

“In the case at hand, the tax obligation arising from the bid security towards the sale of real estate emerges when the purchaser of the property is selected as part of the procurement procedure, i.e. when a public tender report (discussed in §10 section 1 of the Regulation) is signed. It needs to be noted that when the winning bid is selected, the bid security is credited towards the sale price, i.e. it becomes an advance towards the future supply, which entails a tax obligation in line with article 19a section 8 of the Act. Consequently, when the property acquirer is selected and the public tender report is executed, the established bid security creates a tax obligation with respect to such public procurement procedure.” – concluded the President of the National Fiscal Information.

Irrespective of whether the Ministry of Finance publishes information about taxpayers whose revenues exceed EUR 50 million, any entity that goes beyond that threshold is obliged to publish its tax strategy until December 31, according to the advance tax ruling issued on November 17, 2021 by the President of the National Fiscal Information (0111-KDIB1-1.4010.363.2021.2.NL).

The company had doubts as to the new regulations concerning the obligation to publish tax strategies, especially a situation in which the revenue is over EUR 50 million but the company is not listed by the Ministry of Finance. For the President of the National Fiscal Information, it is perfectly clear that the revenues form the deciding factor, which means that the company is obliged to announce its tax strategy.

“In relation to the obligation to prepare and publish an announcement on the tax strategy for fiscal year 2020 until December 31, 2021, it needs to be noted that if the applicant generated revenues in 2020 in excess of EUR 50 million (converted into PLN on the basis of the average exchange rate published by the National Bank of Poland on the final business day of the calendar year preceding the one in which taxpayers’ individual data is published), then – regardless of whether the applicant’s data is published in the Public Information Bulletin by the minister responsible for public finance or not – the applicant shall be obliged to publish the information referred to in article 27c of the CIT Act at its website, and to communicate such information to the competent tax office until the end of the twelfth month after the end of the fiscal year, i.e. until December 31, 2021. For the purposes of the 2020 tax strategy, only the revenues generated in excess of EUR 50 million in 2020 will be relevant.”

“We fully endorse the ruling issued by the Supreme Administrative Court – in light of the unequivocal provisions of the PIT Act, there should be no doubt whatsoever that the amount of the contested VAT return can increase the initial value of a fixed asset,” commented Małgorzata Wąsowska, Head of Tax and Tax Advisor at act BSWW legal & tax.

The real property’s initial value may be increased by VAT whose deduction has been questioned by the tax authority, according to the ruling issued on November 28, 2021 by the Supreme Administrative Court (case files no.  II FSK 219/19).

The enterprise acquired several buildings and structures, and then applied for a VAT return in relation to that acquisition. Tax authorities challenged the right to deduct VAT, arguing that the properties had been purchased in order to secure a tax advantage. Tax authorities and the Provincial Administrative Court in Gdańsk denied the possibility to include the amount in question in the initial value of fixed assets. However, the Supreme Administrative Court decided otherwise, noting that in such case, the taxpayer had never even held the right to deduct VAT, and consequently, the entire sale price plus VAT (which can be subject to depreciation) should be regarded as the acquisition price and the initial value of the buildings / structures.

The remuneration of the financial department employees and members of management board can be included in the initial value of a fixed asset, as long it is related directly to an investment project, and can be unambiguously determined and separated to the extent related to such project, according to the advance tax ruling issued by the President of the National Fiscal Information on November 12, 2021 (0111-KDIB2-1.4010.386.2021.1.AR).

The company constructs and leases residential apartments and commercial premises. It has a finance department and a management board, whose employees/members perform both general tasks and ones related specifically to a given real estate project. Tax authorities believed that the remuneration of employees, to the extent related directly to a fixed asset, should increase its initial value, rather than be recorded as costs on an ongoing basis.

“The deciding factor for the categorization of a specific expense as a cost of fixed asset generation is the possibility to assign such expense to a specific investment project, i.e. the generation of the fixed asset. (…) The costs of remuneration of the finance department employees involved in tasks related directly to the project should be divided into investment costs (which increase the initial value of fixed assets) and operating costs (in a given period). (…) Among the costs of generation of a fixed asset, the applicant is / will be able to include the aforesaid remuneration of management board members who supervise the investment project, together with other fees linked to such remuneration, i.e. social insurance contributions and payments towards employee capital plans, as long as variable remuneration only concerns the management board members’ actions that have a direct impact on fixed asset generation and the successful completion of the investment project, and the applicant is able to separate the relevant part of the remuneration.”

Real estate tax about to rise in Warsaw – the City Council has adopted new rates for 2022

The biggest rise will be recorded by the real estate tax rate related to business operations, from PLN 24.84 in 2021 to PLN 25.74 in 2022 (up by PLN 0.90). The rate applicable to residential units will increase, as well, from PLN 0.85 in 2021 to PLN 0.89 in 2022. Here, the rise is similar to the previous years (in 2019, the rate was PLN 0.79, while in 2020, it reached PLN 0.81).

Need any assistance? Got any questions? Call or e-mail us

Małgorzata Wąsowska
Tax Advisor / Partner / Head of Tax
+48 691 477 047
malgorzata.wasowska@actlegal-bsww.com

Michał Brzozowicz
Tax Advisor / Attorney-at-law / Senior Associate
+48 665 667 110
michal.brzozowicz@actlegal-bsww.com

Jakub Świetlicki vel Węgorek
Tax Advisor / Senior Associate
+48 505 703 768
jakub.swietlicki@actlegal-bsww.com

Szymon Kokot
Tax Advisor / Trainee Attorney-at-law / Associate
+48 691 557 507
szymon.kokot@actlegal-bsww.com

act legal Poland advises TK Finans Tomasz Księżopolski on the bond issue

Posted on by Małgorzata Zelek

The Bonds Team provided comprehensive legal advice to TK Finans Tomasz Księżopolski in relation to the issue of 3-year bonds worth PLN 20 million. The funds obtained from the issue will be used to finance a real estate development project in Lublin.

The firm’s advisory covered the preparation of issue documentation and collaterals, as well as the negotiation of issue terms and conditions. The law firm also conducted an analysis of the legal status of the real estate collateral.

The transaction was led by Kornelia Walczak (senior associate) assisted by Cezary Zieliński (associate). The analysis of the legal status of the real estate collateral was carried out by Michał Semetkowski (senior associate). The project was supervised by Piotr Smołuch, managing partner, head of the Bonds Team.

act BSWW legal & tax provides comprehensive debt financing advisory services. The team has conducted 500 debt financing transactions with a total value of almost PLN 7 billion.

Capital Newsletter

Posted on by Małgorzata Zelek

Crowdfunding services in light of ECSP Regulation

November 10, 2021 marks the effective date for Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (the “ECSP Regulation”). It lays down uniform requirements for the provision of crowdfunding services and for the organization of crowdfunding service providers, applicable to all EU Member States. This seems to be the right moment to take a closer look at how the ECSP Regulation will influence the Polish and European crowdfunding market.

1. What are crowdfunding services according to the ECSP Regulation?

The ECSP Regulation covers two types of crowdfunding services:

– lending-based crowdfunding – consisting in the facilitation of granting of loans, defined as agreements whereby an investor makes available to a project owner an agreed amount of money for an agreed period of time, and whereby the project owner assumes an unconditional obligation to repay that amount to the investor, together with the accrued interest, in accordance with the instalment payment schedule;

– investment-based crowdfunding – the placing, without a firm commitment basis, of transferable securities and admitted instruments for crowdfunding purposes, and the reception and transmission of client orders. This means that the role of a crowdfunding service provider comes down to the “sale” of such securities/instruments on the public market. The provider is not obliged to subscribe the instruments that have not been acquired by third parties, unlike in the case of other types of placements.

2. How will the ECSP Regulation affect the maximum issue value as part of crowdfunding campaigns?

Until November 10, 2023, the maximum issue value with respect to investment-based crowdfunding is going to be EUR 2.5 million. After that date, the threshold will rise to EUR 5 million. The issue of securities whose total value will exceed the respective amount shall be based upon the conditions specified in Regulation (EU) 2017/1129.

As a general rule, the ECSP Regulation applies to crowdfunding offers with a consideration of more than EUR 5,000,000, which are to be calculated over a period of 12 months as the sum of:

– the total consideration of offers of transferable securities and shares in private – limited liability companies, and amounts raised by means of loans through a crowdfunding platform by a particular project owner; and
– the total consideration of offers to the public of transferable securities made by – the project owner in its capacity as an offeror pursuant to Regulation (EU) 2017/1129.

However, for a period of 24 months from November 10, 2021, in case the threshold of total consideration for the publication of a prospectus in accordance with Regulation (EU) 2017/1129 is below EUR 5,000,000 in a given Member State, the ECSP Regulation shall apply in that Member State only to crowdfunding offers with a total consideration up to the amount of that threshold. In Poland, that amount is set at EUR 2,500,000.

3. Which entities will be allowed to provide crowdfunding services?

Crowdfunding services can be provided by legal entities with their registered office in the European Union, which have obtained an authorization from a competent authority (in Poland: the Financial Supervision Authority). The European Securities and Markets Authority (ESMA) will hold a register of all authorized crowdfunding service providers. The fact that such authorizations can be given exclusively to legal entities means that in Poland, only private limited liability companies, joint-stock companies and simplified joint-stock companies will be able to provide crowdfunding services. Partnership will be excluded due to their lack of legal personality.

It is worth noting that in its announcements issued in relation to the risk of failure to adjust the Polish legal system to the ECSP Regulation until November 10, 2021, the Financial Supervision Authority notes that until the Polish business crowdfunding act (the “Crowdfunding Act”) is adopted, there will be no designated authority that could grant the aforesaid authorizations, which will render it impossible to embark on licensing processes. Pursuant to the ECSP Regulation, the competent authority shall, within three months from the date of receipt of a complete application, adopt a decision granting or refusing to grant authorization. Consequently, crowdfunding service providers might find it difficult to adapt their operations to the new laws before the end of the transitional period (i.e. until November 10, 2022).

4. Can shares in a private limited liability company be covered by an investment-based crowdfunding campaign?

Based on new crowdfunding regulations, shares in a private limited liability company cannot be subject to a crowdfunding campaign. Investment-based crowdfunding can involve transferable securities or other admitted instruments for crowdfunding purposes. The latter means, in respect of each Member State, shares of a private limited liability company that are not subject to restrictions that would effectively prevent them from being transferred, including restrictions to the way in which those shares are offered or advertised to the public. The draft Crowdfunding Act involves a ban on addressing offers for subscription of shares in private limited liability companies to unspecified recipients, and on promoting them through advertising or other forms of promotion intended at unspecified recipients. This legislative change would mean that it is not possible to conduct crowdfunding campaigns concerning shares in private limited liability companies.

5. Does the ECSP Regulation include different investor statuses, depending on their level of experience?

MiFID 2 does not apply to crowdfunding service providers. The ECSP Regulation distinguishes between sophisticated and non-sophisticated investors. In order to be categorized as a sophisticated investor, it is necessary to submit a relevant request. The approval of the sophisticated investor status shall have a validity term of two years.

Legal entities meeting at least one of the following criteria shall be regarded as sophisticated investors: own funds of at least EUR 100,000; net turnover of at least EUR 2,000,000; or balance sheet of at least EUR 1,000,000. Natural persons meeting at least two of the following criteria shall be regarded as sophisticated investors:

– personal gross income of at least EUR 60,000 per fiscal year, or a financial instrument portfolio, defined as including cash deposits and financial assets, that exceeds EUR 100,000;
– the investor works or has worked in the financial sector for at least one year in a professional position which requires knowledge of the transactions or services envisaged, or the investor has held an executive position for at least 12 months in a legal entity that meets the sophisticated investor criteria;
– the investor has carried out transactions of a significant size on the capital markets at an average frequency of 10 per quarter, over the previous four quarters.

6. How does the ECSP Regulation protect non-sophisticated investors?

Pursuant to the ECSP Regulation, before giving prospective non-sophisticated investors full access to invest in crowdfunding projects, it is required to assess whether and which crowdfunding services offered are appropriate for them. For that purpose, service providers will be obliged to carry out an entry knowledge test and simulation of the ability to bear loss.

In case a non-sophisticated investor plans to invest an amount that exceeds the higher of either EUR 1,000 or 5% of their net worth, the crowdfunding service provider shall ensure that such investor receives a risk warning, submits an express consent, and proves to the crowdfunding service provider that the investor understands the investment and its risks.

Moreover, the ECSP Regulation provides for a four-day reflection period for non-sophisticated investors. During that period, the prospective non-sophisticated investor may revoke their offer to invest or expression of interest in the crowdfunding offer, without specifying any reason and without incurring any penalty. Crowdfunding service providers are obliged to adequately inform non-sophisticated investors about their rights related to the reflection period.

7. Can a crowdfunding platform facilitate the investors’ further trading of rights acquired as part of crowdfunding?

Crowdfunding service providers may operate a bulletin board on which they allow their clients to advertise interest in buying and selling loans, transferable securities or admitted instruments for crowdfunding purposes that were originally offered on their crowdfunding platforms. Nevertheless, the bulletin board shall not be used to bring together buying and selling interests by means of the crowdfunding service provider’s protocols or internal operating procedures in a way that results in a contract.

8. Does an authorization issued in Poland make it possible to provide cross-border services?

Pursuant to the ECSP Regulation, a provider that has obtained an authorization is entitled to perform crowdfunding services in another Member State, as long as it has gone through the relevant validation procedure. In order to do, it is required to provide the domestic supervisory authority with a notice about the intention to embark on cross-border operations. Such notice will be forwarded to supervisory authorities in the target Member States and ESMA.

9. How is the ECSP Regulation going to affect the Polish investment-based crowdfunding services?

Until now, Polish investment-based crowdfunding platforms have operated upon the principle of freedom of business activity. They have acted as entities that operate websites which deliver solutions making it possible to advertise public offers. Domestic entities will be obliged to adjust their activities to the ECSP Regulation and to obtain an authorization from the Financial Supervision Authority. It is worth noting that providers can continue their operations in accordance with the existing domestic regulations until the earlier of November 10, 2022 or the date when they obtain the authorization.

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Ask our legal advisors

Piotr Wojnar
Attorney-at-law / Managing Partner
+48 22 420 59 59
piotr.wojnar@actlegal-bsww.com

Łukasz Świątek
Attorney-at-law / Senior Associate
+48 22 420 59 59
lukasz.swiatek@actlegal-bsww.com

Przemysław Kret
Trainee Attorney-at-law / Associate
+48 22 420 59 59
przemyslaw.kret@actlegal-bsww.com

 

act legal Poland advises 7R on PLN 41.3 mln bond issue

Posted on by Małgorzata Zelek

act BSWW legal & tax advised Kallisto 17, a company from the 7R SA group, on a bond issue with a nominal value of PLN 41.3 million. The funds obtained from the issue will serve to finance a logistics investment project in the Tricity. The bonds redemption is scheduled for October 2024.

The Bonds Team advised comprehensively on the preparation of the issue documentation and establishment of collaterals, as well as on negotiations of the issue terms and conditions.

The bond issue project was led by Łukasz Piekarski (Partner), supported by associates Milena Zawisza, Kamil Stankiewicz and Cezary Zieliński. The project was supervised by Piotr Smołuch, Managing Partner and Head of Bonds.

act BSWW legal & tax provides comprehensive debt financing advisory services. The team has conducted 500 debt financing transactions with a total value of almost PLN 7 billion.

act legal Poland advises Adventum on acquisition of Mercedes-Benz building

Posted on by adminTS

Adventum Group, an investment fund manager operating internationally, has acquired the Mercedes-Benz building in Warsaw.

act BSWW legal & tax provided Adventum with comprehensive legal assistance related to the transaction. The services rendered by the law firm included due diligence of the property, drafting transaction-related documents, and negotiation support.

The law firm also advised Adventum throughout the financing process related to this acquisition. Among others, it negotiated the terms and conditions of the facility agreement with the lender, i.e. Bayerische Landesbank.

The transactional team was led by Marta Kosiedowska (Partner) and Marek Wojnar (Managing Partner). The due diligence audit was prepared under the supervision of Katarzyna Marzec (Partner).

The financing team was led by Marta Kosiedowska (Partner), supported by Mariusz Grochowski (Senior Associate).

“It is the second project acquired by Adventum in Poland this year. In June, Adventum purchased Marynarska Point 1 in Warsaw, and we know that our client is far from having said its last word. We are pleased to have been given the opportunity to support Adventum on all of its Polish acquisitions so far,” says Marta Kosiedowska, Partner at act BSWW legal & tax.

“We are proud to witness the rapid growth of our client in Poland. Adventum acquired its first real property in Poland in July 2019, gradually expanding its portfolio which now consists of six prestigious office buildings located in Poland’s major cities,” adds Marek Wojnar, Managing Partner at act BSWW legal & tax.

Mercedes-Benz building is a modern office development which has served as the headquarters of companies from the Mercedes-Benz Group for many years.

Adventum Group is a group of boutique investment fund management companies focused on Central European real estate investments. The Group’s personnel includes highly experienced real estate professionals with CFA, NRW and MRICS qualifications, with a combined investment experience of 70+ years. The group has so far executed investments in the CEE region with a total value of over EUR 1.5bn.

 

act legal Poland advises Interpump Group on EUR 278m cross-border transaction

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Interpump Group S.p.A. acquired White Drive Motors & Steering business unit of Danfoss, consisting of three companies based in Poland, Germany and the US. The transaction value is EUR 278 million.

The seller, Danfoss, is a global supplier of mobile hydraulics and electrification products and solutions. White Drive Motors & Steering has manufacturing facilities in the US, Germany and Poland. The deal was made possible by regulatory bodies’ approval (incl. the EU Commission and the US Department of Justice).

act BSWW legal & tax advised Interpump Group on the acquisition of White Drive Motors & Steering sp. z o.o. (formerly operating as Danfoss Power Solutions sp. z o.o.), a Polish company that forms part of the acquired business unit. The company has two production plants in Poland, located near Wrocław.

The services rendered by the law firm included due diligence of the acquired company, drafting transaction-related documents, negotiation support and closing assistance.

The project team was led by Mariusz Grochowski (Senior Associate) and supervised by Jacek Bieniak (Managing Partner).

“We are pleased to advise on such complex transaction, which plays a pivotal role in our Client’s business strategy,” says Jacek Bieniak.

Interpump Group is the world’s largest producer of professional high-pressure piston pumps, as well as one of the global players in the hydraulic components market. It is listed on the Italian Stock Exchange in the FTSE Italia Mid Cap and FTSE Italia STAR indices. Interpump Group manufactures pumps with pressure up to 500 bar, and professional high pressure cleaners, with 75% of the products intended for export.

Danfoss Group is a multinational company with more than 28,000 employees globally. It produces mechanical and electronic components for equipment on a global scale and in a variety of sectors. Danfoss manufactures approx. 250,000 individual products daily in 50 factories located in 20 countries. The Group’s distribution network consists of approx. 110 agencies. The corporate headquarters are located in Nordborg, Denmark.