www.montagu.com

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.

Michał Chałaczkiewicz, 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."

Przemysław 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."


For further information:

Andrew Honnor / Matthieu Roussellier
Greenbrook Communications
+44 207 952 2000


About Montagu Private Equity
Montagu Private Equity is one of Europe’s leading private equity firms. Founded in 1968, Montagu can look back on more than 40 years’ experience in investing in more than 400 transactions. Montagu has a strong track record of supporting portfolio companies, dedicating significant resource to management teams as well as providing additional capital expenditure to fund further growth. Montagu also has considerable expertise helping businesses to accelerate their growth in their home markets as well as to internationalise and expand their customer base. This approach has led to real growth across Montagu’s portfolio. The firm has assets under management of €3.3billion. Montagu invests in businesses that operate in stable markets across Europe with transaction values ranging from approximately €100 million to €1 billion. www.montagu.com

About Alinda
Alinda Capital Partners is one of the world's largest infrastructure investment firms with over $7.8 billion in equity commitments to infrastructure investments. Alinda has invested in infrastructure businesses that operate in 33 states in the United States as well as in Canada, the United Kingdom, Germany, the Netherlands, Austria, Belgium and Luxembourg. These businesses serve 100 million customers annually in more than 400 cities globally, and employ more than 15,000 people.

Alinda's investors are predominantly pension funds for public sector and private sector workers. These institutions seek steady investments over the long term, matching their pension liabilities. They include some of the largest institutional investors in the world. Alinda and its subsidiaries have two offices in the United States - in Greenwich, Connecticut and in Houston, Texas - and two offices in Europe - in London, England and in Düsseldorf, Germany. Additional information concerning Alinda is available on its website at www.alinda.com


Notes to editors
Goldman Sachs International acted as exclusive financial advisor to the owners of Emitel on this transaction. Weil Gotshal & Manges acted as legal advisor and PwC, Arthur D. Little and Solon Management Consulting supported the vendor due-diligence process.

HSBC acted as financial advisor to Alinda. Linklaters LLP acted as legal advisor and Deloitte and Analysys Mason supported the due-diligence process.