Second deal for the fund secures a minority stake in Dreamcommerce S.A., the leading Polish SaaS provider of e-commerce platforms trading under the Shoper®brand.

Value4Capital,  the  lower  mid-market  Polish  and  central  European  buy-out  manager,  announced  the  acquisition of a minority stake in Dreamcommerce S.A. (“Dreamcommerce”) by its V4C Poland Plus Fund (the  “Fund”).  Trading  under  the  Shoper®brand (,  it  provides  a  complete  e-commerce ecosystem for Polish SMEs by offering e-commerce platforms, multiple marketplace integrations, marketing and advertising services, as well as logistic and fulfilment solutions, predominately under a software as a service (SaaS) model. It is the largest Polish provider by number of clients and active online stores, with over 17,000 subscriptions at the end of 2018.

Shoper was launched in Cracow in 2005 by Krzysztof and Rafał Krawczyk to serve the needs of the Polish small business community. Offering integration into local marketplaces and a variety of add-on services that match the specificities of the local market, it has grown into a market leader. Krzysztof Krawczyk, CEO commented: “Shoper enables merchants to access a rapidly growing pool of Polish consumers who are shoppingonline. Our easy-to-start and maintain platform ensures that every company can reach these consumerswithout spending a lot on IT systems and support. Our goal is not only to provide technology, but above all to provide comprehensive solutions supporting on-line sales.”

Piotr Misztal, V4C partner and transaction leader commented: “Despite strong growth over the last couple of  years,  Poland  still  lags  its  peers  in  e-commerce  activity.    We  see  a  tremendous  opportunity  for Dreamcommerce to help drivethe catch-up by enabling more and more companies to offer their products on-line in a professional and cost-effective manner.  Dreamcommerce has a deep experience in this market and we  will  be  supporting  the  management  and  other  shareholders  to  accelerated  growth,  launch  new functionalities and continue to remain the leading choice in our market segment.

”The transaction, which saw the Fund acquire shares from the company’s existing shareholders, is the Fund’s second investment.  The Fund currently has over Euro 90 million of commitments and is focused on buy-outs, often  creating  a  partnership  with  the  current  owner/managers,  where  its  pro-active  involvement  can accelerate the growth of the business.

The V4C deal team included Rafał Ałasa, Piotr Raczkowiak and Bill Watson.  They were advised by Mrowiec Fiałek and Partners Law Firm, EY for financial and tax due diligence and PWC for commercial diligence.  The shareholders were advised by Trigon Investment Bankingand Deloitte Legal.

About V4C
Value4Capitalspecialises in private equity investments in service businesses, looking for opportunities where the service has a strong local delivery component.  Itfocuses on Poland, but selectively invests in Romania, the Baltics and the other EU member states of central Europe.  Owned and managed by its partners, V4C has over 25 years of mid-market private equity experience in the region.The Fund, which held its first closing in November 2017, benefits from financial backing from the European Union under the European Fund for Strategic Investments (EFSI), set up under the Investment Plan for Europe.  The Polish Growth Fund of Funds (PGFF) is also an indirect investor in the Fund. The PGFF is an initiative created by cooperation between BGK (Bank Gospodarstwa Krajowego in Polish) and the European Investment Fund.

Piotr Misztal, Partner+48 22 627 4000