Abris Capital Partners today successfully completed the Initial Public Offering (IPO) of Prime Car Management S.A., the parent company to the Masterlease Group.
Masterlease is Poland’s largest automobile fleet management business, servicing a wide range of corporate clients in all the country’s major cities.
The business was valued by the IPO at PLN 524m (EUR 126.3m). Abris sold 40% of its shares, leaving it as an approximately 60% owner of the company. The Abris shares were acquired principally by Polish domestic institutional investors. Trading of the shares of Prime Car Management on the Warsaw Stock Exchange is expected to commence on 16th April, 2014..
“This is a very important day for Masterlease. The success of this IPO ultimately validates the strategy we devised for the business together with Abris some 4 years ago. The combined effort of the company’s management and Abris was recognised today by the new investors and in the IPO valuation we obtained. We are now all very excited about the prospects for Masterlease as a public company” said Grzegorz Waluszewski, the Chairman and co-founder of Masterlease.
“This was a demanding project. It took a lot of work to refocus the business to be profit driven and we would not have been able to achieve our goals without the dedication of the whole management team. We remain an important shareholder in Masterlease, and continue to believe in its ability to grow and benefit from the positive trends in the Polish car fleet management market.” added Wojciech Łukawski, Partner in Abris.