Country Poland
Region Dolnodlaskie
Investor Enterprise Investors

KRUK was established in 1998 by two entrepreneurs who, in 2000, saw a huge opportunity in outsourced debt collection in Poland. Within three years KRUK become number 1 in Poland and soon started second business line - debt purchasing. The founders needed more investment to help their business grow. Enterprise Investors took a majority stake in the company and helped the company expand into the fast-growing debt purchase market both in Poland and abroad.

Today, KRUK is one of the biggest and the most profitable debt collection companies in Central Europe, with strong presence in four countries: Poland, Romania, Czech Republic and Slovakia. The uniqueness of the group's strategy is reflected in pro-agreement approach to indebted people, whose debts are spread into installments convenient to repay. Kruk was listed in Warsaw in 2011.

Enterprise Investors’ experience and capital were crucial to forming a coherent strategy and creating the market leader in consumer debt collection in Poland and Romania.

Piotr Krupa CEO, KRUK

What did the business need?

  • Capital to expand in a fast-growing market
  • Investment in new technology
  • Stronger management team to facilitate expansion
  • Entry into new markets

How did private equity backing create lasting value?

  • Provided finance to buy debt portfolios
  • Introduced risk assessment measures, as well as tools to improve sales and efficiency
  • Accepted unique and innovative pro-settlement approach, allowing individuals to reach an amicable settlement and pay affordable monthly installments
  • Played an instrumental role in securing external finance for expansion, including bank loans and corporate bonds
  • Expanded operations into Romania, Czech Republic and Slovakia

What outcomes did private equity investment achieve?

  • Established KRUK as clear market leader in Poland and Romania
  • Increased revenues by almost ten times to €83.5m and profits by a similar margin
  • Created strong corporate structure and listed KRUK on Warsaw Stock Exchange
  • Added 1,500 new jobs, taking total staff to 1,800


increase in revenue


increase in jobs, adding 1,500 staff

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