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Private equity in action - Case Study

PE in CEE - Dotcard

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Poland’s leading omni-channel PSP

Driving a merger and helping establish an omni-channel payment company with the most comprehensive portfolio of services in Poland

COUNTRY

Poland

RETURN 3.1x
GP MCI Capital GROWTH +145% payment volume
INVESTMENT EUR 20.2 million    
SECTOR E-payment services INVESTMENT TYPE Buyout and growth
INVESTMENT March 2016 FUND OWNERSHIP 87% 
EXIT January 2019 EXIT ROUTE Trade sale

Investment rationale
As an active investor in the e-commerce sector, MCI sought opportunities in the growing online payment solutions market. MCI made parallel investments in two complementary Polish e-payment service providers: eCard, the 2nd largest online card acquirer serving large merchants, and Dotpay, the 3rd largest online payment service provider. The merged entity, Dotcard, became Poland’s first provider of omni-channel payment solutions.


Deal history and structure
MCI invested in publicly listed eCard and reached a 51% stake after a squeeze-out of minority investors, delisting and a capital increase. In parallel, MCI acquired Dotpay’s owner, Mobiltek Group. Dotpay was subsequently acquired by eCard to create the Dotcard merged entity. The above transactions included a EUR 17 million purchase of existing shares and a EUR 3.2 million capital increase by MCI plus bank leverage.

 

Dotcard

MCI Capital

In this section
Private Equity in CEE: Creating Value and Continued Growth Image

Private Equity in CEE: Creating Value and Continued Growth

11 Feb 2021
Invest Europe

The report offers an in-depth study of private equity’s role in innovation and economic development across Central and Eastern Europe through detailed case studies of companies backed by private equity investors during 2015-2019.

Download PDF 8.26 MB
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