Mykogen
Country: Poland
Region: Lodzkie
Investors: Abris Capital Partners
During Abris’s ownership, Mykogen developed dynamically over a period of five years, transforming from a mid-sized business into Central and Eastern Europe’s leading substrate producer, in both volume and quality.
Abris helped the company execute a growth plan, tripling Ebtida in Poland organically through the expansion of Mykogen’s existing facilities, as well as through the add-on acquisition of Fungis, a local competitor. In addition, Abris supported the business in order to maintain its revenues and profitability in Ukraine, its second market, despite geopolitical unrest and a 70% depreciation in the local currency.
In 2017, Mykogen was successfully sold to corporate acquirer Greenyard N.V. At exit, the Company was the largest producer of mushroom substrate in CEE and third biggest in Europe.
Paweł Gieryński
Managing Partner - Abris
We are proud that once again we have been able to help a Polish, family-run business to realise its ambitious development plans. We are delighted that the results have not only secured Mykogen group the long-term trust of its clients, but also wholly validate our chosen business strategy.
18%
CAGR in production volume between 2012-2017
10%
CAGR in Ebitda between 2012-2017
What did the business need?
Expansion of existing production capacity
Professionalization of the management team
Market consolidation
Maintenance of quality leadership
How did private equity backing create lasting value?
Has built a professional management team through internal promotions, external recruitment and a long-term coaching program
Completed investment program in new plants and production lines
Built a multilayer management structure, introducing high-quality management standards and bringing in a CEO and CFO
Executed a sizeable bolt-on acquisition (Fungis)
Built scale and spread geographical footprint
Constructed a second production plant in Ukraine
Built a very strong financial controlling team from scratch
What outcomes did private equity investment achieve?
Increased volumes threefold in Poland and by 50% in Ukraine
Increased market share from 10% to 22% in Poland, and from 40% to 60% in Ukraine
Converted a local player into the third biggest substrate producer in Europe
Investors
