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Mid Europa Partners to invest in Polskie Koleje Linowe, the largest mountain tourism operator in Poland

23 May 2013

Mid Europa Partners, the leading private equity firm focused on Central Europe and Turkey, announced that, together with four Tatra Mountains communities, it has entered into an agreement to acquire a 100% stake in Polskie Koleje Linowe ("PKL" or "Company") from Polskie Koleje Panstwowe ("PKP") and has committed to support PKL's growth strategy. The transaction will be completed through Polskie Koleje Gorskie ("PKG"), an entity established by the communities, and is subject to customary closing conditions, including competition clearance. Upon completion, expected in Q3 2013, Mid Europa will become PKG's majority shareholder.

With presence in six locations in the Polish mountains, including flagship operations at Kasprowy Wierch and Gubalowka in Zakopane, PKL is the largest and the oldest cable car, funicular, ski lift and ski slope service provider in Poland.

Zbigniew Rekusz, Partner of Mid Europa, commented: "We have identified leisure and tourism sector as a strong growth opportunity and believe that PKL, with its established presence in the most popular Polish mountain locations, represents an attractive entry route and consolidation platform in this market.  We plan to actively contribute to the success of the Company and support its growth by leveraging our experience in the services sector."

Janusz Majcher, Mayor of Zakopane, stated: "This is a very important development for the entire region and its inhabitants. The future growth of PKL will play a very important role for the local businesses which rely on tourism. PKL's assets represent major tourist attractions in the communities in which they are located. Together they constitute an excellent platform for integration and expansion of the regional tourism offering.  PKG is a company created by local communities which will help to ensure that the future expansion strategy of PKL will respect interests of tourists, local businesses as well as the need to protect nature, and to ensure long-term sustainable growth of the region."

Mid Europa and PKG jointly expressed their view that PKL has great potential and will need a co-ordinated investment strategy between the Company and the local communities. The parties plan to expand the business, both organically and through acquisitions, in order to strengthen PKL's position in the leisure and tourism market.

Ernst & Young acted as exclusive financial and transaction services adviser to Mid Europa, CMS Cameron McKenna as its legal counsel and DCSA as technical adviser. The transaction was executed by Tomasz Blicharski, Lukasz Gawlik, Dominika Kozlowska and Zofia Szewczuk from Mid Europa.

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