In 2025, we successfully completed a series of strong and strategically important transactions, reflecting the continued execution of our investment strategy across Central Europe. These deals demonstrate our ability to deploy capital effectively and support business growth. Below, we highlight some of the key transactions from the year.

Transaction in focus: CVI co-finances the acquisition of Gala Group by Trend Group

The investment consists of EUR 45 million M&A financing package provided by a consortium of investors, split equally between CVI and Polish Development Fund (PFR). Trend Glass (buyer) is a Polish manufacturing company specializing in glass products, with headquarters in Radom. Gala (Target) is a global B2B manufacturer of scented candles, home decorations and home fragrance products. As the candle & home-fragrance and candle-glassware markets are closely correlated, a merger across these two segments is expected to create additional synergies, leveraging shared customer bases, aligned innovation trends, and integrated supply chains.

Transaction in focus: CVI supports the development of low-carbon rail freight transport in CTL Logistics

CTL Logistics Group is one of the largest private rail carriers in Poland and Central Europe. In transaction led by CVI, private debt funds managed by CVI supported by CVI’s co-investor provided senior secured financing in the amount of EUR 26 million. This allowed the company to definitively close the chapter of its historical debt dating back to 2009. Thanks to this transaction, CTL Logistics can now focus on international expansion and further development of its operations in Central Europe.

Transaction in focus: CVI supports refinancing and capex funding for Paged Plywood

Paged Plywood is Poland’s leading plywood manufacturer and ranks among the five largest in Europe. Established in 1881, the Company brings more than 140 years of expertise in the production of premium-quality plywood. The funds managed by CVI provided EUR 25 million worth senior secured bonds, which were cornerstone of the larger EUR 41 million financing package obtained by the Issuer. The purpose of the financing was to refinance the existing bank financing as well as fund CAPEX and the general corporate needs of the Company. Flexible structure and CAPEX funding will foster further growth of the Paged Group.  

Transaction in focus: CVI supports growth of financial services company Efficenter

Efficenter is an NPL collection company that specializes in purchasing NPL portfolios and collection on their own account. Efficenter has been operating in the debt collection market since 2017. The company specializes in purchasing and servicing of non-performing loans, mainly in the consumer segment, but also B2B. CVI invested PLN 94m. The proceeds will support the acquisition of NPL portfolios and further scale up operations.

Transaction in focus: CVI helps residential developer Imperial Capital to expand

Imperial is a residential real estate developer based in Cracow. The group is currently implementing 12 projects (in several stages) in Cracow which enable for construction of c. 3,000 units with a total living area of 160 thousand square meters. CVI provided the Group with debt facility of PLN 101 million which allowed Imperial to consolidate various debt facilities related to past landbank acquisitions as well as to finance new ones. The financing is well suited to Group’s long term strategy as Imperial’s business model is based not only on typical project development but also on land development. We therefore see the transaction as a crucial building block of Group’s long term value creation strategy.