{"id":2776,"date":"2025-12-12T13:01:58","date_gmt":"2025-12-12T12:01:58","guid":{"rendered":"https:\/\/drlewandowski.eu\/publications\/the-ma-market-in-poland-and-the-outlook-as-regards-its-growth\/"},"modified":"2025-12-12T13:05:12","modified_gmt":"2025-12-12T12:05:12","slug":"the-ma-market-in-poland-and-the-outlook-as-regards-its-growth","status":"publish","type":"post","link":"https:\/\/drlewandowski.eu\/en\/publications\/the-ma-market-in-poland-and-the-outlook-as-regards-its-growth\/","title":{"rendered":"The M&A market in Poland and the outlook as regards its growth"},"content":{"rendered":"

Since transactions on the M&A market in Poland reached an all-time high of 525 in 2000, there has been a continual downward trend in the number of transactions effected. At the same time, there has been a shift in transaction value. After a three-year decline in the period 2021-2023, an increase was observed in the value of M&A transactions in Poland in 2024. The upward trend as regards transaction value in the CEE region continued into 2025, while Poland once again stood out as a major market for M&A. Although the climate was not favorable, with financing costs remaining high and an economic slowdown in Western Europe, there was discernible activity on the part of Polish investors on the M&A market. Against the backdrop of economic stagnation in the eurozone, the factors affecting the market in Poland were a relaxing of monetary policy, with the NBP cutting reference rates, a gradual fall in inflation, and a steady rise in Poland\u2019s GDP.\u00a0 The Institute for Mergers, Acquisitions and Alliances <\/em>(IMAA) has reported that in 2024, there were 246 M&A deals of a total value of EUR 5.7 bn, compared to 259 of a value of EUR 3.67 bn in 2023 (see chart 1). In the first nine months of 2025, meanwhile, there was a fall in the overall number of M&A transactions to 171, valued at EUR 9.5 bn. At the same time, projections show a likely result of 228 transactions of a value of EUR 12.64 bn.[1]<\/a>, which would mean fewer M&A transactions but an increase in value.<\/p>\n

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\u00a0Chart 1<\/strong>. M&A tendencies in Poland in 1989-2025 <\/strong>(EUR bn<\/strong>)<\/p>\n

Source: IMAA analysis; imaa-institute.org.<\/p>\n

A report produced by Navigator Capital found that the trend as regards M&A transactions did not waver in the first six months of 2025, despite political uncertainty caused by the presidential election in Poland, which temporarily cooled the mood among investors, as analysts had expected. M&A projects varied from sector to sector due to the economic changes listed below[2]<\/a>, such as the cutting of interest rates and low inflation:<\/p>\n

    \n
  1. A boom in M&A deals in the medical sector;<\/li>\n
  2. The TMT sector remained sound despite a slight decline;<\/li>\n
  3. A few major transactions in the financial sector despite a decline in the number;<\/li>\n
  4. A downturn in the service sector;<\/li>\n
  5. In the other sectors, there was consolidation around a few selected growth factors.<\/li>\n<\/ol>\n

     <\/p>\n

    A) The medical sector was found to be the top sector of growth with regard to healthcare and biotechnology services, with an increase in demand for medical companies, laboratories, and e-healthcare. Rapid consolidation of the healthcare market was spurred by strategic and financial investors (private equity funds) alike. One example is the acquisition of the Eurodiagnostic chain of diagnostic laboratories by the market leader Diagnostyka – this was a continuation of the tendency towards consolidation in the laboratory research market segment. Centrum Medyczne Internus (clinic in Pu\u0142awy) was taken over by Enterprise Investors, which invested in the pharma firm Formeds, thus expanding its healthcare portfolio[3]<\/a>. On the dentistry services market, Dentity Group continued to pursue its buy-and-build strategy, by acquiring Ekstradent, part of the plan to establish a nationwide chain. This increase in interest in the medical sector is due to its defensive nature and long-term structural factors: the aging population in Poland, growing demand for healthcare, and appealing prospects for consolidation of this fragmented market. What makes this sector continue to appeal to investors is its alignment with the nationwide tendency for healthcare to play an increasingly large part in M&A transactions.<\/p>\n

    B) The high level of transaction-related activity in the TMT sector was sustained even though there was a slight decline in the number. This is natural, following the intensive M&A period in preceding years. There continued to be a number of medium-sized acquisitions, in particular involving foreign buyers interested in Polish IT know-how. Acquisitions of IT companies with regard to technology and cybersecurity are propelled by the growing risk of cyberattacks. The Finnish company Digia Plc took over the software consultants Savangard, while the US firm Solvd Inc acquired the Wroc\u0142aw software producer Tooploox, confirming that foreign capital continues to be interested in the Polish software producer market. At the same time, there is a process of local consolidation: the hosting company cyber_Folks was enlarged due to acquisition of Hosterion, while iteo SA merged with Qarbon IT to consolidate the developer service segment. The chief reason for this is the hunt for specialist skills in areas such as cloud computing, AI, and cybersecurity, and also digitalization of the economy; this is the power driving the demand for IT solutions. Although the number of transactions in the TMT sector is slightly lower, it is still one of the M&A sectors with the most activity. Moreover, as tech company pricing stabilizes, and due to the expected gradual improvement in the macro mood<\/em>, there might be a revival of tech transactions in the second half of the year.<\/p>\n

    C) There may have been fewer transactions in the financial sector, but they were highly spectacular. The most prominent example was the Austrian Erste Group\u2019s accession to Santander Bank Polska, a deal for sale of a 49% stake in this major Polish bank for approximately EUR 6.8 bn. This strategic investment, one of the largest cross-border deals in Europe in recent years, underlined the appeal of the Polish market, due to a high rate of growth and banks\u2019 profits in a climate in which interest rates are high, even as there is stagnation in Europe. Another high-profile deal in the banking sector was the purchase of the Citi Handlowy retail division by VeloBank for approximately PLN 1.1 bn. In addition to the banking sector, there is also ongoing consolidation of the insurance and brokerage sector, a continuation of the tendency observed in the preceding quarters. The UK group PIB acquired the brokerage chain RCU Ubezpieczenia, while the Polish multiagency leader Unilink closed another acquisition abroad (the Slovenian Priori Zavarovanje), strengthening its position in the region. Private equity funds remain relatively active. In QI 2025, Innova Capital consolidated the direct insurance market, for instance through acquiring a package of companies such as Punkta and others, laying the groundwork for further acquisitions in this segment. In finance, the motif is predominantly scale and specialization, while business is keen to expand catchment and offerings to meet growing legislative requirements and pressure related to the profit margin.<\/p>\n

    D) In the service sector (other B2B and specialist services) activity markedly subsided due to the economic instability. For a brief time, demand was met or investment-related decisions were put off until a more favorable time. The most interesting transactions in this sector included the acquisition of the UK courier chain Yodeby by Inpost, the Romanian tourism brand Paralela 45 by Rainbow Tours, or for instance the takeover of the privately-owned English language chain Thames British School by an investor in the sector. The latter demonstrates how a good opportunity in a niche market can still attract capital. In general, meanwhile, the little activity in the service sector is due to the continuing high costs of financing at the start of the quarter, affecting in particular small and medium-sized service firms in the financing of the transaction, nervousness in the run-up to the election, and a lack of big players consolidating this fragmented sector. Many service companies adopted a wait and see<\/em> strategy, in anticipation of an improvement in the macro climate. As the economic and political situation becomes more stable, interest in deals in services can be expected to revive,<\/p>\n

    E) In the logistics sector and industry 4.0, the process of digitalization of supply chains can drive consolidation of the sector. In the green energy and renewables sector, investors are on the lookout for projects that reflect EU taxonomy and ESG rules.<\/p>\n

    2025 also saw a technological revolution in transaction processes; instead of traditional analyses, AI is being used increasingly for due diligence purposes, due to the capacity to analyze thousands of pages of contracts, financial reports, and registers within a few hours.\u00a0 This model significantly reduces the time spent on negotiations and costs, but equally new legal issues arise, concerning liability for errors made by an algorithm and how to protect sensitive information in the course of the analysis.<\/p>\n

    Navigator Capital analysts have expressed cautious optimism for the second half of 2025. This is due to the continued high level of activity in the medical and tech sectors, the orderliness that continues to emerge on the financial market, and potential recovery in the services sector, on the proviso that the macroeconomic climate improves. The investors remain particular, although they have significant resources and wait for the right moment.\u00a0 They say that the rate of M&A should increase in the latter half of 2025, especially when the political climate cools. In the past, this has prompted resumption of bolder strategic measures on the M&A market.<\/p>\n

    \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Table 1<\/strong>. Selected M&A deals in Poland in the first half-year of 2025<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
    Asset or entity acquired<\/strong><\/td>\nAcquiring entity<\/strong><\/td>\nTarget<\/strong><\/td>\nValue<\/strong><\/td>\n<\/tr>\n
    Santander Bank Polska (49% shareholding)<\/strong><\/td>\nErste Group (Austria)<\/td>\nBanco Santander S.A.<\/td>\nApprox. EUR 6.8 bn<\/strong><\/td>\n<\/tr>\n
    Citi Handlowy retail banking segment<\/strong><\/td>\nVeloBank<\/td>\nCiti Handlowy<\/td>\nPLN 1.0-1.1 bn<\/strong><\/td>\n<\/tr>\n
    Yodel <\/strong><\/td>\nINPost<\/td>\nPrivate owners<\/td>\nPLN 670 m <\/strong><\/td>\n<\/tr>\n
    Purcari Wineries <\/strong><\/td>\nMaspex<\/td>\nStock exchange investors<\/td>\nPLN 740 m <\/strong><\/td>\n<\/tr>\n
    Poundland <\/strong><\/td>\nGordon Brothers<\/td>\n\u00a0Pepco Group<\/td>\nGBP 1 + GBP 80 m restructuring fund <\/strong><\/td>\n<\/tr>\n
    Gubor Schokoladen <\/strong><\/td>\n\u00a0Colian Holding<\/td>\nPrivate owners<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Plastiwell <\/strong><\/td>\nJet Investments<\/td>\nPrivate owners<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Paralela 45 <\/strong><\/td>\nRainbow Tours<\/td>\nPrivate owners<\/td>\nApprox. PLN 35 m<\/strong><\/td>\n<\/tr>\n
    Eisberg sp. z o. o., Eisberg Hungary k , Eisberg Srl <\/strong><\/td>\nGreen Factory<\/td>\nEisberg Holding<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Polska Grupa Biogazowa <\/strong><\/td>\nHitecVision<\/td>\nTotalEnergies<\/td>\nPLN 800 m<\/strong><\/td>\n<\/tr>\n
    Grupa Niewiad\u00f3w <\/strong><\/td>\nPolska Grupa Militarna<\/td>\nPrivate owners<\/td>\nPLN 130 m<\/strong><\/td>\n<\/tr>\n
    Pupil Foods <\/strong><\/td>\n\u00a0Animex<\/td>\nPrivate owners<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Eurodiagnostic (laboratory chain)<\/strong><\/td>\nDiagnostyka<\/td>\nPrivate owners<\/td>\nApprox. PLN 23 m<\/strong><\/td>\n<\/tr>\n
    Centrum Medyczne Internus (Pu\u0142awy)<\/strong><\/td>\nEnterprise Investors<\/td>\nFounders \/ owners<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Formeds (supplement manufacturer)<\/strong><\/td>\nEnterprise Investors<\/td>\nThe previous owners<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Ekstradent (dentistry clinic)<\/strong><\/td>\nDentity Group<\/td>\nPrivate owners<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Savangard (IT \/ consulting)<\/strong><\/td>\nDigia Plc (Finland)<\/td>\nNavigator Capital and FORDATA (shareholders)<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Tooploox (software house, Wroc\u0142aw)<\/strong><\/td>\nSolvd Inc (USA)<\/td>\nPrivate founders<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Hosterion (hosting)<\/strong><\/td>\ncyber_Folks<\/td>\nThe previous owners<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Qarbon IT (software \/ dev services)<\/strong><\/td>\niteo S.A.<\/td>\nmerger<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    RCU Ubezpieczenia (brokers)<\/strong><\/td>\nPIB Group (UK)<\/td>\nPrivate owners<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Insurance company package (Punkta and others)<\/strong><\/td>\nInnova Capital<\/td>\nThe previous owners<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Priori Zavarovanje (Slovenia)<\/strong><\/td>\nUnilink (Polska)<\/td>\nLocal owners<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Thames British School (private school chain)<\/strong><\/td>\nSector investor (undisclosed)<\/td>\nFounders \/ a fund<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Power Park Olsztyn (shopping center)<\/strong><\/td>\nBIG Shopping Centres<\/td>\nSeller is undisclosed<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Comfy Park Bielik (retail park, Bielsko-Bia\u0142a)<\/strong><\/td>\nNewgate Investment<\/td>\nSeller is undisclosed<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Arkady Wroc\u0142awskie (commercial premises)<\/strong><\/td>\nVastint<\/td>\nSeller is undisclosed<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    CH Glinki (shopping center, Bydgoszcz)<\/strong><\/td>\nRedkom Development<\/td>\nSeller is undisclosed<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    A portfolio of ten A-Centrum retail parks<\/strong><\/td>\nMy Park (Czechia)<\/td>\nA-Centrum<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    GLP warehouse portfolio<\/strong><\/td>\nAres Management<\/td>\nGLP<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n
    Jubitom jewelry store chain (30 stores)<\/strong><\/td>\nApart<\/td>\nJubitom<\/td>\nundisclosed<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    Source: produced by author based on M&A Index Poland Q II 2025.<\/em> Navigator Capital and Fordata.<\/p>\n

    The most popular targets for acquisition were companies in the biotech and healthcare sector, making up 20% of acquisitions (figure 1). The second-most popular targets were telecommunications, media and technology, and industrial sector companies, each making up 17%. The sellers were predominantly private owners (no less than 71% of sellers). Those most active in making acquisitions, at 15% a piece, included sector investors in the biotech and healthcare, telecommunications, and media and technology sectors. These were followed by financial investors representing private equity (PE) or venture capital (VC) funds, making up 14% of acquiring entities,[4]<\/a>\u00a0 and thus this indicates a shift in the investor profile<\/strong>. While foreign equity funds may have been the dominant entities in the past, today Polish investors and second-generation family-owned companies<\/strong> are increasingly active, looking to expand by way of acquisitions. The Polish market is maturing \u2013 the younger generation of entrepreneurs is not afraid of selling businesses if this is a means of entering a new sector or gaining a strategic partner. On the other hand, private equity funds focus on projects with lower risk, often purchasing minority stakes<\/strong> instead of acquiring full control. This means that on the M&A market, Polish firms are increasingly acquiring foreign institutions rather than being acquired (examples are Maspex in its acquisition of Purcari Wineries and Colian Holding in its acquisition of Gubor Schokoladen).<\/p>\n

    \"\" \"\" \"\"<\/p>\n

    Figure 1<\/strong>. Transakcje z udzia\u0142em polskich podmiot\u00f3w pogrupowane wed\u0142ug aktywno\u015bci przedsi\u0119biorstw z danych sektor\u00f3w gospodarki.<\/p>\n

    \u0179r\u00f3d\u0142o: opracowanie w\u0142asne na podstawie: M&A Index Poland. Fuzje i przej\u0119cia w II kwartale 2025 roku<\/em>.<\/p>\n

    The characteristics and specific nature of M&A processes in Poland are determined by the environment of the entities effecting the transactions and the conditions within both the acquiring companies and the targets. EY research has found that no less than 52% of M&A deals in Europe fail to achieve the envisaged synergy, mainly due to problems with integrating teams and differences in terms of management. The chief obstacles to development of M&A in Poland include:[5]<\/a><\/p>\n