Leading operator for TV and radio broadcasting

In June 2011 Montagu Private Equity completed the acquisition of TP Emitel Sp. z o.o. from the Polish incumbent operator Telekomunikacja Polska S.A. Headquartered in Cracow, Poland Emitel owns and operates a nationwide tower infrastructure providing mission critical transmission services for the broadcasting of terrestrial TV and radio throughout Poland. In addition, Emitel leverages off its infrastructure to provide services to mobile network operators such as site rental, "last-mile" transmission and maintenance.

Montagu was attracted to Emitel's defensive characteristics with high levels of recurring revenues supported by long-term contracts, unrivalled market position in the broadcasting segment as well as high growth potential on the back of unique infrastructure. These features, combined with a motivated and experienced management team and Montagu's previous experience in the sector, made us comfortable with the business and excited about its growth prospects.

Over the course of Montagu’s ownership, Emitel invested substantially in its infrastructure. As a result, its network is modern, reliable and offers the latest technology in the sector. The investment programme allowed Emitel to successfully lead the digitalisation of terrestrial television in Poland and seamlessly migrate from analogue television to a high quality digital terrestrial platform with a nationwide reach: the platform is the primary source of television for more than 30% of households in Poland. Emitel has also acquired two complementary businesses extending its portfolio of broadcast and telecom towers, as well as enhanced the business' operational capabilities. Since Montagu acquired Emitel, the business has shown revenue growth, with enhanced profitability, and has continued to evolve into a multi-channel and fully integrated infrastructure service provider to broadcast and telecom networks.

In February 2014, Montagu completed the sale of Emitel to investment funds managed by Alinda Capital Partners, one of the world’s largest infrastructure investment funds. The terms of the transaction were not disclosed.

Deal details

Deal type: Management Buyout Investment Year: 2011 Country: Poland+ Status: Realised Value: €425 million Industry Sector: Telecom