We pioneered mezzanine finance in Central Europe in 2000 and have since evolved to become a one-stop-shop for growth capital to mid-market businesses. We have successfully invested over EUR 615m across four funds, helping more than 49 businesses grow – organically and through acquisition; domestically and abroad.
Mezzanine Management pioneered junior capital in Central Europe in 2000. We started out providing mezzanine finance alongside financial sponsors. The region has grown a lot since then, and so have we: today we provide all types of funding depending on what best suits a particular business at a specific point in its development. Nowadays half of our deals are done alongside a financial sponsor; the other half sees us providing a single-institution solution to growing businesses.
While a lot has changed in 17 years, a lot has stayed the same – namely our relationship-based approach. Being first-to-market means we have the experience to truly understand the markets which has made us a ‘preferred partner’ for regional financial sponsors and advisory firms.
The company was founded by longstanding Central Europe investor Franz Hoerhager and is sponsored by industry veteran Rory Brooks , co-founder of London based MML Capital Partners.
MEZZANINE MANAGEMENT // OFFICE PRAGUE
PLACE: Czech Republic
V Šáreckém údolí 261/70, 160 00 Prague 6, Dejvice
MEZZANINE MANAGEMENT HEADQUARTER // VIENNA
Kohlmarkt 5/6, 1010 Vienna
Mezzanine managment finanz- und Unternehmensberatung GmbH
Zlota 59, 00-120 Warsaw, Poland
Mezzanine Management Poland sp. z o.o.
Károly körút 5/a 1075 Budapest Hungary
Mezzanine Management Hungary
40 Pictor Barbu Iscovescu Street, second fl. 011938 Bucharest 1st district, Romania
Mezzanine Management Romania
We create a tailored solution for each partnership instead of offering a particular/rigid/off-the-shelf product. This can mean equity or debt, and is usually a combination of both. Our finance can be standalone or alongside a financial sponsor, and we always ensure the structure aligns us with you. We tend to take a minority stake, so you remain firmly in control.
We can provide a solution to smooth out the cash requirements growing businesses face. For example, our debt can be structured as bullet repayments, allowing you to retain cash. By taking a minority stake we ensure our interests remain aligned, with you retaining control.
Mezzanine Management is a pioneering, independent investment advisory firm, with a focus on Central Europe. Funds we advise provide tailored financing solutions to established mid-market businesses and small and medium enterprises. Mezzanine Management helped to create and now advises four successful mezzanine funds: Accession Mezzanine Capital I, II, III & IV.
A subordinated loan, equity co-investment possible
Positioned between senior lenders and equity
Priced between senior debt and equity returns
Fourth close in August 2018
4 INVESTMENTS in direct portfolio
0 FULL AND PARTIAL EXITS
EUR 200m committed since 2011
16 INVESTMENTS in direct portfolio
10 FULL AND PARTIAL EXITS
EUR 261m committed since 2007
17 INVESTMENTS in direct portfolio
15 FULL AND PARTIAL EXITS
EUR 115m committed since 2002
12 INVESTMENTS in direct portfolio
12 FULL EXITS
Mezzanine Management advises on mezzanine and associated private equity investments in countries which acceded to the European Union in 2004 and 2007, or that are considered EU accession candidates, as well as selective investments in neighboring markets which offer exceptional opportunities.
Three equally important factors qualify the need for growth finance in Central Europe:
– AMC sees an improved macroeconomic, regulatory, and legal framework in Central Europe which allows for strong growth, even in a difficult global market environment
– The region is underserved by traditional lenders, as Basel III regulations have had a negative effect on bank liquidity, therefore opening space for alternative capital providers
– A funding gap resulting from a limited number of dedicated providers of non-equity term finance for growing companies
Investments are well differentiated across sectors within the region. Anticipating the growing opportunity for high-grade investments along with regional convergence, the credibility and demand for mezzanine finance will correlate in growth. This will occur – particularly as other sources of financing temporarily withdraw from the market or contract as a result of the financial crisis – and as the availability of increasingly attractive pricing is realised from an improved risk/return profile.
Doing business in a fragmented region comprising numerous countries, languages, legislations, economic frameworks and currencies such as Central Europe, requires the utmost dedication and expertise. The cumulated experience of our team provides for a structured business approach, and a long-term growth perspective.
Our team comprises fourteen investment professionals across five regional offices. The team has developed unrivalled business and financial networks across the region, enabling a wide ranging proprietary deal flow for our clients as well as coverage of the spectrum of commercial and financial activity in the region.
Since 2000 Franz has been the Founding Partner and Executive Director of Mezzanine Management.
From 1992 to 1999 he was a Managing Director at Bank Austria (now part of Uni-Credit) for commercial banking/international network management, and from 1997 a member of the managing board. Prior to this, he held various positions in international division of the Creditanstalt Bankverein, among others, deputy general manager at the Creditanstalt branch in New York.
Franz holds a Masters Degree and a Doctorate in Economics from the Vienna University of Economics and Business Administration.
Chris is the Managing Partner of Mezzanine Management.
Prior to joining Mezzanine Management, he was Erste Bank’s Praguebased head of acquisition finance for CEE from 2000 until 2005. Previously he worked in private equity and acquisition finance teams at Erste Bank and HSBC in London.
Chris holds a Bachelor Degree in Banking and Finance from Loughborough University and a Diploma in Marketing from the Chartered Institute of Marketing (UK).
Przemyslaw has more than thirteen years of experience in corporate finance and audit in CEE.
He started his professional career in Ernst & Young Audit and then moved to the Corporate Finance department of Ernst & Young in Warsaw. In 2005, Przemyslaw joined Mezzanine Management where he works as a Managing Director. In 2008, Przemyslaw launched the Kiev office of Mezzanine Management. He is also responsible for restructuring efforts and special situations in the portfolio. Przemyslaw represents funds’ interest in investments in Ceres, Betonlux, Borsodchem, Nidan Soki, PCollect, SAD, Star Galaxy, Telelink and Zaberd.
Przemyslaw holds a Master Degree in Finance and Banking from the Warsaw School of Economics and has pursued study programs in the U.S. and the Netherlands.
Niklas has more than fifteen years of experience in investment banking in CEE. He served/serves on the supervisory board of Devin, Novera, Carrefour and EuroIns.
Between 2000 and 2005, he worked for Vienna Capital Partners (“VCP“), a leading independent investment and advisory company in Central and Eastern Europe. Before working for VCP, he worked for well-known M&A advisory houses, e.g. Ernst & Young Financial Advisory Services.
Niklas holds a Masters Degree from the Vienna University of Economics and Business Administration and has pursued study programs in the U.S.
Claudiu has more than ten years of professional experience in corporate finance and audit in CEE.
Before joining Mezzanine Management, Claudiu worked as Senior Manager in the corporate finance department of KPMG Romania focusing on strategy formation, M&A and business valuations. Prior to that Claudiu was in the Business Advisory Department and in the Financial Services Audit Department of KPMG.
Claudiu holds a Masters Degree in Management of Banking Systems from the Academy of Economic Studies, Faculty of Banks and Finances, Bucharest and is a Chartered Accountant.
Piotr Sadowski CFA, is a Senior Investment Director of Mezzanine Management in Poland. During his time with the firm Piotr participated in a variety of investment projects in several sectors and geographies. Among others he has been responsible for investments in Polish road maintenance company, IT equipment distributor, telecommunication company in Bulgaria, international capital goods producer, Poland’s leading car leasing and long term car rental company.
Piotr has more than ten years of experience in corporate finance and audit in CEE. Before joining Mezzanine Management in 2008, Piotr was working for Ernst & Young Audit and Corporate Finance.
Piotr graduated from the faculty of Quantitative Methods and Information Systems at the Warsaw School of Economics. He also pursued a study program at the Stockholm School of Economics.
Christian has more than nine years of experience in investment banking and private equity. His key responsibilities include deal sourcing and analysis, financial modelling, due diligence and structuring of transactions. Christian also heads the Investor Relations department at Mezzanine Management.
Before joining Mezzanine Management, Christian worked at M Cap Finance, a Frankfurt-based mid-market mezzanine fund. Christian started his career at Unicredit’s Markets and Investment Banking division focusing on transactions in Austria and CE.
Christian holds a Masters Degree from the University of Economics and Business Administration in Vienna.
András has over ten years of experience in the CE banking & finance market. András started his career at HypoVereinsbank Hungary (now Unicredit Bank) as junior product specialist in the structured finance department, responsible for credit analysis and financial modelling in finance transactions concerning infrastructure, energy and food market investments. Andras serves as the Hungarian country head of the MM team.
András holds a M.Sc. degree in economic sciences from the Budapest University of Economic Sciences (currently Corvinus University of Budapest). He has also pursued post-graduate legal studies in Hungary and received a scholarship at the Erasmus University of Rotterdam.
Jakub Chechelski is an Investment Director of Mezzanine Management in Poland. He has fifteen years of experience in corporate finance and private equity.
Jakub joined Mezzanine Management from Bridgepoint, a leading European mid-cap fund where he spent over 6 years, covering the CEE region and working on a variety of projects. Prior to that he worked at Enterprise Investors, a leading CEE-focused fund. His sector experience is particularly strong in the consumer as well as business services space.
Prior to his first role in private equity, Jakub worked for Ernst & Young Corporate Finance.
Jakub graduated from faculty of Finance and Banking at the Warsaw School of Economics.
Cristian is an Investment Manager of Mezzanine Management in Romania. He served on the board of directors of Carpatina.
Cristian has more than twelve years of experience in corporate finance and audit in CEE. Prior to joining Mezzanine Management, Cristian worked in the financial advisory team of Deloitte Romania between 2005 and 2010, specialising in due diligence, business valuation and debt advisory. Previously he spent three years with KPMG Audit in Bucharest.
Cristian holds a Bachelor degree in banking & finance from Bucharest University of Economics. Between 2006 and 2012 he was a member of the Association of Chartered Certified Accountants (UK) and also pursued a study program at the American Society of Appraisers (US).
Dmytro is a Investment Manager of Mezzanine Management in Poland. During his time with the firm Dmytro participated in a variety of investment projects in several sectors and geographies. Among others he has been responsible for investments in a Russian family entertainment chain, a concrete production company in Moldova, a telecommunication company in Bulgaria, and a multichannel online travel agency in the Czech Republic.
Prior to joining Mezzanine Management, Dmytro worked for Ernst & Young over 4 years initially in the Audit practice and subsequently in Transaction Advisory. During his work at Ernst & Young, Dmytro participated in engagements in the Russian Federation, Ukraine and the Republic of Belarus.
Dmytro is a graduate of Lviv Polytechnical University with a Master’s degree in Management.
Karol has more than six years of experience in corporate finance in CE and joined Mezzanine Management in early 2015. Between 2010 and 2015, he worked for well-known M&A advisory house Ernst & Young Corporate Finance in Warsaw, and before 2010 he worked for Deloitte.
Karol holds a Masters degree from the University of Economics in Poznan, Bachelor with Honours degree from the Abertay University and pursued study programs at the Harvard University.
Prior to joining Mezzanine Management, Graţiela spent over four years at UniCredit Group based in Vienna. Graţiela was a member of the UniCredit’s Investment Banking team for over 2 years providing advice to clients on buy-side and sell-side M&A transactions across various sectors in Europe, with a focus on Austria and Central Eastern Europe. She was also a member of UniCredit’s Large Corporates Coverage team for two years, based in Paris and Vienna, focusing on the client strategic planning and coverage.
Graţiela holds a Master Degree in Quantitative Finance from the University of Applied Sciences BFI Vienna and a Master Degree in Econometrics from Babeș-Bolyai University. She also pursued courses of study at the London School of Economics (LSE).
Artur is an Analyst of Mezzanine Management in Poland.
Prior to joining Mezzanine Management on a permanent basis he successfully completed a professional internship at the firm’s Warsaw office. He is responsible for the analysis and screening of potential investment opportunities, as well as for devising business strategies to support portfolio companies in achieving their performance objectives.
Artur holds a Bachelor of Business Administration degree from the Schulich School of Business in Toronto, and a Master of Finance degree from the Lviv Polytechnic National University.
We are firm believers that responsible investing is beneficial for our investors, our investment companies, and the world we all live in. For this reason, we take very seriously the need to incorporate environmental, social and governance issues into the diligence we do on all our deals.