Flexible financing solutions with a partnership approach


We back growing mid-market businesses in Central Europe

 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 close to EUR 690m across four funds, helping more than 54 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 20 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.


PLACE: Czech Republic
V Šáreckém údolí 261/70, 160 00 Prague 6, Dejvice

Growth Capital Advisors s.r.o.


PLACE: Austria
Kohlmarkt 5/6, 1010 Vienna

Mezzanine Management Finanz- und Unternehmensberatung GmbH


PLACE: Poland
Zlota 59, 00-120 Warsaw, Poland

Mezzanine Management Poland sp. z o.o.


PLACE: Hungary
Károly körút 5/a 1075 Budapest Hungary

Mezzanine Management Hungary


PLACE: Romania
40 Pictor Barbu Iscovescu Street, second fl. 011938 Bucharest 1st district, Romania

Mezzanine Management Romania


Every opportunity is different, and so is our approach.

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.

Uses of our capital

Our Funds


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

  • – Long-term flexible debt
  • – Moderate cash burden on the company
  • – Bullet repayment at maturity/exit
  • – Alignment of interest with shareholders through equity upside


Positioned between senior lenders and equity

      • – Subordinated to senior lenders in terms of security and cash payments, both interest and principal repayment
      • – Maturities extend beyond senior facilities


Priced between senior debt and equity returns

  • – Current interest income
  • – Participation in the economic value of the borrower at exit via warrants and equity co-investments
  • – Put option to structure liquidity events for AMC



EUR 264m committed since 2017

9 INVESTMENTS in direct portfolio



EUR 200m committed since 2011

16 INVESTMENTS in direct portfolio



EUR 261m committed since 2007

17 INVESTMENTS in direct portfolio



EUR 115m committed since 2002

12 INVESTMENTS in direct portfolio


Regional Expertise

A convergence play

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.

Reasons for growth finance in Central Europe

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

Response to the scarcity of classical funds

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.

Local know-how

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 People

The Team - AMC Capital Partners

Is an experienced, stable and motivated team

Our team comprises eighteen 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.

Franz Hoerhager

Founding Partner & Chairman

Franz Hoerhager

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 Buckle

Co-Managing Partner, CRO
Vienna / Prague

Chris Buckle

Chris is a Co-Managing Partner and the Chief Risk Officer of Mezzanine Management.

Prior to joining  Mezzanine Management, he was Erste Bank’s Prague-based 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 Glebocki

Co-Managing Partner, CIO

Przemyslaw Glebocki

Przemyslaw is a Co-Managing Partner and the Chief Investment Officer of Mezzanine Management.

Przemyslaw has more than fifteen years of experience in corporate finance and audit in CEE.

He started his professional career in Ernst & Young Audit and Corporate Finance before joining Mezzanine Management in 2005. In 2008, Przemek launched the Kiev office and heads the Polish office since 2015. He is also responsible for restructuring efforts and special situations in the portfolio. He has been responsible for investments in Telelink, Ceres, Star Galaxy, PCollect, Invia, Dominium, PEM, Spearhead and was involved in funds investments in Luxmed, Solaris, JetFinance, Zaberd, SAD, Borsodchem, Nidan Soki.

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.

Claudiu Corcodel

Partner, Head of Romania

Claudiu Corcodel

Claudiu has more than twelve 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

Partner, Head of Baltic Region

Piotr Sadowski

Piotr Sadowski CFA, is a Partner at Mezzanine Management and the Head of Baltic Region.

Since joining Mezzanine Management in 2008, Piotr participated and has been responsible for investments in a Polish road maintenance company, IT equipment distributor, telecommunication company in Bulgaria, international capital goods producer, Poland’s leading car leasing company, consumer finance businesses in the region and commercial cooling equipment producer. Piotr started his career at Ernst & Young Poland.

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 Stix

Partner, Head of Investor Relations

Christian Stix

Christian has more than eleven years of experience in investment banking and private equity.

Before joining Mezzanine Management in 2010, Christian worked as Associate at M Cap Finance, a Frankfurt-based mid-market mezzanine fund. His key responsibilities included assessment of deals, financial modelling, due diligence and structuring of transactions. Christian started his career at Unicredit’s Markets and Investment Banking division focusing on transactions in Austria and CEE.

Christian holds a Masters Degree from the University of Economics and Business Administration in Vienna.

Jakub Chechelski

Investment Director

Jakub Chechelski

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.

Marko Mitrovic

Investment Director

Marko Mitrovic

Marko has 20 years of experience in investment management and restructuring, primarily in Central and Southeast Europe and in the United States, and most recently as an Associate Director at EBRD.

In his career, Marko has also served as interim CEO and CFO in companies from EUR 50-200m in revenues, and advised shareholders and senior creditors of both public and private companies.

A graduate of City University, Marko has written a book about restructuring and is a member of the International Insolvency Institute.

Laszlo Olah


Laszlo Olah

Laszlo represents Mezzanine Management CE In Hungary and has 20+ experience in investment banking and private equity.Before re-joining MM in 2020 Laszlo started his own SME-focused business support venture. During his earlier tenure at MM, he looked after transactions in Hungary and in the Western Balkan. Laszlo sources investment opportunities in Hungary. He is a passionate volunteer of good causes.

Laszlo’s highest degree is from the US: he is a MBA. Besides the Weatherhead School of Management Laszlo attended INSEAD’s and CEU’s Business Administration master programs.

Cristian Stejar

Investment Manager

Cristian Stejar

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 Kistechko

Investment Manager

Dmytro Kistechko

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 Kaminski

Investment Manager

Karol Kaminski

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.

Artur Rusiyan


Artur Rusiyan

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.

Immanuel Jebsen


Immanuel Jebsen

Immanuel has a background in Venture Capital and FinTech, and joined Mezzanine Management in 2019 as an Associate.

He is part of the transaction team located in Vienna, analyzing and assessing new opportunities, whilst monitoring current portfolio companies with a regional focus on South Eastern Europe.

Before joining Mezzanine Management, Immanuel was with a global consumer lending platform for financial institutions and multinational retailers responsible for business development and global partnerships.
Immanuel holds a Masters degree in Management from Imperial College Business School, as well as a Masters in International Relations from the University of St Andrews.

Paul Moss

Chief Financial Officer

Paul Moss

Paul is Group Chief Financial Officer of the AMC Group and has more than eleven years accounting experience in private equity funds services and audit.

Between 2014 and 2019, Paul worked as a senior reporting manager at a private equity fund administrator across the Channel Islands, Luxembourg and Sweden, managing client reporting requirements as well as being responsible for technical accounting matters and quality control.

Prior to 2014, Paul worked in Financial Services Audit in Guernsey for Ernst & Young for six years.
Paul is a Certified Charted Accountant (FCCA) and holds a Physics degree from the University of Leicester.

Panagiota Peristeropoulou


Panagiota Peristeropoulou

Panagiota has a background in Investment Operations and joined Mezzanine Management in 2020 as an Associate.

She is part of the investor relations team located in Vienna, responsible for a wide variety of analytics and material creation related to new business opportunities, portfolio monitoring and ongoing investor reporting requests. In addition, Panagiota serves as AMC Group’s ESG Director overseeing the Group’s activities in both growth capital and direct lending. She is responsible for ESG oversight on the transaction level and the annual policy review.

Before joining Mezzanine Management, Panagiota was with a global asset manager responsible for Derivatives contracts collateral management.

Panagiota holds a Masters degree in Quantitative Finance from Strathclyde University and a Bachelor degree in Mathematics from Aristotle University.

Responsible Investing

We are proud signatories of the UN’s Six Principles for Responsible Investment.

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.