Hartenberg Holding is a 200 million EUR investment fund focused on investments in companies in the Central European Region, primarily Czech Republic, Slovakia, Poland, Germany and Austria.

Hartenberg Capital is the General Partner and Trustee for Hartenberg Holding. Hartenberg Capital manages the fund’s assets, seeks investment candidates, executes investment transactions, implements and manages the investment strategies in collaboration with company management and potentially exits investments made by Hartenberg Holding.

Our ambition is to become a respected and trusted investor in the region where we invest.

Our investment objective is to earn the best possible returns, at an appropriate level of risk and to rank among industry leaders in the returns for our shareholders.

Like a typical investment firm, we intend to follow a rigorous investment selection and management process to pursue superior returns for our investors. However, because we invest only our own money, we are able to differentiate ourselves in a number of ways:

  • we become partners, not only financiers, of the companies where we invest;
  • we are fast in the decision making processes, providing a quick response with open feedback;
  • we can pursue a broader range of size and risk / return profiles of the companies in which we invest;
  • we can be a forever-investor in companies which we like and which provide long-term sustainable growth;

Hartenberg’s business model focuses on people driving the process of change and repositioning, driving top-line growth while combining financial discipline with industrial expertise.

We consider the people in our organization as our key asset. The team, originating exclusively from the region where we invest, combines strong local investment and operational experience with best practices in terms of deal structuring and financing, and value creation capabilities.

We invest into businesses where we can add value as an activist shareholder, a catalyst to transform and grow businesses to become leaders in their core markets.

Hartenberg targets established businesses with strong market positions, clear competitive advantages and significant potential for future sales and earnings growth, within industries that are consolidating, growing or changing and can demonstrate well-defined realization alternatives.

An ideal company for us will:

  • generate a strong cash flow;
  • have a proven management team with motivation to grow the business;
  • be in an industry that is consolidating or changing;
  • be a good platform for further growth and acquisitions.

It is key for us before becoming owners to ensure that management, and sometimes co-investors, share the same view on how to move the company forward.

We typically invest in companies with Enterprise Values from 40 million to 200 million EUR, which may require equity investments of 20 million to 100 million EUR. We will consider doing larger transactions through co-investments, and will also consider smaller investments as part of a buy and build strategy.

We prefer to be a long-term investor in companies we acquire. A typical time horizon for us will be more than five years, however, we may stay invested “forever” if the acquired company provides us with a sufficient dividend yield and reasonable capital gains potential.

We remain opportunistic in terms of shareholding types. We invest into controlling or co-controlling positions with strong corporate rights, provided that straightforward problem solving mechanisms are agreed in advance and guarantee fair treatment.

We prefer to invest into industries that we know from our past experience and which deal with the final consumer / customer: Retail, FMCG, Health-Care, Services, Utilities.

The fund will primarily target Central Europe - Czech Republic, Slovakia, Poland, Germany and Austria.

All investment decisions are based on the recommendation of Hartenberg Capital’s Investment Committee.

Shareholders of Hartenberg Holding are Mr. Andrej Babiš and Mr. Jozef Janov.

Shareholders of Hartenberg Capital are Mr. Jozef Janov and Mr. Libor Němeček. All key investment professionals of Hartenberg Capital have significant stakes on project performance.

We consider people in our organization the key asset. The team, originating exclusively from the region where we invest, combines strong local investment and operational experience with the best practices in terms of deal structuring and financing, and value creation capabilities.

JOZEF JANOV

Managing Partner,
Member of Investment Committee

LIBOR NĚMEČEK

Partner
Member of Investment Committee

FRANTIŠEK TREGLER

Investment Director
Member of Investment Committee

MIROSLAV JANOV

Investment Manager

Byron Barker

Chief Analyst

KATEŘINA BATALOVÁ

Financial Manager

In their previous assignments Investment Professionals from Hartenberg Capital participated on following projects:

EM&F Group
600 million EUR EV Project
Zabka
410 million EUR EV Project
Severomoravské vodovody a kanalizace Ostrava
250 million EUR EV Project
Dr.Max Lekarna
500 million EUR EV Project
Aero Vodochody
150 million EUR EV Project
Pet Center
40 million EUR EV Project
Drumet Liny i Druty Sp. z o.o.
30 million EUR EV Project
Fortuna Entertainment Group
215 million EUR EV Project
Iglotex
200 million EUR EV Project
Lieken
Sales - 700 million EUR
Škoda Power
Sales - 220 million EUR
Stream Communications
25 million EUR EV Project

Hartenberg Capital starts its operations

01.06.2013
Prague

Hartenberg Capital, the Trustee of a 200 million EUR investment fund focused on investments in companies in the Central European Region, officially starts its operations as of June, 1st 2013 .

read more...
HARTENBERG CAPITAL
HARTENBERG HOLDING
Na Příkopě 22
110 00 Prague
Czech Republic
Tel.: +420 245 501 180
Fax.: +420 245 501 189
ABOUT
NEWS
CONTACT
Hartenberg Capital
PROJECTS
TEAM

EDUCATION:

University of Economics, Bratislava - Finance, Banking, Investments
Martin Luther University, Halle-Wittenberg - Business Administration

PREVIOUS CAREER:

Penta Investments, Prague, Warsaw (2003-2013) - Investment Director
Navigator Finance, Bratislava (2001-2003) - Analyst
Citibank Northern Europe, Düsseldorf (2001) - Intern

LANGUAGES:

Slovak (native), Czech, Polish, German, English

KEY SUCCESSFUL PROJECTS:

Severomoravské Vodovody a Kanalizace (largest Czech water utility)
250m EUR EV project

Fortuna Entertainment Group (biggest Central European bookmaker)
215m EUR EV project

Zabka PL & CZ (largest Polish and Czech convenience food retailer)
410m EUR EV project

EM&F Group (leading CEE retailer of books, toys, fashion and languages)
600m EUR EV project

Iglo Holdings (leading Polish frozen food producer & distributor)
200m EUR EV project

EDUCATION:

Center for Economic Research and Graduate Education (CERGE), Prague
Ph.D. degree in Economics

Princeton University, Princeton
Ph.D. program in Economics, visiting student, Fulbright Scholarship

Charles University, Faculty of Mathematics and Physics, Prague
Master degree in Computer Science

PREVIOUS CAREER:

Agrofert Holding, Prague (2008 - 2013)
Head of M&A and Corporate Finance, Member of the Board

Citibank Prague, London, Budapest (1998 - 2008)
Corporate Finance

The Economics Institute, Academy of Sciences of the Czech Republic, Prague (1993 - 2001)
Researcher

LANGUAGES:

Czech (native), English

KEY SUCCESSFUL PROJECTS:

Severomoravské Vodovody a Kanalizace (largest Czech water utility)
80m EUR financing

Škoda Group (sale of Škoda Power turbine producer)
sell-side advisory, EV undisclosed

ČEZ (largest Czech electricity producer/distributor)
500m EUR bond issue, buy-side advisory

New World Resources / RPG Group (largest Czech hard coal producer)
1.1bn EUR financing, 510m USD financing, 300m EUR HY bond issue

Český Telecom (largest Czech telecom operator)
850m EUR financing

Zentiva (largest Czech pharma producer)
550m EUR financing

EDUCATION:

University of Economics, Prague
University of Economics, Prague - Ph.D. degree

PREVIOUS CAREER:

Penta Investments, Prague (2005-2012) - Head of Investment Risk, Interim CFO
SG Equipment Finance, Prague (2003-2005) - Risk Manager
DaimlerChrysler Financial Services, Prague (2000-2001) - Intern

LANGUAGES:

Czech (native), German, English

KEY SUCCESSFUL PROJECTS:

Lieken Group (largest German bakery producer)
EV undisclosed

Dr. Max (Leading pharmacies chain in Central Europe)
500m EUR EV project

Fortuna Entertainment Group (biggest Central European bookmaker)
215m EUR EV project

Zabka PL & CZ (largest Polish and Czech convenience food retailer)
410m EUR EV project

Iglo Holdings (leading Polish frozen food producer & distributor)
200m EUR EV project

Drumet (Largest steel wires and ropes producer in Poland)
30m EUR EV project

Stream Communications (cable TV in Poland)
25m EUR EV project

EDUCATION:

Comenius University, Bratislava - Management
Studied at University of Gent, Belgium

PREVIOUS CAREER:

Penta Investments, Prague (2008-2013) - Investment Manager
KD Investments, Bratislava (2007-2008) - Junior Portfolio Manager

LANGUAGES:

Slovak (native), Czech, English

KEY SUCCESSFUL PROJECTS:

Fortuna Entertainment Group (biggest Central European bookmaker)
215m EUR EV project

Zabka PL & CZ (largest Polish and Czech convenience food retailer)
410m EUR EV project

EM&F Group (leading CEE retailer of books, toys, fashion and LANGUAGES)
600m EUR EV project

Gimborn/Petcenter (pet food production in Germany & retail in CZ, SK)
40m EUR EV project

EDUCATION:

CFA Institute - Chartered Financial Analyst
Canadian Institute of Chartered Accountants - Chartered Accountant
University of Manitoba, Canada - Bachelor of Commerce (Honors) - Accounting and Finance

PREVIOUS CAREER:

Penta Investments, Prague (2010-2012) - Controlling & Reporting Manager
PwC, Toronto / Prague (2004-2009) - Director Transaction Advisory Services
Various Companies, Prague / Toronto (1999-2004) – Finance / Director of Finance
KPMG, Winnipeg / Prague (1993-1999) – Audit Manager

LANGUAGES:

English (native)

KEY SUCCESSFUL PROJECTS:

Advised corporate and private equity clients on 40+ buy-side and sell-side transactions deals with both KPMG and PwC Transaction Services:

Orascom Telecom acquisition of Globalive Communications
2008 - deal value unknown

Nutreco Holding NV acquisition of Maple Leaf Animal Feed (Canada's leading animal nutrition company)
2007 EV 500M CAD

Onex's Oncap II PE fund acquisition of CiCis Pizza (leading U.S. pizza restaurant chain with 500+ restaurants)
2007 EV 250M CAD

Georgia Gulf acquisition of Royal Group Technologies (biggest North American plastic window producer and leading building products company)
2006 EV 1.7bn CAD

EDUCATION:

University of Economics, Prague
Central College (member of Group Colleges Australia), Sydney

PREVIOUS CAREER:

Penta Investments, Prague (2007-2012) - Treasurer/Controller
Grupo M. A. Hotel Barceló, Prague (2006-2007) - Accountant
Pavilion Beach Group Pty Ltd, Sydney (2005-2006) - Accountant
Phone-link Communications Pty Ltd, Sydney (2005-2006) - Accountant

LANGUAGES:

Czech (native), English

COMPANY:

Aero Vodochody
Largest aerospace manufacturer in the Czech Republic

PROJECT DESCRIPTION:

Valuation & Investment Recommendation
Monitoring

PROJECT DURATION:

2007-2010

PROJECT SIZE:

Enterprise Value - 150 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

František Tregler

COMPANY:

Autoteile Unger
Germany’s leading independent car repair chain

PROJECT DESCRIPTION:

Evaluation and introduction of new product lines and joint ventures

PROJECT DURATION:

2009-2010

PROJECT SIZE:

Enterprise Value – 1.400 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Thomas Kingreen

COMPANY:

Car del Mar
Leading holiday car online rental agency

PROJECT DESCRIPTION:

Start-up
Growth/ geographical expansion
Successful exit in 2012

PROJECT DURATION:

2006-2012

PROJECT SIZE:

Enterprise Value - 25 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Thomas Kingreen

COMPANY:

Drumet Liny i Druty Sp. z o.o.
Largest steel wires, ropes and staple bands producer in Poland

PROJECT DESCRIPTION:

Valuation & Investment Recommendation
Monitoring

PROJECT DURATION:

2009-2011

PROJECT SIZE:

Enterprise Value - 30 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

František Tregler

COMPANY:

Westfälische Drahtindustrie/ Pampus Industriebeteiligungen
Europe’s leading integrated quality wire drawing group

PROJECT DESCRIPTION:

Loan acquisition/ debt equity swap
Operational turnaround

PROJECT DURATION:

2011-2013

PROJECT SIZE:

Enterprise Value - 400 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Thomas Kingreen

COMPANY:

EM&F group
Biggest Central European bookmaker
Leading retailer of books, media, clothing, toys and language courses in Central and Eastern Europe

PROJECT DESCRIPTION:

Buy and build project
Operational improvement
Geographical expansion

PROJECT DURATION:

2012-2013

PROJECT SIZE:

Enterprise Value - 600 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Jozef Janov, Miroslav Janov

COMPANY:

Fortuna Entertainment Group
Biggest Central European bookmaker

PROJECT DESCRIPTION:

Buy and build project
Operational improvement
Successful IPO in 2010

PROJECT DURATION:

2004-2013

PROJECT SIZE:

Enterprise Value - 215 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Jozef Janov, Miroslav Janov

COMPANY:

Iglotex Group
Leading frozen food distributor and producer in Poland

PROJECT DESCRIPTION:

Buy and build project
Consolidation

PROJECT DURATION:

2010-2013

PROJECT SIZE:

Enterprise Value - 200 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Jozef Janov, František Tregler

COMPANY:

Lieken AG
Largest German bakery producer

PROJECT DESCRIPTION:

Valuation & Investment Recommendation
Acquisition

PROJECT DURATION:

2012 - active

PROJECT SIZE:

Sales - 700 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Libor Němeček, František Tregler

COMPANY:

Dr.Max
Leading pharmacies chain in Central Europe

PROJECT DESCRIPTION:

Valuation & Investment Recommendation
Monitoring

PROJECT DURATION:

2007-2010

PROJECT SIZE:

Enterprise Value - 500 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

František Tregler

COMPANY:

Gimborn, Pet Center
Premium pet food producer, pet food retailer

PROJECT DESCRIPTION:

Buy and build project
Expansion

PROJECT DURATION:

2008-2013

PROJECT SIZE:

Enterprise Value - 40 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Miroslav Janov, Thomas Kingreen

COMPANY:

Severomoravské vodovody a kanalizace Ostrava, a.s.
Largest water utility in Czech Republic

PROJECT DESCRIPTION:

Leveraged buy-out
Financial Restructuring
CAPEX optimization

PROJECT DURATION:

2003-2006

PROJECT SIZE:

Enterprise Value - 250 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Jozef Janov, Libor Němeček (financing)

COMPANY:

Still Gabelstapler
Leading manufacturer of forklift trucks (part of KION Group)

PROJECT DESCRIPTION:

Optimisation of spare parts business

PROJECT DURATION:

2007-2008

PROJECT SIZE:

Enterprise Value – 4.000 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Thomas Kingreen

COMPANY:

Stream Communications, Sp. z o.o.
Provider of cable services

PROJECT DESCRIPTION:

Valuation & Investment Recommendation
Monitoring

PROJECT DURATION:

2008-2009

PROJECT SIZE:

Enterprise Value - 25 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

František Tregler

COMPANY:

Škoda Power
Leading Czech turbine producer

PROJECT DESCRIPTION:

Sell-side mandate

PROJECT DURATION:

2008

PROJECT SIZE:

Sales - 220 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Libor Němeček

COMPANY:

Zabka Polska, Žabka CZ, Freshmarket
Largest Polish and Czech convenience food retailer

PROJECT DESCRIPTION:

Buy and build project
Operational improvement
Geographical and format expansion
Successful exit in 2012

PROJECT DURATION:

2007-2012

PROJECT SIZE:

Enterprise Value - 410 million EUR

HARTENBERG’S PROFESSIONAL INVOLVED:

Jozef Janov, František Tregler, Miroslav Janov

Hartenberg Capital starts its operations

01.06.2013
Prague

Hartenberg Capital, the Trustee of a 200 million EUR investment fund focused on investments in companies in the Central European Region, officially starts its operations as of June, 1st 2013 .

"I am proud to announce that after several months of preparation we have turned our plans into reality. Hartenberg in now ready for new challenging investment opportunities,” said Jozef Janov, Managing Partner at Hartenberg Capital and shareholder of the Fund.

Hartenberg will be looking for companies that generate strong cash flow, have proven management team with motivation to grow the business and can be a good platform for further growth. The projects should have Enterprise Values from 40 million to 200 million EUR, which may require equity investments of 20 million to 100 million EUR. Hartenberg will consider doing larger transactions through co-investments, and will also consider smaller investments as part of a buy and build strategy. Hartenberg will prefer to invest into industries that its investment professionals know from past experience and which deal with the final consumer / customer: Retail, FMCG, Health-Care, Services, Utilities. The fund will primarily target Central Europe - Czech Republic, Slovakia, Poland, Germany and Austria.

"We got our inspiration for Hartenberg from one of the best wines of the world, and I hope 2013 will be a great vintage ,” added Jozef Janov.

About Hartenberg:

Hartenberg Holding is a 200 million EUR investment fund focused on investments in companies in the Central European Region, primarily Czech Republic, Slovakia, Poland, Germany and Austria.

Hartenberg Capital is the General Partner and Trustee for Hartenberg Holding. Hartenberg Capital manages the fund’s assets, seeks investment candidates, executes investment transactions, implements and manages the investment strategies and potentially exits investments made by Hartenberg Holding.

Shareholders of Hartenberg Holding are Mr. Andrej Babiš and Mr. Jozef Janov. Shareholders of Hartenberg Capital are Mr. Jozef Janov and Mr. Libor Němeček.

Contact:

email: info@hartenbergcapital.com