21 Concordia to partner with Adesso

November 6, 2014

21 Concordia, the Polish private equity firm of 21 Partners, acquired 25% of Adesso S.A, the second largest player in the general fashion discount store segment in Poland, from the Redan S.A. group, one of the leading Polish branded fashion retailers.

Founded in 1989, Adesso S.A. operates a leading Polish chain of discount clothing stores under the TextilMarket brand. The Company has over 300 shops and offers a wide range of fashionable clothing for the entire family at very attractive prices. In 2013, Adesso S.A. generated sales in excess of €M 55.

Alongside the management team, 21 will foster the company's growth strategy, based on the following drivers: organic growth through increase in national coverage, with the opening of approximately 30 new stores in Poland every year, combined with further dynamic development of the e-commerce channel, and international expansion of the network in neighbouring countries of Central and Easter Europe, namely Slovakia, the Czech Republic and Romania, for which the first locations are have already been opened. The objective is to reach a network of approximately 650 stores, including some 150 locations abroad.

Dariusz Górka, Managing Partner of 21 Concordia commented: “Adesso is one of the leading players in its market. The diversified business model, combined with the growing segment of discount clothing retail, including the Internet distribution channel, constitute a very attractive investment opportunity for our Fund. The Company has an established country-wide store network, offers broad range of inexpensive SKUs and has a diversified supplier base. We are glad that we can support the Company and the professional Management team in its further development in Poland and abroad.

We are very happy to welcome 21 Concordia in Adesso. The new shareholder offers professional support in Adesso’s development and financing of its operations. While working with 21 Concordia we can benefit from the extensive experience and competences of the 21 Partners group in the textile and retail industry abroad.” – commented Bogusz Kruszyński, Vice President of the Management Board of Redan S.A.

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