21 Concordia exits VGL Solid Group

21 Concordia is pleased to announce that it has signed an agreement to sell its stake in VGL Solid Group to Ligentia, a UK logistics company co-owned by Equistone Partners Europe.

Headquartered in Gdynia, Poland, VGL Solid Group is the leading Polish logistics operator. The company offers a full range of services in the fields of freight forwarding, warehousing and supply chain management to more than 8,000 Polish and multinational clients across Europe, Asia, Middle East and Africa.

21 Concordia invested in VGL Solid Group in July 2018 with the ambition to build the market leader through organic growth and focused acquisitions. In less than four years the Company has grown its revenues more than four times to more than Euro 400M and Ebitda more than eight times to Euro 41M. Today, VGL Solid Group is the most dynamic and most efficient logistics operator in Poland.

Dariusz Górka, Managing Partner at 21 Concordia, commented: “Experienced Management Team and committed Founders provided for extraordinary organic growth of the Company and significant increase in its operational efficiency. 21 Concordia’s expertise and support in M&A allowed for effective acquisition of Solid Logistics in 2020 and smooth integration of operations of the two companies. We are pleased that Ligentia – VGL Solid Group’s long time business partner - will become its strategic investor and will continue to support VGLS international growth.”

Marcin Gruchała, Co-founder of VGL Solid Group added:“Teaming up with 21 Concordia was a right decision. Clearly assigned roles, complementary competencies and true partnership helped us exceed our business and financial objectives. Together with 21 Concordia we always found the right solutions to all challenges, steering the company through the rapid growth, effective acquisition and daily management of the business.”

André Mierzwa, Managing Partner and Director of 21 Concordia stated: “This transaction closes the most successful investment to date of our Fund. VGL Solid Group’s success is a perfect example of the buy-and-build strategy and confirms 21 Group approach to value creation through selective investments with the right business objectives and effective execution by a strong and committed management team.”

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