WARSAW, March 31, 2021 - Greenberg Traurig is advising the CCC Group in connection with a transaction that will result in two new minority investors becoming shareholders of eobuwie.pl S.A. - the leader in the online footwear market in Central and Eastern Europe.
On March 11th 2021 negotiations began on an exclusive basis with the two selected investors - Cyfrowy Polsat S.A. and A&R Investments Limited, one of the shareholders of InPost S.A. On March 31st 2021 CCC Group announced the signing of two conditional preliminary agreements regarding the sale of two 10% stakes in eobuwie.pl to Cyfrowy Polsat and A&R Investments Limited respectively. The sale price was determined at PLN 500 million for each stake, that is PLN 1 billion for both stakes. The conditions precedent include consents of the banks funding the CCC Group and the eobuwie.pl general meeting for the sale of shares, and should be fulfilled by April 30th 2021 or by a later date that may be determined in accordance with the preliminary agreements.
The total value of the pre‑IPO transaction amounts to PLN 1 billion. The transaction will provide eobuwie.pl with new and strong minority shareholders, and the CCC Group with funds in the amount of PLN 1 billion while it retains its majority shareholder status in the company.
According to the CCC Group, proceeds from the sale are to be used for general corporate purposes, including refinancing of liabilities, additional financial security in the event of further restrictions related to the COVID-19 pandemic and a cash reserve necessary to acquire a 20% stake in eobuwie.pl from the current minority shareholder. The IPO of eobuwie.pl is planned for 2022 or 2023.
Greenberg Traurig is providing comprehensive legal advice with respect to the transaction.
“We firmly stand by our clients. Last spring, we assisted CCC in the very first transaction of its kind on the Polish capital market – one driven directly by COVID-19 related circumstances and successfully executed despite the severe lockdown restrictions. This time we are looking ahead and attracting new investors in eobuwie.pl, the leading online footwear marketplace, has the potential to support its successful IPO in the near future”, said Jarosław Grzesiak, Managing Partner and Head of Greenberg Traurig’s Capital Markets Practice in Poland.
The Transaction is led by Partner Rafał Sieński who is supported by Partner Stephen Horvath, Local Partner Maciej Pietrzak, and Senior Associates Marek Kłeczek and Magdalena Medyńska along with Associate Michał Bałdowski.
In May 2020 Greenberg Traurig acted as legal counsel to CCC S.A. and to its main shareholder in the process of issuing and offering 13.7 million new shares, allowing CCC S.A. to raise more than PLN 500 million.
CCC S.A. is one of the largest shoe retail companies in Central Europe and one of the largest footwear manufacturers in Europe. Through its subsidiary eobuwie.pl, the CCC Group is also a leader in the e‑commerce footwear market in Central and Eastern Europe. The company is present in 29 countries - in 22, sales are carried out in over 1,000 stationary stores with a total area of 690 thousand m2, and in 17 via the online channel. The CCC Group has a total of 70 online platforms throughout Europe (eobuwie.pl, ccc.eu, MODIVO, DeeZee, Gino Rossi), sells over 50 million pairs of shoes per year, has its own shoe factories and employs nearly 16,000 employees. The prestige and financial credibility of the CCC S.A. are emphasized by the presence on the Warsaw Stock Exchange and participation in the group of 20 largest companies included in the WIG 20.
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