DLA Piper advised GS Engineering & Construction, a leading global construction company based in South Korea, on the acquisition of 100% of the shares in Danwood Holding from Polish Enterprise Fund VII, a private equity fund managed by Enterprise Investors. The value of the transaction is EUR140 million and it is subject to the approval of the President of the Polish Office of Competition and Consumer Protection.
Danwood Holding is the number-one manufacturer of prefabricated turnkey houses in Germany and Poland. Headquartered in Bia?ystok and with two production plants in Bielsk Podlaski, Danwood designs and builds ready-to-move-in houses for individual customers. In December 2013, Enterprise Investors acquired the company in a carve-out transaction from Budimex. During 2014, Danwood delivered 685 houses, generating revenue of EUR99 million. By the end of 2019, the company’s production capacity had reached 2,000 houses and its revenues exceeded EUR274 million.
GS Engineering & Construction is one of the largest construction companies in South Korea, listed on the Korea Stock Exchange (006360.KS). The company is a leader in the field of architecture and housing, plant, power, and infrastructure. It has 24 overseas subsidiaries and branches.
Jakub Domalik-Plakwicz, the partner leading the transaction, commented: “This is a truly unique transaction, which has been a great and challenging experience for the whole team. We are proud to have contributed to a deal between GS E&C, a renowned Korean construction giant, and Enterprise Investors, a leading CEE Private Equity house”.
From DLA Piper's Warsaw office, the transaction was managed and negotiated by Jakub Domalik-Plakwicz (Partner, Head of Capital Markets), Wojciech Kalinowski (Counsel) and Anna Chrabota-Bajson (Associate) supported by Micha? Kuratowski (Junior Associate) and Bartosz Kuzio?a (Junior Associate) from the Corporate, Mergers and Acquisitions practice. In addition, the due diligence review under the Polish law, was carried out also by: Adam Marsza?ek (Associate, Corporate, Mergers and Acquistions), Paulina Ciupa (Associate, IPT), Agnieszka Staszek (Associate, Litigation and Regulatory) and Mateusz Gajda (Junior Associate, Employment). The due diligence review under German law was led by Carlos Robles y Zepf (Partner) with the team of Niklas Mangels (Senior Associate), Phillip Meyer (Associate), Kristin Vogt-Schories (Senior Associate), Phillip Moser (Senior Associate), Thilo Streit (Counsel), Thomas Olbrich (Senior Associate) and Miray Kavruk (Senior Associate), all from DLA Piper’s Frankfurt office.
Micha? Orzechowski (Counsel), together with the Competition Law team of DLA Piper’s Warsaw office, is responsible for the antitrust issues, including the preparation of the notification to the relevant antitrust authority.
