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On 10th October 2008, Advent International sold Axtone to IK Investment Partners.

This exit marked the outcome of Advent’s successful buy-and-build strategy, establishing a leading European player.

In January 2006 Advent acquired Kamax, a Polish market leader in rail wagon buffers, coupling and shock absorber manufacturing and maintenance; simultaneously purchasing Keystone Bahntechnik, the German market leader in this segment of the rail industry.

The combined group, renamed Axtone, created the largest European manufacturer in this sector with an estimated 2008 turnover of more than €70 million at the point of sale to IK Investment Partners. The merger provided the Polish company with access to Western Europe, India and the Middle East and the capacity to expand its existing foothold in Russia, Ukraine and China.

At the time of our exit, Axtone was in an excellent position to continue its international growth as concerns about pollution and road congestion advocate a shift of freight by road towards transport by rail. In addition, new safety and compliance regulations were expected to drive further investments in rail rolling stock.



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Monika Morali-Efinowicz

Managing Director, Head of Warsaw, Advent International SP. Z.O.O. SP.K, Warsaw
T: +48 22 627 5141