London | Warsaw, 17 September 2024 – Arcus Infrastructure Partners (“Arcus”) is pleased to announce the acquisition of FixMap sp. z o.o., (“FixMap”), a Polish fibre-to-the-home (“FTTH”) business. Arcus European Infrastructure Fund 3 SCSp (“AEIF3”) has acquired a majority interest in the business, with the founder, Piotr Muszynski, retaining a minority shareholding and continuing as CEO.
This is the sixth acquisition for Arcus’ third fund, AEIF3, and Arcus’ third direct FTTH investment following its investments in Swiss4net and E-Fiber through its second fund, Arcus European Infrastructure Fund 2 SCSp. Founded in 2018, FixMap has grown through an ongoing buy-and-build strategy and now operates through 20 local subsidiaries, covering c. 270k homes passed with c. 100k homes connected across Poland. FixMap subsidiaries are both network operators as well as active retail and wholesale internet service providers.
FixMap’s networks are primarily located in semi-rural areas of Poland, where population and housing density is relatively low and there are limited high-speed broadband alternatives. These areas have been the main beneficiaries of the Polish government’s subsidy programmes to support the funding of greenfield fibre deployment.
Arcus plans to create significant value through asset management, particularly in relation to the Company’s existing operations and supporting continued growth under a buy-and-build strategy.
Christopher Ehrke, Partner and Head of Digital at Arcus, commented: “We have been assessing the Polish fibre market since early 2022. During this time, we have explored several opportunities and gained a strong understanding of the market. We identified FixMap as a great investment for AEIF3 thanks to its experienced and professional management team, strong track record of M&A, and its positioning as a regional leader in an underserved and growing market. We look forward to working with Piotr and the team at FixMap to execute on its next phase of growth.”
Piotr Muszynski, Founder and CEO at FixMap, added: “I am delighted that Arcus is now a long-term partner, supporting FixMap on the next phase of our growth strategy in the Polish FTTH ISP market. The Arcus team brings experience in both the FTTH market generally, and strategic growth and consolidation through M&A. We very much look forward to working with the Arcus team.”
Arcus was advised by Rymarz Zdort Maruta (Legal), Trigon (M&A), PwC (Financial, Tax and Structuring), Kearney (Technical and Commercial), Arcadis (IT) and Aon (Insurance).
FixMap was advised by Santander Bank (M&A), WKB (Legal), EY (Financial & Tax VDD), Innside Tax (Tax Structuring).
About Arcus
Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and specialist co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value of c. €23bn (as of 31 March 2024). Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics & industrials, and energy sectors. Further information on Arcus Infrastructure Partners can be found on www.arcusip.com.
About FixMap
FixMap was founded in 2018 by Piotr Muszyński, a manager with experience in both the telecommunications industry and business consulting. FixMap operates a buy-and-build strategy through M&A activity, with the objective of consolidating the fragmented Polish FTTH market. FIxMap currently operates through 20 local subsidiaries, covering c. 270k homes passed with c. 100k homes connected across Poland (as of August 2024).
