Polish M&A Market 2025
Polish M&A Market 2025: Cautious Optimism Amid Global Uncertainty – Key Takeaways from the M&A Index Poland Report
The first quarter of 2025 shows that despite a challenging global backdrop, Poland remains one of the most attractive destinations for mergers and acquisitions (M&A) in Central and Eastern Europe.
According to the latest M&A Index Poland report, prepared by Navigator Capital and FORDATA, 78 transactions were completed in Poland in Q1 2025 — representing an 18% decrease compared to the same period in 2024 (95 transactions).
Although activity declined, the fundamentals of the Polish economy — its strategic location, stable growth, and resilient business infrastructure — continue to attract both strategic and financial investors.
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Spotlight Transaction: Benefit Systems’ Expansion into Turkey
The largest transaction of Q1 2025 was the acquisition of 100% of MAC Group — Turkey’s fitness leader — by Benefit Systems for EUR 380 million.
MAC Group operates 121 fitness centers under brands like MAC Fit, MAC One, and MAC Studio, along with the Nuspa spa network.
This move reflects Benefit Systems’ bold international expansion strategy, strengthening its presence in a highly dynamic, emerging market. It also signals the growing ambition of Polish companies to compete regionally and globally.
Sector Highlights: IT, FMCG, Finance, and Healthcare Lead the Way
In terms of sectoral distribution, the most active areas included:
Media/IT/Telecom (19% of targets)
FMCG (13%)
Financial Services (10%)
Professional Services (10%)
Healthcare and Biotech (9%)
Industrial Sector (9%)
On the buyers’ side, the leaders were:
Investors from Media/IT/Telecom (10%)
Biotech and Healthcare (10%)
Private Equity and Venture Capital (9%)
FMCG (9%)
Interestingly, private investors dominated the seller landscape, accounting for 83% of all transactions, followed by PE/VC funds at 5%.
Expert Insights: Strategic Approach More Important Than Ever
Artur Witan, Manager at Navigator Capital Group, comments:
“Investors today operate in a more demanding environment — rising geopolitical uncertainty and concerns about U.S. economic policy directions are visibly slowing transaction decision cycles.
However, there is still strong interest in sectors and projects that offer opportunities to build a competitive advantage.
Successful deals increasingly depend on thorough preparation and flexibility from both sides of the transaction.”
Polish M&A Market in 2024: Context Matters
For additional context:
348 M&A transactions were completed in Poland in 2024 — a 5% decrease compared to 2023.
Major deals in 2024 included Qemetica’s USD 310M acquisition of production facilities in the USA and the Netherlands, and Wirtualna Polska’s acquisition of Invia Group for over PLN 1 billion to strengthen its position in the European travel market.
Sectoral trends in 2024 mirrored those of early 2025 — technology, healthcare, and consumer sectors remained at the forefront, reinforcing Poland’s position as a dynamic and resilient M&A market.
International Ambitions: Polish Companies Going Global
Another notable trend is the growing internationalization of Polish firms:
Qemetica’s bold entry into U.S. and Dutch markets in the industrial sector.
eSky Group’s acquisition of the historic Thomas Cook Tourism brand in the UK to enhance its European expansion.
These moves show that Polish enterprises are no longer just attractive targets — they are becoming global players themselves.
Download Full Report
To explore detailed data, sector breakdowns, and transaction insights for Q1 2025, download the full report: Download the M&A Index Poland Q1 2025 Report (Polish)
