MCI Capital Eyes AI-Led Growth Amid M&A Market Revival
Category: Private Equity & Artificial Intelligence Tags: private equity, artificial intelligence, mergers & acquisitions
MCI Capital Forecasts €235M in Exits, Doubling Down on AI to Build Central European Tech Champions
MCI Capital, Central Europe’s largest new technology-focused private equity fund, is signaling a cautious but optimistic revival in the mergers and acquisitions (M&A) market, even if the rebound is arriving later than expected. CEO Tomasz Czechowicz expects two to three new investments in 2025 and forecasts exits worth nearly €235 million over the next three years—driven primarily by companies harnessing artificial intelligence.
“The revival is coming, just a year behind schedule,” Czechowicz told PAP Biznes. “We’re not in stagnation; there’s movement, especially within tech, software, and e-commerce.”
Over the past two years, MCI has executed eight strategic transactions—including the acquisition of Thomas Cook by eSky, Rankomat by Netrisk, and AtomStore by IAI—totaling PLN 600 million (€140 million). The firm now manages €650 million in assets and oversees a portfolio of 11 companies that generated €120 million in EBITDA in 2024, with a 15–20% increase projected for 2025.
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Artificial intelligence is at the core of MCI’s next phase. Czechowicz sees AI not merely as an enhancement but as a central criterion for investment. “Every deal we consider now goes through an AI-impact lens,” he said. “Just as some companies clashed with the internet era, others may now collide with AI. We avoid those models.”
The firm’s vision is to create regional champions, not global unicorns. “That’s a VC game,” Czechowicz noted. MCI builds profitable, tech-driven firms through consolidation, international expansion, and professionalization. Current sectors of interest include food, travel, insurance, sports, and digital energy, all through a technology or AI-centric lens.
MCI’s largest holding is the Netrisk Group, active in six countries and generating over €45 million in EBITDA. Half of MCI’s portfolio is now in software, the other half in e-commerce. The firm may exit two companies this year: IAI, the CEE leader in e-commerce platforms, and Gett, expected to generate €21 million in proceeds.
Despite a wait-and-see approach to IPOs, Czechowicz acknowledges the improving climate. “We’re watching IPO activity across Europe closely—especially in tech,” he said. While exits through the stock exchange aren’t planned yet, firms like Morele, Papaya Global, and PHH remain candidates.
Regulatory change is also on MCI’s radar. Czechowicz advocates for the implementation of a private equity market development strategy in Poland—something already underway in the VC space. “We need legal changes that allow institutions, especially banks, to invest in private equity. Right now, that’s blocked.”
This push aligns with a broader effort to revitalize Poland’s mid-market PE sector. While major players like MidEuropa (€520M), Abris (€500M), and Innova (€407M) still operate regionally, the number of large PE firms has shrunk over the past decade. MCI, however, has defied this trend with a differentiated model built around high-margin tech businesses and long-term, AI-powered value creation.
With solid fundamentals and a clear vision, MCI Capital is poised to play a defining role in shaping Central Europe’s private equity landscape in the AI era.
