On February 27th, 2019, Genesis Capital acquired most of the shares in CN Group. As part of the change of ownership, members of the management group were offered the chance to invest in the company, an offer taken up by Michal Širica (CEO), Martina Volšická Gombárová (CFO), Hana Chundelová Šulcová (Sales Director) and Oliver Schmukalla (Country Manager, DACH), showing their confidence in CN Group’s potential.
So, what does this mean for our employees, customers and partners? “Business as usual” sums it up. We will continue to be the company we always were – innovative, pro-active, open, and customer focused. Our experienced management stays in place and continues to operate. Michal remains as CEO, and Steen Westh Nielsen will be a member of our new supervisory board. We will continue to work in our four centres, and to serve existing customers, and search for new ones.
Genesis Capital was established in 1999, to support the development of small and medium-sized enterprises with strong growth potential using capital provided by institutional investors. It invests in existing companies with:
- a proven history over several years
- a strong growth potential
- an experienced management team with demonstrated ability to implement development projects
Genesis places great emphasis on the role of the management team: “In each of its investments, Genesis Capital significantly relies on the management, to which it grants considerable flexibility in the strategic and operating management of the company. Our representatives do not engage in the day-to-day operating matters of its portfolio companies, focusing usually only on overseeing the companies through their statutory bodies.”
Over the last 20 years, four Genesis funds invested over 170 million euros in more than 50 companies in the Czech Republic, Slovakia and neighbouring countries of central Europe, many of them business leaders in their respective segments. Genesis Capital is an ethical investor, and does not invest in sectors such as arms, gambling, tobacco and alcohol, among others. The Genesis fund investing in CN Group is Genesis Private Equity Fund III (GPEF III), an €82 million fund backed by major institutional investors such as the European Investment Fund, Česká spořitelna, Amundi Czech Republic, Kooperativa pojišťovna, Česká podnikatelská pojišťovna, a Finnish fund-of-funds eQ Private Equity, a pension fund of a renowned global company and a Czech family office.