Solwers’ first acquisition in Poland
Summary
- Solwers has expanded into Poland by acquiring Szwak & Spółka Sp. z o.o., a financial administration services provider, marking its first acquisition in the country.
- The acquired company, based in Poznań, generated revenue of 8.2 million Polish zlotys (approximately 1.9 MEUR) in 2024, with a strong adjusted EBIT margin of 24%.
- This acquisition is expected to positively impact Solwers' profitability estimates, as the acquired company's high-margin business will support the overall margin of the Solwers Group.
- Despite the acquisition, Solwers is likely to focus on improving profitability next year due to its elevated indebtedness, rather than pursuing further acquisitions.
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Translation: Original published in Finnish on 12/19/2025 at 08:51 am EET
Solwers announced on Thursday that it is expanding its operations into Poland by acquiring the entire share capital of Szwak & Spółka Sp. z o.o., a provider of financial administration services. A country organization had already been established in Poland, so the first acquisition in Poland was a logical continuation of this. Launching the growth strategy by acquiring financial management services was expected, as Solwers also has similar companies in other operating markets that are responsible for the financial management of the company's own entities. The company is well-positioned to build future growth in Poland on this basis, but as the company's indebtedness is still elevated, we expect the strategic focus next year to remain on improving profitability rather than on acquisitions. However, the transaction is a slightly positive sign that Solwers can continue its inorganic growth despite the more challenging market conditions recently and the attention required by its balance sheet position.
Entry into the Polish market
Solwers' subsidiary has signed an agreement to acquire the entire share capital of the Polish company Szwak & Spółka Sp. z o.o., and the company will be reported as part of the Group starting December 1, 2025. The acquired company is located in Poznań and offers financial consulting, accounting, and payroll services to around 250 client companies. The company establsihed in 2009 employs around 30 people.
The acquired company's revenue in 2024 was 8.2 million Polish zlotys (around 1.9 MEUR at the current exchange rate), and its adjusted EBIT margin was very strong, around 24%. The transaction price was not disclosed in the release and will only be revealed in the company's Q4 results, but Solwers has historically paid moderate EBIT multiples of around 5–6.5x for its acquisitions. The profile of the acquired company fits Solwers' criteria well: it is established, entrepreneur-driven, and highly profitable. The high EBIT margin of 24% clearly exceeds Solwers’ target level of over 12%.
The acquisition supports the estimates
The acquisition has a positive impact on Solwers' estimates, especially regarding profitability. The acquired company's revenue of around 1.9 MEUR represents about 2% of Solwers' estimated 2025 revenue (82.9 MEUR). More significant, however, is the acquisition target's high profitability, which supports the margin of the entire Solwers Group. Solwers' own profitability has recently been under pressure, and the estimated adjusted EBIT margin for 2025 has been low (1.2%). Thus, adding high-margin business to the portfolio is welcome. We will update our estimates to reflect the effects of the acquisition.