Würth – Würth Electrical Wholesale Group acquires TIM S.A. in Poland
The Würth Electrical Wholesale Group (W.EG) expands its presence in Poland by having acquired 97,31 percent of the shares in TIM S.A. through a voluntary public tender offer.
As next steps W.EG intends to conduct a public squeeze-out, followed by delisting the company from Warsaw Stock Exchange.
The management of TIM S.A. has been supporting Würth Group’s proposal during the whole process. The acquisition of the shares is performed by German based FEGA & Schmitt Elektrogroßhandel GmbH, one of the Würth Group’s electrical wholesale companies.
In March 2023, Würth Group concluded an agreement with a group of TIM’s shareholders including main shareholder Krzysztof Folta to acquire around 40 percent of the shares in TIM S.A. and issued a public tender offer for all shares to the shareholders of TIM S.A.. The transaction was subject to the approval of the responsible competition authorities. On January 25th, 2024, this approval was granted including a condition acceptable to the buyer.
TIM S.A. operates the largest e-commerce platform for electrical wholesaling in Poland, generating more than 70 percent of its revenue purely through online channels. In addition, the company operates a powerful logistics platform through its fully owned subsidiary 3LP S.A.. This makes TIM S.A. an ideal fit for the Würth Group’s current electrical wholesaling activities in Poland, which are grouped under the umbrella of W.EG Polska. With this acquisition, the Würth Group becomes the market leader in electrical wholesaling in Poland with access to additional e-commerce and logistics capacities. After the acquisition, both units of TIM S.A., the electrical wholesale company as well as the logistics company will continue to operate as stand-alone companies headed by the current management teams in their respective functions.
Ulrich Liedtke, Executive Vice President of W.EG and responsible for the business in eight European countries, explains: “The year 2021 marked a turning point in our development when we were able to expand our position in Poland with the acquisition of Kaczmarek Elektric S.A. and lay the foundation for W.EG Polska in its current structure. Further expanding on both, the underlying growth strategy and Würth Group’s culture whilst at the same time highly appreciating local entrepreneurship, we are confident that both, TIM’s electrical wholesale activity as well as its logistics wing will continue their success stories. The companies are going to benefit twofold. Obviously, we are going to benefit from an enhanced cooperation within our enlarged Polish team. Beyond that, we hope that the mutual exchange of experience will support all European companies of the Würth Electrical Wholesale Unit and open new business opportunities for both of TIM’s operations.”
Krzysztof Folta, founder and CEO of TIM S.A. underlines: “Looking at the development opportunities for TIM S.A., I am convinced that joining forces with the Würth Group presents a very attractive outlook for all our stakeholders. Both operating arms of our company, the electrical online wholesaler as well as the logistics service wing of it, will maintain their integrity and offer all its employees an excellent perspective for the future. This is accompanied by a very attractive offer for our shareholders. To put it simple: TIM is going to continue its success story!”
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More information on Ulrich Liedtke (Executive Vice President, Würth Group – Electrical Wholesale + Chief Executive Officer, W.EG. in Central and Eastern Europe, Würth Group + Chairman of the Management Board, VEG): See the full profile on EMR Executive Services
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More information on Kaczmarek Elektric S.A. by Würth Group: See the full profile on EMR Executive Services
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More information on TIM S.A. by FEGA & Schmitt Elektrogroßhandel GmbH by Würth Electrical Wholesale Group (W.EG) by Würth Group: https://www.tim.pl/ + https://www.timsa.pl/ + TIM SA is the largest distributor of electrotechnical materials in Poland.
TIM S.A. was founded in 1987 in Wroclaw as a traditional electrotechnical wholesaler. The experience gained in the industry and modern e-commerce technologies resulted in TIM SA launching the TIM.pl online platform in 2013 (generating more than 70 percent of its revenue purely through online channels).
TIM focuses on multi-channel , striving for an ideal business model, i.e. the omnichannel model. The customer can choose from: online shopping via the TIM.pl website or the mTIM mobile application, via a hotline, as well as via a network of sales offices and mobile sales representatives. TIM SA is constantly strengthening its position as an industry leader thanks to the unique combination of attractive prices for business customers and the widest offer of electrical engineering products available immediately in Poland.
In 2013, TIM SA transformed from a network of electrical wholesalers built over 25 years into a modern electrical engineering distributor, which generates approximately 70% of its revenues from online sales.
TIM.pl – almost 120,000 products available immediately
TIM S.A. currently employs over 320 people at its headquarters in Wroclaw and 16 sales offices throughout Poland. According to the preliminary unconsolidated financial data, TIM S.A. generated sales revenue of PLN 1.4 billion in the 2023 fiscal year.
TIM S.A. has one subsidiary 3LP S.A. which was established in 2016 from the spin-off of TIM S.A.’s Logistics Department The company is the operator of six logistics centers in Poland, offering fulfillment services for entities active in the e-commerce market (also outside of the TIM Group, e. g. IKEA, Oponeo.pl). 3LP S.A. provides services using unique and state-of-the-art warehouse automatics solutions. It currently employs over 680 people. In 2023, 3LP S.A. sent more than 6.9 million packages and pallets from its logistics centers.
GK TIM will join the business line of Würth Electrical Wholesale Group. Both companies of the TIM Capital Group – both TIM SA and the logistics company 3LP SA – will continue to operate as independent companies.
More information on Krzysztof Folta (President of the Managing Board, TIM S.A., Würth Electrical Wholesale Group (W.EG), Würth Group): https://en.timsa.pl/about-us/management-board/krzysztof-folta-en/