J&T ARCH INVESTMENTS, a fund for qualified investors, has taken advantage of the subscription of newly issued shares of Tatry mountain resorts a.s. (“TMR”) and indirectly becomes its second-largest shareholder with a stake of 20.6%. Igor Rattaj, TMR’s founder, Chairman of the Board of Directors and CEO, remains the main shareholder after the subscription.
J&T ARCH participated in the subscription through the JTFG FUND II SICAV a.s., which had been established by the bank holding J&T FINANCE GROUP SE and in which the Fund currently owns 99.9% of all investment shares.
TMR is a tourism industry leader within Central and Eastern Europe. The group owns and/or operates mountain resorts, theme parks, hotels, and other complementary assets in Slovakia, Poland, the Czech Republic, and Austria, in which it has invested more than EUR 400 million over the past 15 years. In the most recently closed fiscal year ending in October 2023, the TMR group achieved record consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 59.4 million, well ahead of the best results achieved in the pre-pandemic years. The company plans to use its newly raised capital of EUR 120 million to strengthen its capital structure, which had been seriously and negatively impacted in recent years by government measures related to the Covid-19 pandemic. “After the debt relief, the group will have the means to develop further and, in particular, to increase shareholder value,” says TMR’s Chairman of the Board of Directors, Igor Rattaj.
Adam Tomis, Investment Director of J&T FINANCE GROUP SE and member of the Investment Committee of J&T ARCH comments: “We consider the tourism and leisure sector to be very promising for the long term – especially if a company, like TMR, owns or operates regionally unique assets. We consider TMR to be an operationally sound company, and the latest published results reinforce this belief. As JTFG Group, we have been cooperating with TMR and Igor Rattaj for years, so this is very consistent with the main investment philosophy we have within J&T ARCH.”