WARSAW, Poland, Feb. 28, 2020 —
Forteam Investments Ltd., an investment company owned by American private equity firm Delta Capital, has successfully obtained a preliminary injunction against Mariusz Świtalski, and companies he controls which belong to the Sowiniec Group, resulting in the freezing of their assets. The preliminary injunction was obtained in anticipation of further civil proceedings against Mr. Świtalski arising as a result of his breach of a Guarantee Agreement executed for the benefit of Forteam in connection with its acquisition of Małpka Express from Czerwona Torebka S.A., a company controlled by Świtalski.
In 2015, when Forteam purchased Małpka Express, Świtalski and the Sowiniec Group entered into a Guarantee Agreement, which effectively guaranteed Forteam a minimum sales price if it subsequently sold Małpka Express. Such guarantee was required by Forteam to enter the acquisition. When Forteam attempted to sell Małpka Express in 2018 it was unable to obtain consideration at or above the minimum sales price despite engaging a respected independent investment bank to run a robust sales process. Accordingly, Forteam notified Świtalski on December 28, 2018 of their obligations to remit the monies owed to Forteam pursuant to the Guarantee Agreement. Notwithstanding, Świtalski and the companies have failed to pay any amounts due and owing Forteam, which in-turn necessitated the filing of the injunction and pending civil lawsuits.
Delta’s CEO, Christopher DeLise, said, “Świtalski fully appreciated that the issuance of the guarantee was a material inducement for Forteam to consummate the purchase of his business, and he knowingly and voluntarily issued it in order to be paid millions of dollars. As such, we expect him to do not only what he is legally required to do, but what honor now demands: pay the amounts owed under the guarantee.”