1923 Investments plc on Tuesday announced that its subsidiary iSpot Poland Sp. z o.o. has entered a preliminary share purchase agreement with Zbingniew Czerniewicz Krzysztof Konieczny and Andrzej Zieliński to acquire Cortland Sp. z o.o, a company that sells, distributes, and services electronic products in Poland.
The intentions of the company, in which Hili Ventures Ltd has a majority shareholding, to acquire the Polish firm were initially revealed last week, when the two firms were in the final stages of a negotiation process.
The transaction is expected to be finalised by the end of 2023’s first quarter, subject to the approval of the Competition and Consumer Protection Office of Poland, together with the satisfaction of “other conditions precedent set out in the aforementioned preliminary share purchase agreement”.
Cortland operates 16 Apple Reseller stores and service points in 12 cities in Poland, employing around 180 people. Through this acquisition, iSpot’s portfolio of 31 Apple Reseller stores in Poland will have a significantly “increased capacity”, with the new combined business having a network of 47 stores and service points across the country, with a staff complement of 600 people.
Cortland was established in 1992, when it opened the first Apple store in Poland, on a shopping street in Poznań. It has since expanded its portfolio to also have branches in Warsaw, Katowice, Wrocław, Gdańsk, Gliwice, Bielsko-Biała, Lupine, Nowy Sącz, Rzeszów and Tychy. Aside from selling the latest Apple products and range of accessories, it also provides complete, integrated graphics systems, with a specific focus on comprehensive services for graphic design studios, publishing houses, advertising agencies, and other related firms.
1923 Investments is a holding company that is engaged in innovation for businesses, retail, mobility of goods and cargo across regions, global ship-to-shop operations, and also the servicing of major oil companies and their fleets. It holds five groups of companies, including Harvest Technology, iSpot, E-Lifecycle Holdings, Hili Logistics, and STS Marine Solutions.
