Formed in 1990, Heyka Michna, Inc. was the first investment bank focusing on CEE. It was founded by Poles with investment and corporate banking, fund management and operational expertise in the US, Spain and Great Britain. Since then, an affiliated company, Heyka Capital Markets, Inc. – an NASD registered broker/dealer has placed many issues of CEE companies in North America.
Appointed Roma International’s advisor in 1991, HCM Group (HCM) raised start-up/expansion financing for Roma in the global marke ts. HCM has remained a strategic advisor to Roma. Re-appointed for a sale of Roma to a strategic investor in 1994, HCM structured and negotiated an exit of British, French and Polish unitholders to Unilever.
In 1992, HCM was engaged by Zjednoczone Przedsiębiorstwa Rozrywkowe (ZPR), the largest entertainment company in Poland. HCM prepared the bid for and secured capital required for the tender for the first private national television network in Poland. HCM has assisted ZPR through active participation on its Supervisory Board and investment banking services.
Engaged in 1992, HCM sold a 25% stake in Bank Komunalny (BK) to global investors and placed additional 13% of BK’s equity ahead of its IPO on the WSE in 1996. HCM has supported BK through active participation on its Supervisory Board. In 1999, together with other shareholders and in cooperation with the management board, HCM sold its stake in BK to Nordbanken (Nordea).
In 1993, HCM signed cooperation agreements with Dresdner Bank and Banexi, the investment banking arm of Banque Nationale de Paris.
In 1993, HCM was appointed a strategic advisor to Il Sole 24 Ore for CEE. The creation of a joint venture between Il Sole, the largest financial daily in Europe and Nowa Europa, a Polish financial daily owned by shareholders ranging from state-owned and private commercial banks to entrepreneurs was one of the more complex acquisitions in Poland at that time. HCM was able to integrate their widely differing interests through close personal support of all parties and the use of put and call options. In 1994, Il Sole sold its stake to BIG bank.
In 1994, HCM advised the Ministry of Privatization and the Ministry of Industry and Trade on the privatization of Poland’s main disposable syringe manufacturer PTS-ERG. This project was approved for financing by the PHARE Program of the European Communities.
In 1994, HCM originated and secured with Allied Domecq the largest exclusive territory (Poland, Czech Republic and Slovakia) for Dunkin’ Donuts and Baskin-Robbins their 50-year history. HCM supplied Central European Foods, Inc. with seed capital and subsequently raised expansion capital from investors in the US, Asia and Europe. HCM has also supported CEF with advisory services and active participation on the board. In 2001, HCM sold CEF to the Emerging Market Fund.
In 1994, Charles River Properties appointed HCM to participate in the structuring of the first phase of the financing package for a mixed-use real estate development in Warsaw.
In 1994, Rzeczpospolita the prestigious daily in Poland, recognized HCM as one of the top three institutions in terms of the amount of foreign capital brought into the country.
In February 1995, Business Central Europe, a monthly publication of The Economist described an initial financing with passive capital and a later sale of Roma to Unilever as “Poland’s most spectacular deal to date”. It was also, at that time, one of the largest investments in a Polish company and the first sale of a Polish private firm to a Western strategic investor.
In 1995, HCM performed the due diligence and preliminary negotiations for a potential joint venture between a Polish and US oil/gas company Odyssey Petroleum for the development of proven gas reserves in Southern Poland.
In 1995, Warsaw Business Journal ranked HCM second in terms of the amount of equity capital brought into Poland, a result surpassed only by HSBC, which was involved in two large underwritings.
In 1995, HCM Group acted as an internal advisor to Bank Gdański in its privatization and Initial Public Offering on both domestic and international capital markets.
In 1995, Heyka Advisory Holdings founded the Poland Growth Funds (PGF), two closed-end funds. HCM Group raised commitments from investors in the US, Japan, Hong Kong, Australia and Europe. Affiliated HCM companies acted as fund managers and local advisor to PGFs.
In 1996, Warsaw Business Journal ranked HCM Group’s Poland Growth Funds the fourth in terms of funds under management.
In 1996, HCM participated in the placement of shares of the Ukraine Enterprise Corporation listed on the Alberta Stock Exchange.
In 1997, the World Economic Forum bestowed on Anna Hejka the tiltle of the Global Leader of Tomorrow.
In 1997, HCM together with the EBRD acquired a 10% equity stake in Kredyt Bank (KB) enabling it to acquire the Polish Investment Bank carved out from the assets of the Polish Central Bank. HCM was appointed and has placed many million dollars of KB with global investors. HCM has supported KB through active participation on its Supervisory Board and investment banking services until Kredietbank took control of KB to in 2001.
In 1997, HCM won a highly contested bid to privatize and acquire 70% of Dromex, the largest Polish road construction company with many international contracts. HCM competed against approx. 30 firms, including major global construction companies, who have sub-contracted their work to Dromex and some of the largest Polish banks. PGF secured a 30% stake in Dromex inviting Budimex and Bank Handlowy to the consortium. In 1998, HCM acquired an additional 15% stake in Dromex. HCM has supported Dromex through active participation on its Supervisory Board and investment banking services. In 1999, HCM and Bank Handlowy sold their stake in Dromex to Budimex.
In 2006, Anna Hejka was appointed by MCI Management to acquire ABC Data. In 2007, she signed a purchase agreement to acquire an 80% stake in Actebis companies in Denmark, Sweden, Norway, Poland, Czech Republic and Slovakia with turnover of €1.8bn. Subsequently, Anna who was also appointed an executive board member of the holding company, raised €300mln acquisition (senior debt, bullet bonds with warrants and PIK mandatory convertible notes with call and put options) and working capital financing for Actebis companies from institutions in Poland and Denmark cutting the margins ABC Data has been paying until then by 50%. In 2008, Anna executed an MBO and option plan (one of the first peer index performance based in Poland) for key executives supporting them with financing programs. She has also executed operational due diligence and implemented a restructuring of ABC Data still underway in 2009.
In 2007, Anna Hejka assisted One-2-One in carrying out their expansion plans for CEE. Anna tilted negotiations with an American shareholder and lead to One-2-One’s acquisition of Advanced Telecom Services (ATS) – the Czech leader in mobile solutions.
In 2009, HCM signed cooperation agreements with Citibank, American Appraisal, and J&J Group.