What EMMA CAPITAL does

EMMA Capital is a private investment holding company founded in 2012 by Jiří Šmejc (former partner at PPF Group and former Chairman/CEO of Home Credit Group), headquartered in Prague, Czech Republic. The firm specializes in acquiring majority or controlling equity stakes in retail and customer-oriented businesses across Central and Eastern Europe, with a portfolio organized across five sectors: Gaming (Entain CEE joint venture, Get's Bet, TipTorro), Energy (Premier Energy), Logistics (Packeta/Zásilkovna, Box Now, Mailstep), Medical Distribution (Magna MedTech, Profarm), and Others (RIXO.cz, FAVI, Bazzar, MARINA 21, Europe IVF). Operationally, EMMA deploys capital through direct equity acquisitions and recurring CZK/EUR-denominated bond issuances subscribed by J&T Banka, PPF Banka, and UniCredit Bank and listed on the Prague and Bratislava stock exchanges, while also co-investing with strategic and financial partners including Entain plc and CVC Capital Partners.

The firm's business model is that of an active principal investor: it acquires controlling stakes, participates in portfolio company management and strategic development, and has demonstrated exit pathways through both strategic secondary sales (e.g., selling down stake in Home Credit, splitting SAZKA Group assets with KKCG in 2019) and public market listings (Premier Energy IPO on the Bucharest Stock Exchange in 2024). Geographic reach spans 14+ countries including Czech Republic, Romania, Moldova, Greece, Croatia, Poland, Germany, Bulgaria, Austria, Italy, Slovakia, Albania, Montenegro, and Kosovo. The firm operates with a lean team of 11-50 employees (partners, directors, managers) managing a portfolio whose largest disclosed asset — Entain CEE — was valued at EUR 2.1 billion in a June 2026 secondary transaction reporting GBP 522 million in FY2025 Net Gaming Revenue. Consolidated group equity grew from EUR 512 million to EUR 1.038 billion in 2019, the year EMMA Alpha Holding closed with a record EUR 630 million profit (driven largely by one-time gains of EUR 447 million from selling minority stakes in SAZKA Group and Home Credit).

Name

EMMA CAPITAL

Legal name

EMMA Capital

Website

https://emmacapital.cz

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

EMMA Capital is a Prague-based private investment holding company founded in 2012 by Jiří Šmejc, acquiring majority equity stakes in retail and customer-oriented businesses across Central and Eastern Europe, with a portfolio spanning gaming, energy, logistics, medical distribution, and consumer services.

Ownership category

akta.pro rank

Product category

Private Equity / Investment Holding

NAICS

All Other Financial Investment Activities (52399), Other Financial Investment Activities (5239)

SIC

Investors, Nec (6799)

akta.pro primary industry

Private Equity Buyout Fund-of-Funds (FSANAGAD)

akta.pro secondary industry

Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Private equity holding
• Portfolio investment
• Gaming sector investments
• Energy distribution investments
• Central European investments

Headquarters

HQ city

Prague

HQ country

Czechia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others

Distribution channels1 record

Marketing channels4 records

Core offering

EMMA Capital is a private investment holding company that acquires majority or controlling equity stakes in companies across Central and Eastern Europe, primarily in the retail and customer-oriented sectors including gaming, energy distribution, logistics, medical distribution, and e-commerce. It actively participates in the management, strategic development, and potential restructuring of its portfolio companies, financing acquisitions through equity capital and debt instruments such as bond issuances. The firm does not sell products or services to end consumers but generates returns through capital appreciation, dividends, and strategic exits from its 14 portfolio companies.

Product overview

EMMA Capital is a private investment holding company founded in 2012 by Jiří Šmejc, operating as a portfolio-of-companies investment model rather than a single unified product. The company holds majority and minority stakes in portfolio companies across five main sectors: Gaming (Entain CEE, Get's Bet, TipTorro), Energy (Premier Energy), Logistics (Packeta, Box Now, Mailstep), Medical Distribution (Magna MedTech, Profarm), and Others (RIXO.cz, FAVI, Bazzar, MARINA 21, Europe IVF). EMMA Capital typically takes an active role in managing its portfolio companies, participating in their development and potential restructuring, with investment priority focused on retail and customer-oriented businesses.

Differentiator

Problem solved

Functional benefit

Products and services

• Entain CEE Joint venture with Entain plc operating gaming and sports betting businesses across Central and Eastern Europe, including Croatia's SuperSport and Poland's STS; reported FY2025 NGR of GBP 522 million.
• Get's Bet Romanian gaming and sports betting operator in which EMMA Capital holds a 67% majority stake.
• TipTorro German sports betting company operating approximately 260 locations across all federal states, plus an in-house online casino platform launched in 2023; wholly owned by EMMA Capital.
• Premier Energy Romanian energy group operating in electricity and gas distribution and supply, expanding into renewable energy generation; holds approximately 70% market share in electricity distribution in Moldova and is Romania's third-largest gas supplier.
• Packeta Leading Czech logistics company and e-commerce fulfillment provider (Zásilkovna.cz), operated through a joint venture with CVC Capital Partners; further expanded in 2024 with acquisitions of Hungary's FoxPost and Czech FoxPos.
• Box Now Parcel locker and courier service provider operating Automated Parcel Machines (APMs) for online orders across Southeastern Europe; wholly owned by EMMA Capital.
• Mailstep Czech e-commerce logistics and fulfillment company providing warehousing and logistics services for e-commerce businesses; wholly owned by EMMA Capital as of 2025.
• Magna MedTech Medical devices and equipment distribution platform operating across Central and Eastern Europe through subsidiaries including Diamedix (Romania), Urion (Montenegro), and RSR Group (Bulgaria, Romania, Albania, Kosovo, Croatia).
• Profarm Greek pharmaceutical wholesale distributor of medicines and medical supplies, serving 650 pharmacies and over 100 medical wholesalers.
• RIXO.cz Online insurance comparison and contract review service that helps users check and improve their insurance policies free of charge.
• MARINA 21 Real estate development portfolio company under EMMA Capital's Others category.
• FAVI Czech online furniture and home décor search engine operating across nine European markets with over ten million monthly visitors.
• Bazzar Croatian e-commerce marketplace offering approximately 200,000 products from 700 brands, with 750,000 unique monthly visitors.
• Europe IVF IVF services portfolio company under EMMA Capital's Others category.

Quantifiable outcome

• Record profit of EUR 630 million in 2019
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core, key and minor.

• Magna Medtech Group LimitedcoreStrategic or Co-development Partner · 1 January 2026EMMA Capital acquired majority stake in RSR Group through its majority-owned subsidiary Magna Medtech Group Limited. RSR is a Bulgarian medical device distributor operating across CEE through subsidiaries in Romania, Albania, Kosovo, and Croatia.
• Entain plccoreStrategic or Co-development Partner · 1 January 2022EMMA Capital established the Entain CEE joint venture with Entain in 2022, acquiring Croatia's SuperSport and later Poland's largest bookmaker STS. Ownership evolved to Entain PLC (47.5%), EMMA Capital (42.5%), and Juroszek family (10%). EMMA Capital controls 52.5% of voting rights. In June 2026, Entain agreed to sell an additional 20% stake to EMMA Capital for approximately EUR 425 million, with Entain planning full exit from CEE markets.
• Juroszek FamilykeyStrategic or Co-development PartnerThe Juroszek family holds a 10% stake in Entain CEE from the STS acquisition. EMMA Capital entered a voting rights agreement with the family giving EMMA control of 52.5% of voting rights, making EMMA the controlling shareholder of Entain CEE despite holding fewer economic rights.
• White & Case LLPminorImplementation/ SI/ Consulting PartnerWhite & Case LLP advised EMMA Capital on the innovative dual-issuer CZK 2.5 billion and EUR 50 million senior secured notes offering, the first Czech-law-governed dual-issuer structure.
• Wolf TheissminorImplementation/ SI/ Consulting PartnerWolf Theiss law firm acted as legal advisor to EMMA Capital on the RSR Group acquisition through Magna Medtech.
• Kocian Solc BalastikminorImplementation/ SI/ Consulting PartnerKocian, Solc, Balastik advised J&T on the launch of EMMA Capital's bond issuance program approved by Czech National Bank and notified to National Bank of Slovakia.

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• KKCG: Czech-founded investment holding company with comparable CEE focus, sector breadth (energy, gaming, real estate, fintech), and active ownership model. KKCG was EMMA's former partner in SAZKA Group, with assets split between them in 2019 — directly comparable in scale, geography, and strategy.
• PPF Group: Major Czech private investment group founded by Petr Kellner with CEE and European investment focus spanning financial services, telecommunications, media, and retail. EMMA founder Jiří Šmejc was previously a partner at PPF, and PPF Banka participates in EMMA's bond programs — making PPF a structurally comparable platform with overlapping banking and capital relationships.
• Penta Investments: Central European private equity and investment group with active ownership across healthcare, retail, financial services, and media in CEE markets. Directly comparable in regional focus, sector breadth, and the holding-style structure EMMA Capital employs.
• J&T Group: Slovak/Czech financial and investment group combining private equity, banking (J&T Banka), and asset management with deep CEE roots. J&T Banka is EMMA's lead bond manager and holds an indirect 8.1% stake in EMMA Alpha Holding, making J&T both a peer and a closely aligned capital partner.
• Mid Europa Partners: Leading CEE-focused private equity firm managing multi-billion-euro funds with control buyouts across consumer, retail, and services. Comparable to EMMA in regional focus and active ownership style, though structured as a fund manager rather than a permanent-capital holding company.
• Abris Capital Partners: CEE-focused private equity firm executing control investments in mid-market companies across financial services, healthcare, consumer, and industrials. Directly comparable in regional mandate and active ownership approach, though typically operating as a fund rather than a permanent holding.

Broad incumbents

• Advent International: Global private equity firm with a strong CEE presence and a diversified sector portfolio. Comparable in scale and active ownership style, but broader in geographic focus and operating as a fund manager rather than a permanent-capital holding company.
• CVC Capital Partners: Global private equity firm with a long-standing CEE franchise; CVC is EMMA's joint partner in Packeta and exited Mailstep back to EMMA in 2025. Comparable in transaction scale and sector breadth, but operates as a global fund manager and serves as both co-investor and indirect benchmark for EMMA's logistics platform.

Emerging players

• Entain plc: Listed global gaming operator whose CEE subsidiary (Entain CEE) is 42.5% owned by EMMA Capital. Comparable as a gaming platform peer and JV counterparty, though Entain operates on a global, listed scale while EMMA's gaming exposure is regionally anchored.

Others

• Macquarie Asset Management: Global asset manager that sold Evryo Group to EMMA's Premier Energy for CZK 17B in 2026. Comparable as an infrastructure/utility investor that has historically competed with EMMA for CEE energy assets, though operating at much larger global scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/emma-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries14 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A9 records

Investments10 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EMMA CAPITAL