A&O Shearman advises Innova Capital on exit from OSHEE group

Following the transaction, OSHEE’S founders, Dariusz Gałęzewski and Dominik Doliński, will retain control of OSHEE and will continue to develop the business in partnership with the new investor.

OSHEE is the clear leader in the Polish isotonic and vitamin drinks market, recognised for delivering high-quality, innovative products to consumers. The OSHEE brand has built a loyal customer base, supporting consumers both during sporting activities and in everyday life.

During the approximately seven years of cooperation between OSHEE and Innova Capital, the company has almost quadrupled its organic revenue, reaching over PLN750 million (EUR177.9m) in 2025. During this period, the company's EBITDA increased more than fivefold.

Completion of the transaction is subject to regulatory approval and the satisfaction of other standard closing conditions.

The A&O Shearman team was led by senior associate Joanna Kaleta, supervised by partner Jarosław Iwanicki.

The core team also included Łukasz Walczyna, Jan Spierzak and Paweł Grzesik. The wider team comprised Justyna Ostrowska, Kamil Jabłoński, Marta Sendrowicz, Aleksandra Deszyński, Rafał Roziecki, Katarzyna Fus-Starzec, Julia Pytko, Maria Kania and Jan Chmielewski.

Jarosław Iwanicki, partner, commented: "This exit marks a landmark milestone for Innova Capital, capping a multi‑year value‑creation journey at OSHEE and welcoming Mid Europa Partners as a strong, long‑term partner to the founders. It is also a clear sign of the depth and maturity of Poland’s private equity market, which continues to attract international capital to high‑growth Polish brands. We are extremely pleased to have the opportunity to work with Innova Capital throughout the whole investment cycle starting from its investment into OSHEE in 2018, through an add-on acquisition up to the successful exit.”