10 December 2022 · Corporate Update

First portfolio acquisition complete — Kashmir acquires stake in Polish publishing operations

Kashmir Limited has completed its first portfolio acquisition, securing a controlling interest in Altenberg Sp. z o.o., an independent publishing house based in Warsaw, Poland. The transaction, approved by the Board of Directors at its quarterly meeting in Larnaca, represents Kashmir’s entry into the European publishing sector and establishes the firm’s first operating subsidiary.

Altenberg has established a distinctive position in Poland’s independent publishing market through its innovative creator economy model, which combines editorial expertise with partnerships with high-profile content creators and public intellectuals. The company operates a full-service publishing platform encompassing editorial development, production, marketing, and nationwide distribution, giving it end-to-end control of the publishing value chain.

The Board identified several factors that made Altenberg an attractive first acquisition: the company’s strong market position in a growing segment, its proven revenue model with high margins relative to industry averages, the scalability of its creator partnership approach, and the potential for geographic expansion of its publishing model into other European markets.

Kashmir will provide strategic oversight, operational investment guidance, and corporate governance support to Altenberg while preserving the editorial independence and creative culture that have driven the company’s success. The Board has approved an initial operational investment in support Altenberg’s growth plans, including expansion of the author portfolio and investment in distribution infrastructure.

“This acquisition validates our investment thesis and demonstrates Kashmir’s ability to identify and secure high-quality assets in our target sectors,” the Board stated. “Altenberg represents exactly the kind of business we set out to acquire — well-managed, profitable, and positioned for significant growth.”