We guide our Clients in recognizing optimal prospects for acquisitions, divestitures, or strategic collaborations. Our approach involves customizing the finest strategies and timing to ensure the attainment of optimal outcomes.

The foremost mergers & acquisitions, strategy and corporate finance advisor for small and medium-sized enterprises.


Excalibur Capital has been delivering mergers & acquisitions, corporate finance, and strategic advisory services to entrepreneurs and small to medium-sized enterprises across Poland and the Central and Eastern European region since 2014.


Our Team

Our team has several decades of accumulated experience in various branches of investment banking and corporate finance, as well as operating positions in different industries. The complementarity of our expertise allows us to offer tailor-made and top quality services. Drawing from our extensive track record of serving numerous global leaders, we offer our experience to businesses of all scales.

Michał Portalewski
Managing Partner

Michał has been working in investment banking, specialising in raising capital, as well as handling Mergers and Acquisitions and strategic management.


Michał Portalewski is the Managing Partner and founder of Excalibur Capital, a Polish M&A advisory boutique he established in 2014. The firm advises on sell-side and buy-side mandates and broader financial advisory across Polish and Central & Eastern European markets. Michał brings nearly 20 years of experience in M&A and financial advisory. Prior to founding Excalibur Capital, he held roles at several advisory boutiques, building deep expertise in valuation, transaction structuring, and capital raising across a range of industries. Over the course of his career, he has advised on several dozen transactions and financing assignments with a combined value in excess of PLN 5 billion, spanning both corporate acquisitions and divestitures as well as debt and equity financing mandates. His primary focus is the Polish and CEE mid-market, with sector depth across industrials, food & beverage, technology, energy, and healthcare.


Paweł Pawłowski
Managing Partner

Paweł has been involved in corporate finance and investment banking for many years. Prior to founding Excalibur Capital, he worked in management positions at financial institutions in London and Poland.


He gained previous professional experience in Polish and foreign companies operating in the Central and Eastern European region.

He was responsible for handling M&A transactions, Project Finance, corporate financial restructurings and the purchase and sale of financial instruments on the private market. Serving as managing director of the Polish branch of London-based investment bank Gryphon Emerging Markets, he took part in the implementation of many transactions, including those exceeding several billion zlotys in value. Prior to that, he worked at Church&Co for nearly 7 years, first as an Accociate and then as a Partner in the firm.

He completed the ACCA course at Elite College in London, and attended and passed the Corporate Finance Consultancy exam held at the FSA in the UK.


Marcin Tobor
Partner

An experienced practitioner who has built a portfolio of experience in France and Poland in the areas of corporate finance, investment funds and investment banking.


An expert with nearly 20 years of experience working in France and Poland. His professional path includes working for renowned European companies in various sectors, such as HoReCa, pharmaceuticals, construction and consulting. He also gained valuable experience working for investment funds and financial institutions.

His areas of expertise include financial management, comprehensive corporate consulting, complex equity investments and M&A liquidity.

He has earned his CFA® (Chartered Financial Analyst) certification.

In addition to his native language, Marcin is fluent in English, French and German, making him an excellent partner in international negotiations.


Agata Wąsowska
Chief People Partner

Over a dozen years of experience in strategic advisory within the People & Culture domain, with a particular focus on organizational transformations, cultural integrations, and building team engagement.


She has developed her career in both Polish and international dynamic environments – from global corporations to fast-growing scale-ups – managing international teams and delivering complex projects across Central and Eastern Europe, Belgium, Italy, Germany, Scandinavia, and the United States. She has experience working with a variety of sectors, including consulting, technology, and professional services.

Agata is an assessor, a management and coaching expert, and emphasizes the synergy between people, processes, and business goals.


Marcin Pokorski, PhD
Director

M&A and corporate finance advisor with over 15 years of experience in investment banking, transaction advisory and strategic M&A. His experience includes sell-side and buy-side M&A and ECM transactions, MBO/LBO processes, project finance, financial modelling, valuation and due diligence coordination.


Prior to joining Excalibur Capital, Marcin held senior roles in investment banking and M&A, including VP/Director at Pekao Investment Banking and M&A boutiques. He advised and led transactions across a broad range of sectors, including manufacturing, engineering services, energy storage, healthcare, retail, technology and industrials.

He holds a PhD in Economics and an MA in Finance and Banking from the University of Warsaw. He is also passed all three levels of the CFA Program.


Jakub Święcicki
Director

M&A and corporate finance advisor with over 12 years of experience executing complex cross-border transactions across Europe


Prior to joining Excalibur Capital, Jakub worked at a top-tier international investment bank, advising listed and privately held companies, private equity funds, and institutional investors on complex transactions. His experience spans sell-side and buy-side M&A, carve-outs, private equity processes, and capital markets mandates. Sector coverage includes industrials, energy and infrastructure, transport, real estate, and consumer goods. He has also advised clients on debt refinancing and capital structure optimisation.

At Excalibur Capital, Jakub leads sell-side processes and strategic advisory assignments, working directly with founders, owners and shareholders, and management teams. He combines experience from leading capital markets institutions with deep expertise in mid-market transactions, with particular focus on cross-border processes where structuring complexity and investor positioning are critical to the outcome. He holds an MSc in Finance and Accounting from the University of Southern Denmark and a BEng in Management and Production Engineering from Łódź University of Technology


Bartosz Kiejrys
Manager

He is passionate about the practice and theory of finance, especially mergers and acquisitions, at which he started working as early as his 2nd year of undergraduate studies, in 2017.


During his studies, he distinguished himself with wide extracurricular activity. From the 1st year of studies, he belonged to one of the oldest scientific clubs in Wroclaw focused on the finance.

The theory and practice of finance, especially in the area of Mergers and Acquisitions is his genuine interest. Just in his 3rd year of undergraduate studies, he completed Level 1 of the prestigious international Chartered Financial Analyst exam at the earliest possible formal date.

He studied at the Wroclaw University of Economics, where he was one of several people admitted to the individual specialization "Capital Markets - advanced level" under the direction of Prof. K. Jajuga. He defended his bachelor's thesis with the title "Valuation of Non-Public Enterprises".

In addition, he studied at the American John L. Grove's College of Business, where he completed a series of classes in Leadership and Decision Making, Negotiation, Investment and Accounting.

He completed his master's degree at Kozminski University in Warsaw, majoring in Finance and Accounting (specializing in Corporate Finance) in English, ranked 17th in the world in 2018 by the Financial Times.


Michał Hajduk
Associate Manager

Experienced professional advising on debt financing, mergers and acquisitions and financial modeling.


He joined Excalibur Capital in 2023, and prior to that, from an Associate position, he worked as an advisor at Mazars in the financial advisory department. In this role, he was involved in M&A projects in the telecommunications, healthcare and pharmaceutical sectors in Central and Eastern Europe. He also provided valuation and financial modeling services to fintechs and financial institutions. He worked as an analyst at Oakway Europe, focusing on strategic consulting and securing debt financing for European commercial real estate projects. Prior to that, he held internships at JLL and Ghelamco in Warsaw.

He holds a master's degree in finance from GBSB Global Business School and a bachelor's degree in civil engineering from HZ University of Applied Sciences. He speaks Polish, English and Italian.


Rafał Goluch
Associate Manager

Rafal has expertise in both corporate and commercial real estate M&A transactions.


He has been gaining experience in investment banking since early 2020. He supported Polish and international clients, family businesses and companies listed on the Warsaw Stock Exchange in M&A transactions.

Previously, he supported clients in the purchase and sale of commercial real estate transactions while working for an international consulting firm, in the Research & Advisory and Capital Markets departments.

He defended his master's thesis at the Warsaw School of Economics, majoring in Quantitative Methods in Economics and Information Systems. In addition, he completed postgraduate studies in real estate valuation at the Warsaw University of Technology.

He focuses on expanding his knowledge of investing in capital markets, of which he is an active participant.


Łukasz Mikuła
Senior Analyst

Lukasz is a finance enthusiast who graduated from the Warsaw School of Economics, where he was actively involved in various projects within the university's scientific clubs.


In 2020, he began his professional career in the industry, where he focused on handling and optimizing internal fund processes for corporate clients. In the same year, he graduated from the Warsaw School of Economics, where he was active as a member of both the Investor's Club and the Student Business Academic Circle.

He took part in the "High School Business Challenge" initiative, a nationwide competition aimed at assessing the business aptitude of high school students, as well as the "Stock Exchange Academy", aimed at capital markets enthusiasts, which included a series of lectures given by experts from renowned investment industry companies.


Przemysław Bury
Senior Analyst

M&A and corporate finance professional with experience in transaction advisory, financial analysis and strategic consulting.


Przemysław gained experience at McKinsey & Company and PwC, supporting analytical, financial and operational projects. His background includes work on M&A projects, financial due diligence and transaction execution across advisory and consulting environments. He holds degrees in Finance and Accounting as well as Business Development Strategy from the Cracow University of Economics and completed the ACCA Accelerate programme at SGH Warsaw School of Economics.


Mateusz Ochnio
Analyst

M&A analyst with experience in transaction advisory, financial analysis and capital markets research. His background includes work on investment analysis, macroeconomic forecasting and market development projects within both advisory and financial institutions.


Prior to joining Excalibur Capital, Mateusz gained experience at bValue Fund, the Warsaw Stock Exchange and the National Bank of Poland, where he worked on market research, economic analysis and financial modelling projects. He holds a degree in Economics from The University of Manchester and has completed quantitative and data analysis programmes, including Data Analysis with Python by IBM.


Bartosz Budny
Analyst

M&A analyst with experience in sell-side advisory, valuation and financial modelling.


Prior to joining Clairfield International, Bartosz worked in corporate finance and capital markets roles at Baker Tilly TPA and Citi Private Bank. His experience includes company valuation, market analysis, transaction documentation and investor communication. He has supported transactions across healthcare, medtech and manufacturing sectors, including preparation of investment materials, financial analyses and due diligence processes. He is a CFA Level II candidate and holds degrees from the Warsaw School of Economics and Lille Catholic University.


Eryk Stryjak
Analyst

M&A and investment analysis professional with experience in transaction advisory, financial analysis and market research. He has supported M&A projects through preparation of teasers and information memoranda, valuation analysis and investor research.


Prior to joining the advisory industry, Eryk gained experience at Navigator Capital, IPOPEMA Securities and Market One Capital, where he worked on investment analyses, market research and financial data evaluation. He holds a degree in Management from the University of Warsaw.


Maja Musur
Junior Analyst

Finance student with strong analytical and organisational skills and a particular interest in financial markets and investment advisory. She combines academic knowledge with a proactive approach to teamwork, communication and problem solving.


Maja is currently studying Finance, International Investment and Accounting at the University of Warsaw. She is fluent in English (C1 IELTS certified) and has developed practical competencies in project organisation, teamwork and digital content creation.


Bartłomiej Moździoch
Junior Analyst

Finance and investment analysis professional with a strong interest in M&A, valuation and financial markets. His experience includes company valuation, financial and non-financial due diligence, and investment research focused on the Polish market.


Bartłomiej is currently pursuing a degree in Finance and Accounting at Kozminski University. He has developed practical analytical skills through investment activities, participation in finance-related projects and academic initiatives focused on corporate finance and M&A.



Global Reach

We cooperate on a daily basis with over 200 talented professionals from our trusted network of international financial advisory firms operating on 4 continents. This gives us access to developed regions around the world, enabling us to provide services with a global reach not available to other firms.

Learn more
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San Diego : USA
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Dusseldorf : Germany
Largilliere Finance
Paris : France
MAPE Group
Chennai : India
Quore Capital
Amsterdam : BeNeLux
Scouting Capital Advisors
Bologne : Italy
ProRate
Bratislava : Slovakia
ProRate
Prague : Czech Republic
Metro Ascent
Hong-kong
Frontier Management
Tokyo : Japan
Transcend Corporate
Birmingham : United Kingdom
Presser & Co
Melbourne : Australia
RA Capital
San Diego : USA
Network Corporate Finance
Dusseldorf : Germany
Largilliere Finance
Paris : France
MAPE Group
Chennai : India
Quore Capital
Amsterdam : BeNeLux
Scouting Capital Advisors
Bologne : Italy
ProRate
Bratislava : Slovakia
ProRate
Prague : Czech Republic
Metro Ascent
Hong-kong
Frontier Management
Tokyo : Japan