Article published in Puls Biznesu on 2025-12-19
Rockfin, one of the largest Polish players in the segment of advanced systems for the energy and industrial sectors, has once again gone under the hammer. The Czech fund Jet Investment is selling the company to a consortium consisting of the Capmont fund and RIO ASI, an investment vehicle owned by Rafał Brzoska.
“Rockfin is for sale and plans to acquire companies itself,” we wrote in Puls Biznesu at the beginning of 2025, when the manufacturer of industrial equipment and systems used in the energy, industrial, oil and gas sectors selected a transaction advisor. By the end of the year, the sale became a fact. The company, controlled since 2022 by the Czech fund Jet Investment, will be acquired for an undisclosed amount by Capmont—a fund operating mainly in German-speaking markets—and by Rafał Brzoska’s investment vehicle.
The transaction is expected to be finalized by the end of January 2026, subject to regulatory approvals. A minority stake remains with three key managers of the company, who are reinvesting a significant portion of the proceeds and will continue to serve on the management board.
“We are selling the company in excellent condition. 2025 was a record year in every respect—over the past four years, Rockfin’s revenues have tripled, while EBITDA has nearly quadrupled,”
emphasizes Jiří Kroc, Project Director at Jet Investment.
One billion ahead of schedule
For Rockfin, this marks its third financial owner. Back in 2013, the private equity fund TarHeel Capital (THC) became a shareholder, investing in increased production capacity and international expansion. After nine years, it sold the company to the Czech investor. At the time, representatives of THC proudly stated that Rockfin had been a “dragon” investment—one whose returns more than covered the entire fund.
The Czech owners stayed for a shorter period. At the beginning of 2025, they announced preparations for Rockfin’s sale.
Just three years ago, Rockfin assumed it would reach PLN 1 billion in revenues by 2027. Today it is clear that this target will be achieved two years earlier, thanks to record growth in orders in 2024 and 2025. In 2024, Rockfin completed the largest contract in its history—delivering 11 compressor packages to MAN Energy Solutions for a floating refinery located in Brazil.
“Order intake alone grew by more than 30% year-on-year, and our backlog will exceed PLN 1.3 billion by year-end. Moreover, the company will enter 2026 with a record PLN 1 billion order book already contracted for execution—the strongest result in Rockfin’s history,”
stresses Michał Wróblewski, CEO of Rockfin.
In 2025, the company will generate approximately PLN 1.1 billion in revenues, while the value of orders, sales, and the cumulative order portfolio will exceed PLN 1 billion.
Energy transition and new markets
Rockfin is one of the world’s leading suppliers of critical systems for energy infrastructure—from oil and fuel systems to advanced solutions for turbines, generators, and compressors. The company employs more than 1,400 people and operates production facilities and branches in, among others, Poland, the United States, Italy, Switzerland, and Saudi Arabia.
Rockfin’s growth is driven by the global energy transition, rising electricity demand, electrification of the economy, and the development of AI and data centers.
“We focus on decentralized energy, flexible power sources, gas-turbine-based generators, and technologies utilizing waste heat. We are also developing the HyVentive line, covering the entire hydrogen ecosystem—from water demineralization to hydrogen storage,”
explains the CEO of Rockfin.
A new growth direction is the segment of large-scale heat pumps. The company is working on units with capacities ranging from 3 to 12 MW, designed for district heating plants and combined heat and power facilities.
“This is a natural extension of our portfolio and part of our decarbonization strategy. We plan to present a demonstration prototype in 2026, ahead of the next heating season,”
announces Michał Wróblewski.
Defense, nuclear power, and hydrogen
In addition to heat pumps and projects in energy and oil & gas, Rockfin is also entering the defense sector. The company cooperates, among others, with the Polish Naval Shipyard on the Miecznik and Ratownik programs and has participated in discussions regarding the Orka submarine program.
At the same time, Rockfin is developing competencies in small modular reactors (SMRs) and is involved in a Canadian GE Hitachi project.
“I believe SMRs will be a breakthrough. They are a cheaper, faster, and more flexible energy source than large-scale nuclear units,”
assesses the CEO of Rockfin.
In 2025, Rockfin also signed a strategic agreement with the French company Elogen, enabling it to offer turnkey hydrogen electrolysis systems in Europe, the Middle East, and Africa.
All of this is linked to further investments. Over the past three years, Rockfin has doubled its production capacity. In 2025, the company expanded its facility in Elbląg and launched a new production hall in Małkowo. In 2026, Rockfin plans to hire approximately 200 additional employees.
New owner, same vision
Capmont has announced the continuation of international expansion, with a particular focus on the U.S. market, while also considering expansion into Asia. Plans also include the development of proprietary product lines and the services segment.
The fund, which has offices in Munich, Zurich, Luxembourg, and Warsaw, invests in industrial technologies, supply chains, manufacturing, and robotics. Capmont offers not only capital but also strategic support.
“Rockfin has transformed from a strong local company into a global player. With the new owner, we will continue to strengthen our market position,”
summarizes Michał Wróblewski.
For Jet Investment, this will be another recent exit, following the sale of the Czech company Tedom, which specializes in decentralized energy and cogeneration. Jet Investment’s portfolio includes 18 companies operating in the Czech Republic, Germany, Austria, and Poland, spanning engineering, energy, automotive, chemical, and other sectors. The firm manages assets totaling EUR 750 million.