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TS Partners

We are an independent consulting firm specialising in transaction services, particularly in due diligence, valuations and financial modelling.

We have been in business since 2010, during which time we’ve advised in more than 300 takeover transactions, cooperating closely with some of the most experienced PE’s in Poland as well as strategic buyers or sellers. We have offices in Warsaw Poland and in Bucharest Romania.

Our mission is to deliver the highest quality of services, providing tangible benefits to our clients. Our partners are directly engaged in each project. Together with thorough knowledge and experience, we offer tailored and practical approach to each issue, as well as our full availability during transaction process.

7 years

Over 7 years
on the market


Over 150 Clients from various industries

350 +

Over 350 transactional
assignments accomplished

Our offer

Due diligence and similar assignments, support in preparation and negotiations of share purchase agreements (in the scope of financial matters), post-acquisition integration of financial and management reporting, and preparation of companies for disposal to maximise the value for the seller.

Valuation of companies, holdings, portfolios, intangible assets, carve – outs, financial instruments, stock option programs and others. Advanced financial, transactional, project finance and PPP modelling.

Financial statements audits and reviews, preparation of accounting policies, interpretations, trainings and other audit services required by the commercial companies code.

Transaction Services

We deliver advisory services during all stages of a transaction:


Financial due diligence – independent financial review of a target for a potential investor, aimed at identifying risk areas, which may impact on investor’s decision and valuation.

NOI review and testing (for real estate business) – specialised due diligence for targets in the real estate business, aimed at verification of net operating income of a target estate.

SPA review (from financial risk perspective) – specialised advice on SPA negotiations regarding protection of the investor against financial risks, in particular those identified during due diligence.

Preliminary due diligence – this service is offered largely to our PE clients in the early stage of an investment process. We provide a high-level financial and business analysis of a potential target in order to facilitate the Fund’s decision whether or not to engage more resources into the project.



Management accounts – a comprehensive review of internal controlling function of a portfolio company (including quality and adequacy of financial available information, key functions, and information systems), followed by recommendations and finally implementation of changes in order to achieve the desired level and quality of management reporting for owners / management board.

Interim due diligence – interim financial review of a portfolio company during a financial year, including analysis of YTD performance versus budget and prior year, identification and explanation of drivers, and variances. Such a review enables the shareholder to better prepare the company for a planned exit.

Independent business review – independent financial and business review for a financing bank. This service enables the bank to understand reasons behind financial difficulties of a debtor and, through analysis of financial projections (often supported by a restructuring plan), to assess its ability to service the debt in future.


Sell-side advice

Vendor assistance – preparation of companies for their disposal, including enhancing the quality of information to be provided to potential investors (e.g. reconciliation, and verification of financial data), and advise on the scope of information to be disclosed.

Financial vendor due diligence – independent financial review of a company which is put on sale. The vendor’s report, which is our deliverable, is intended to be presented to the prospective buyers as a reliable source of information in order to limit the extent of their due diligence.

Interim management – temporary participation in management of portfolio companies.


Valuations and financial modelling

We offer wide range of valuation and financial modelling services:


Valuation of businesses (companies, capital groups, carve-outs) – independent estimate of the fair value for the purposes of transactions, management, reporting, for fulfilling formal or tax requirements, for finance providers etc.

Valuation of brands, trademarks, client portfolios and other intangible assets – independent estimate of the fair value for the purpose of contributions in kind, tax optimisations, allocation of the purchase price, etc.

Impairment tests – regular (e.g. in case of goodwill) or occasional (when circumstances point to it) estimation of impairment of assets’ value, that are compulsory according to the accounting standards.

Valuation of investments and financial assets – estimation of assets value for the purposes of their introduction to the accounting ledgers or on balance sheet dates.

Valuation of stock option programs – estimation of value on the balance sheet date and support in proper accounting in accordance with various accounting standards.


Financial modelling and preparation of business plans

Financial models – dynamic financial models including financial projections for the purpose of a business disposal or acquisition, new financing, restructuring or for internal purposes (e.g. budgeting, costs controlling) with an agreed upon level of details, reflecting the specifics of the company and the business model.

Business plans and evaluation of investment projects – strategic documents presenting conditions and expected results of projects realisation. They can be used for internal (e.g. specification of strategy and monitoring) and external (e.g. as a requirement for obtaining financing or grants / subsidies) purposes.


Audit and accounting advisory

Audit and accounting advisory

We are an independent audit firm, whose activities are aimed at filling the gap between large companies present on the Polish market (“Big 4”) and local auditors.

Our team consists of chartered accountants, former managers of renowned companies, who have a wide experience in auditing financial statements of large international corporations and capital groups from various sectors, including companies listed on the Warsaw Stock Exchange.

We are a young, dynamic team, whose members follow high standards, as well as personal values and rules, in providing professional services.


We provide a wide range of assurance services

Audits and reviews of financial statements – both for standalone and consolidated financial statements, according to Polish GAAP and IFRS.

Audit of division, transformation and merger plans, audit of the founders reports – other services of the chartered accountants required by the commercial companies’ code.

Other attestation services – including financial statement reviews, agreed upon procedures regarding financial information.

Purchase price allocation – services based on delivering the client with a complex report describing information necessary for accurate accounting settlement of the transaction.

Financial reporting advisory – advisory on financial reporting, accounting policies and internal control, accounting integration and consolidation of companies after acquisitions etc.

Interpretations – in terms of application of Polish GAAP and IFRS regulations.

Preparation of accounting policies and charts of accounts – for the purposes of initial implementation or changing the existing accounting solutions.

Audits of EU funded projects – in order to verify if the projects were realised following the financing agreements.

Trainings – in the scope of accounting, financial reporting, finance, domestic and international regulations and standards.


Our team

  • Michał Boroń

    Michał Boroń

    Michał Boroń (CFA) is a Polish chartered auditor.

    He began gaining his professional experience in KPMG’s Bank and Financial Institutions Audit team, where he worked between 2002 and 2004. The next 6 years he worked for the Transaction Services team in PwC, where he specialized in due diligence, and transaction-related advisory. Michał is one of the founding partners of TS Partners.

    Michał’s experience encompasses around 200 due diligence assignments with companies located both in Poland, and in other Central European countries. He was also involved in a number of independent business reviews for banks, which are carried out on distressed restructuring of debt delivered for acquisitions.

    Michał has a long standing relationship with Private Equity and Venture Capital funds. Aside from transaction advisory, he specialises in interim financial management for investment funds’ portfolio companies.

    +48 502-184-692

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  • Tomasz Malinowski

    Tomasz Malinowski

    Tomasz Malinowski (CFA) is a Polish chartered auditor.

    Tomasz began his professional career in the Financial Institutions Audit team in Deloitte, where he worked between 2002 and 2005. Between 2005 and 2010 he worked in the PwC Transaction Services team, where he specialised in due diligence, as well as in other transactions related advisory. Since 2010 he is Partner in the TS Partners Transaction Team.

    In his career, Tomasz took part in, or managed, around 300 due diligence projects, as well as other advisory assignments, in various sectors, supporting both strategic and financial investors.

    Tomasz has a particularly wide experience in cooperation with Private Equity funds present in Poland and CEE.

    +48 502-184-174

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  • Andrzej Olechnowicz

    Andrzej Olechnowicz

    Andrzej Olechnowicz holds ACCA and FRM qualifications.

    Andrzej began his professional career in 2001 in the Financial Institutions Audit team in PwC. Since 2004 he specialises in transaction advisory, especially in due diligence and vendor assistance services. Between 2006 and 2008, Andrzej worked in PwC in Chicago and, after returning to Poland, he continued his career in the Transaction Services team in PwC Warsaw. Since 2010, he is Partner in the TS Partners Transaction Team.

    Andrzej has advised large, international companies on transactions in Poland, Europe and USA, as well as worked with local Polish businessmen. He has also managed due diligence teams on significant takeovers of public entities on the Polish market.

    +48 502-184-015

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  • Wojciech Bubak

    Wojciech Bubak

    Wojciech Bubak (CFA) is an expert in valuations of companies and in financial modelling.

    Wojciech began his professional career in the Assurance and Advisory team in PwC Warsaw, where between 2003 and 2006 he took part in a number of projects for international clients. He then moved on to work for Trio Management Corporate Finance, where he completed a series of projects on company valuations and financial modelling, as well as strategic and transaction advisory. Between 2010 and 2012, Wojciech led an independent valuation practice under Qarmine Advisory brand. Since 2012 he is Partner in the TS Partners Valuations and Financial Modelling team.

    Wojciech has extensive experience in transaction valuations and modelling for acquiring debt financing, especially in the sector of services (including medical and financial services), retail trade, food manufacturing and construction. Wojciech also has experience in valuating stock option programs.

    +48 693-280-077

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  • Konrad Michalak

    Konrad Michalak

    Konrad Michalak is an expert in valuations of companies, intangible assets and in financial modelling.

    He gained his experience in the Financial Advisory team in PwC, reaching the grade of a vice-director. He was engaged in, or managed, numerous advisory projects, including company restructuring and optimisation, business carve-outs for tax and transaction purposes. Moreover, Konrad was a member of corporate finance teams in banks and infrastructure companies, working on financing of large projects.

    Konrad was also a worldwide PwC trainer on intangible assets valuation.

    Since 2014 Konrad is a Partner in the TS Partners Valuations and Financial Modelling team.

    +48 502-184-364

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  • Daniela Buhus

    Daniela Buhus

    Daniela Buhus (ACCA) is a Romanian chartered auditor

    Daniela has excellent business insight with 20 years of financial advisory and audit experience, of which 4 years acting as the Partner leading the Transaction Services team in KPMG.

    In her career, Daniela took part in, or managed, over 250 due diligence projects, as well as other advisory assignments, in various sectors, supporting both corporate and Private Equity investors. Daniela participated in a number of privatization processes in Romania and cross border transactions. As project leader she was responsible for management and supervision of other due diligence work streams including also the tax, legal, commercial, environmental and IT.

    Daniela acts as Partner responsible for development of TS Partners Romanian practice.

    +40 744 557 307

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Our standards


We realise how dynamic, and diverse transaction processes are, and how important it is to stick to the agreed deadlines. Our response is a hands-on approach, close cooperation with the client, and immediate communication of any major issues arising from our analyses.


We guarantee our clients absolute confidentiality of sensitive information.


Our reports are issue-focused, clear, and comprehensive, although we at the same time subscribe to the philosophy that “less is more”. Our reports form reliable basis on which the client is able to take rational decisions regarding the potential transaction (the “go” or “no go” decisions) and bid price.


Our project teams consist of transaction veterans. Partners are engaged across all stages of the process, taking active part in the field work, report writing, and client interactions.


We offer our clients full exclusivity on a transaction: we never serve multiple clients on the same, competitive deal.

Flexibility and involvement

We guarantee unrestricted availability and dedication of our team. We are open to individual needs of our clients, and their comments or suggestions are continuously applied during our work. Moreover, our support is not limited to preparation of the report. We can support our clients with our experience and knowledge until the very closing of a deal.


We do not engage in situations of conflict of interest, so we do not work on a success fee basis, to avoid any bias or prejudices in presenting our conclusions.


TS Partners Sp. z o.o.

Chałubińskiego 8 st.

00-613 Warsaw

NIP 521-358-08-63

REGON 142604156


phone: +48 22 345 23 213
e-mail: biuro@ts-partners.pl


phone: +40 744 557 307
e-mail: daniela.buhus@ts-partners.eu