United Heritage is a Polish-Ukrainian private equity firm specializing in Special Situations Asset Management, managing a diverse portfolio across key asset classes, including Logistics, Agriculture, Real Estate, Technology, and Healthcare & Biotech. Headquartered in Warsaw, Poland, with operational teams in both Poland and Ukraine, including a permanent office in Kyiv, we are uniquely positioned to leverage investment opportunities driven by the dynamic economic shifts in the region. 

The story of United Heritage begins with the vision of Roman Nikitov, the General Partner of the firm. A seasoned finance and investment professional, Roman brings over two decades of experience navigating Polish, Ukrainian, and international markets. His journey has been profoundly shaped by significant historical and personal events. Having witnessed three revolutions and endured two phases of war, Roman eventually relocated to Warsaw, Poland. It was in Warsaw, where his professional experiences, vast knowledge, connections, and new beginnings converged, sparking the creation of United Heritage—a Polish-Ukrainian Special Situations private equity firm.

During this transformative period, Roman connected with Arkadiusz Ignasiak, a prominent figure in Poland’s railway sector and co-founder of Cargounit, the country's largest independent locomotive lessor. Arkadiusz’s entrepreneurial success in logistics and transportation resonated strongly with Roman’s vision. Soon after, Igor Melnyk, a renowned Ukrainian real estate investor with a significant presence in both the Polish and Ukrainian markets, joined forces with them. In 2022, these leaders co-founded United Heritage Sp. z o.o., united by a shared mission to seize the investment opportunities arising from the dynamic and evolving markets of Central and Eastern Europe.

The recent market disruptions present a pivotal opportunity for growth and investment. In line with the adage, "Never let a crisis go to waste," we foresee an unprecedented surge in economic momentum within the region. This momentum is driven by relocation dynamics, significant business expansion, and an influx of talent.
Periods of crisis historically create a 2-5 year window where competition diminishes, allowing astute investors to secure favorable deals. This strategic timing positions us to capitalize on opportunities before market stabilization and price increases occur.

Our team comprises seasoned experts in cross-border special situations and turnaround strategies, equipped with a wealth of experience to identify and execute investments that promise substantial returns. We implement a comprehensive risk mitigation strategy that emphasizes sectoral and geographical diversification across multiple asset classes, enhancing our liquidity profile and minimizing exposure to market volatility.

United Heritage provides a transparent investment vehicle within EU jurisdiction, granting access to exclusive deal flows that might otherwise remain out of reach. This platform facilitates participation in the region's recovery, ensuring our investors can effectively capitalize on emerging opportunities.

The relocation of approximately 1 million Ukrainians to Poland has fostered significant economic and cultural ties. Poland has emerged as the primary choice for many Ukrainian businesses seeking expansion, resulting in the establishment of around 65,000 new companies from 2022 to 2023. This entrepreneurial spirit not only benefits both nations immediately but also positions Polish businesses for priority access to rebuilding opportunities in Ukraine post-war.

At United Heritage, our investment approach combines deep local expertise, a global perspective, and a commitment to fostering sustainable growth across Poland, Ukraine, and the broader Central and Eastern European (CEE) region. We focus on key sectors such as agriculture, logistics and infrastructure, energy, and construction & development, carefully evaluating each opportunity based on its potential for long-term value creation. We employ a flexible strategy that allows us to invest through various instruments, including equity (minority or majority), debt/convertible debt, and combined structures. Our portfolio management is active, with the flexibility to become operationally involved when needed, ensuring that each project reaches its full potential.

One of the primary goals and principles of United Heritage is to prepare for and actively participate in the great endeavor of rebuilding Ukraine after the brutal and devastating war. Wartime conditions in Ukraine have created a wealth of distressed assets, providing unique opportunities for contrarian investors to achieve above-average returns. As Ukraine progresses toward EU accession, the harmonization of its legislation adds stability and offers the potential for attractive exit multiples. Poland, as a key gateway for capital flows from the US and EU, is emerging as the development hub of Central and Eastern Europe. The Polish government’s pro-Ukrainian stance and its ongoing collaboration with various sectors further solidify this strategic position. Our investment strategy prioritizes stability and expansion, focusing on Ukrainian businesses considering relocation to Poland and the EU.

We specifically target projects in secure regions, such as Western Ukraine, to ensure safety and stability during uncertain times. Technology and innovation play an important role in our strategy, enabling us to invest in asset-light businesses that are resilient and adaptable in challenging environments. Our established relationships in the global financial and banking sectors, combined with our in-depth market knowledge and experienced team, further enhance our ability to navigate the complexities of distressed markets and drive sustainable growth.

Our investment process is systematic and thorough, ensuring that we identify and capitalize on the best opportunities available.

We begin by sourcing promising asset classes through our extensive on-the-ground network, conducting high-level analyses, and preparing executive summaries for consideration. Engaging directly with founders and C-level management helps us understand their visions and challenges, while due diligence based on publicly available sources informs our investment decisions.

Comprehensive financial and legal due diligence ensures that our investments are sound, with investment memoranda submitted for review by our Transactional Team. We then proceed to deal execution, structuring and negotiating final terms, and conducting the necessary KYC processes. Final investment decisions are made through our Investment Committee.

Post-investment, we maintain active monitoring and communication with stakeholders, executing exit strategies as necessary.

The current market environment offers unique special situations, including:
• New Supply Chains: Disrupted supply chains necessitate new infrastructure investments, presenting opportunities for growth.
• Emergency Funding: Distressed businesses require urgent capital to restore value, providing viable investment cases.
• Sanctioned Assets: Individuals and businesses under sanctions may sell assets at below fair value, creating opportunities for recovery.
• Regulatory Changes: New regulations compel businesses to adapt, opening avenues for investment in compliance and infrastructure.

By navigating these complexities and embracing opportunities, United Heritage is committed to maximizing value for our partners while contributing to the economic recovery of Poland and Ukraine. Our investment strategy is designed to capture immediate gains and lay the groundwork for sustainable growth and development in the future.