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EMMA Capital

Investment Firm
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Founded
2012-01-01 in Czech Republic
Headquarters
Prague, Czech Republic

EMMA Capital is a Czech-based private investment holding founded in 2012 by Jiří Šmejc, a former shareholder of PPF Group. From its earliest days, the company established a strong footprint in the European gaming and lottery sector by leading a consortium that acquired a 33% stake in Greece’s OPAP. Over the following decade, EMMA Capital expanded its gaming portfolio to include stakes in Casinos Austria, Österreichische Lotterien, Italy’s LOTTOITALIA, and Croatia’s SuperSport, often partnering with KKCG Group. In 2022 it formed a joint venture with global gaming leader Entain (Entain CEE), into which it contributed SuperSport and later the Polish betting giant STS; EMMA currently holds a 22.5% interest in that venture. Beyond gaming, the group built a substantial energy business through Premier Energy Group (Romania and Moldova) and entered e‑commerce logistics (Box Now, Mailstep, Packeta), financial services comparison (RIXO.cz), and medical technology distribution (Urion, Diamedix). The group operates through a lean management structure with seven partners, all of whom hold minority stakes in the management company EMMA Capital. Its strategy centres on taking active, hands‑on roles in portfolio companies, driving operational improvements and long‑term value creation primarily in Central and Southeast European markets.

Detailed Review

History & Evolution

EMMA Capital was established in 2012 when Jiří Šmejc, having just divided jointly held assets with PPF Group founder Petr Kellner, launched his own investment holding. The company quickly made its mark in the gaming industry: in 2013 it led an international consortium that won the privatisation of a 33% stake in OPAP, the Greek gaming monopoly. Following OPAP’s successful restructuring, EMMA Capital acquired minority stakes in Casinos Austria and Österreichische Lotterien, Italy’s LOTTOITALIA, and Croatia’s SuperSport, often acting alongside KKCG Group. In 2016, the two groups merged their gaming assets into SAZKA Group, with KKCG holding 75% and EMMA 25%. At the end of 2019 they demerged, leaving EMMA with SuperSport and a cash consideration of several hundred million euros. In 2022, EMMA Capital transferred SuperSport into a joint venture with Entain plc, forming Entain CEE; the venture later acquired Poland’s largest bookmaker, STS. As of June 2026, EMMA increased its stake in Entain CEE to 22.5%.

Business Model & Sectors

Beyond gaming, EMMA Capital has diversified into several other sectors. In 2013, it became majority owner of Romanian energy company GAZ SUD, rebranded as Premier Energy Group. The group expanded through acquisitions in Moldova and Romania, focusing on electricity distribution and renewable‑energy production, and listed Premier Energy on the Bucharest Stock Exchange in May 2024. EMMA has also built a portfolio in e‑commerce logistics through Box Now (automated parcel machines), Mailstep (fulfilment), and historical involvement with Packeta. Financial services are represented by RIXO.cz, a comparison platform for insurance and financial products in the Czech Republic. Medical technology distribution is handled via the EMMA ZETA vehicle, which holds majority stakes in Urion (Montenegro) and Diamedix (Romania). The group’s structure is lean, with a core of seven partners plus Jiří Šmejc, all of whom have minority equity in the management company. This hands‑on governance allows EMMA to take active roles in portfolio companies and drive operational improvements.

Recent Activity (2024–2026)

In February 2025, EMMA Capital acquired full ownership of Mailstep, a Czech fulfilment company, from CVC. Through its EMMA ZETA vehicle, it acquired a majority stake in Diamedix, a Romanian medical equipment distributor, in March 2025, and 65% of Urion, a Montenegrin medical device distributor, in September 2025. In February 2026, the group issued CZK 2 billion in bonds, fully subscribed. Most notably, in June 2026 it increased its stake in Entain CEE to 22.5%, reinforcing its commitment to the Central European gaming market. EMMA Capital’s financial disclosures are limited to bond prospectuses and regulatory filings, and it does not publish a full annual report. The group continues to explore new investment opportunities across its core verticals in Central and Southeast Europe.

Key Products

  • Entain CEE

    Joint venture with Entain plc (EMMA holds 22.5%). Operates SuperSport (Croatia) and STS (Poland) – sports betting and gaming.

  • SuperSport

    Leading sports betting and gaming operator in Croatia, contributed to Entain CEE.

  • STS

    Poland’s largest bookmaker, acquired and folded into Entain CEE in 2023.

  • Premier Energy Group

    Energy distribution and renewable‑energy production in Romania and Moldova.

  • Box Now

    Automated parcel machine (APM) network for e‑commerce deliveries, operating in several Southeast European countries.

  • Mailstep

    Fulfilment and logistics provider for e‑commerce, based in the Czech Republic.

  • RIXO.cz

    Online comparison platform for insurance and financial services in the Czech Republic.

  • EMMA ZETA

    Investment vehicle for medical technology distribution; holds stakes in Urion (Montenegro) and Diamedix (Romania).

  • Packeta (historical)

    E‑commerce postal and parcel service; EMMA co‑acquired it with CVC in 2023 before selling its stake in Mailstep separately.

Key Persons

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