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After less than a year of searching, thousands of conversations, and hundreds of analyses, Michał Łukasz Kamiński and Constantin Marek have completed the acquisition of Poland’s leading SEO/SEM agency, ICEA, through their SF Lynx Trail Capital. Piotr Bydłowski and Andrzej Nowak, the selling shareholders, will remain as key investors in the new structure. Debt financing was provided by mBank, and the deal was supported by investors including Constance Gachowski, Amarant Capital Family Office, Legacy Partners, Heritage Holdings Search Partners, Claus von Loeper, Edge Partners, Jörn Schmidt-Staade, Hanan Hallal, Matthew Liebers, Marek Dietl, and Michał Łapkowski, among others.
For the past 18 years, ICEA has been driving the growth of e-commerce businesses, serving over 1,000 clients and employing more than 100 experts. In 2024, the company achieved PLN 36.3M (€8,5M) in revenues, up from PLN 20.1M in 2020, with EBITDA reaching PLN 11.2M (€2,6M), compared to PLN 4.2M in 2020. Its market position has been recognized through numerous awards, including being named one of the eight best large SEO agencies in Europe (European Search Awards 2025).
The new management team commented: “This transaction paves the way for further expansion and the creation of an AI-native e-commerce growth platform — a trusted partner for online retailers and major brands, helping them accelerate sustainable growth.”
Legal (buyer): Fieldfisher / NautaDutilh / DD: Grant Thornton / M&A: mInvestment Banking / Legal (seller): CMS
