Petr Kellner Jr. saves Tonak, Europe's oldest hat maker

The investment group Palmont, owned by Petr Kellner Jr., is acquiring 100% of the Czech hat maker Tonak — a deal meant to save the company, which faced closure without a new investor.

The company is buying the stake from the Swedish PCTC Invest, and the deal amount has not been disclosed. According to Hospodářské noviny, Tonak, one of Europe's largest hat makers with production in Nový Jičín and Strakonice, had found itself in a tough spot: in 2024 the company, which has around 400 employees, posted a loss of 105 million crowns, while revenue fell by more than a quarter to 359 million crowns.

Palmont's investment director Adam Paleníček said the group intends to stabilize the business and preserve its traditions. “We understand the scale of the challenge, but we believe in Czech brands with a genuine history, real craftsmanship and the people behind them. We want to keep Czech craftsmanship at a world-class level,” he said. The deal is the first investment of the new division Palmont Heritage, which specializes in traditional companies and brands with a long history.

Petr Kellner Jr. is the eldest son of PPF financial group founder Petr Kellner, who died in a helicopter crash during heli-skiing in Alaska in 2021. Last year he sold his ten-percent stake in PPF, earning, according to Hospodářské noviny, about €1.8 billion — roughly 44 billion crowns. It is precisely those funds that he is now investing through his own group, Palmont.