Target: Focus Media Holding Ltd
Value: USD 3,700 million
Announced date: 19th December 2012
Target region: Cayman Islands
Target business: Out-of-home digital display advertising services
Publicly-listed outdoor display advertising company Focus Media Holding has
agreed to be acquired by a private equity consortium led by Carlyle Group
in a take-private transaction worth USD 3,700 million. Under the terms of
the deal, an acquisition vehicle called Giovanna Parent will offer USD 27.50
per American Depository Receipt (ADR) or USD 5.50 per ordinary share in
Focus Media, which represents a premium of 15 per cent over the company’s
previous close of USD 23.91 per ADR on 18th December 2012.
source: http://www.mandaportal.com/Content/MA-Reports/Week-in-Review
recapitalisation buyouts acquisition takeovers mergers private equity structured finance expansion fund raising privatization banks Polish economy
Monday, 31 December 2012
Advent outbids Mid Europa and acquires EKO Holding
The battle for
control of Polish retailer EKO Holding that played out between two
private equity giants over the past weeks will go down in history as one
of the most exciting bidding wars the Warsaw Stock Exchange has ever
seen.
Advent International Corporation
placed a buyout bid on the Warsaw-listed EKO Holding at the beginning
of September, offering PLN 4.1 per share. Although the fund had struck a
preliminary deal with the Gradecki family, who agreed to sell Advent
their 56% stake in the retailer, Polish pension funds (OFE Allianz, OFE MetLife Amplico, and PZU) were not that eager to part with their minority stakes in EKO Holding at that low a price.
The funds had a good reason to be iffy about the initial bid, as another major private equity player, Mid Europa Partners had
joined the race, forcing Advent to raise their bid to PLN 4.7 and then
PLN 5.6 per share. Although at that point the Gradeckis sold their
shares in EKO Holding to Advent, Mid Europa did not budge and offered to
purchase the outstanding stock at PLN 6.35. It took another counterbid
from Advent – PLN 7 per share – to send Mid Europa packing and pension
funds selling.
In
short, a company that Advent priced at PLN 199m in early September
gained more than PLN 140m in value in merely two months. Following
closing of their final tender offer on 29 October, Advent held close to
98% of shares in EKO Holding with plans for a subsequent squeeze-out and
delisting of the company.
Now that Advent has added EKO Holding to their Polish portfolio, questions arise about their plans for the supermarket chain.
"The
market environment is challenging, particularly for independent
groceries, the so-called mom-and-pop stores. The sector continues to
consolidate, which on the one hand results in independent outlets losing
their market share, and on the other – bodes well for supermarkets, due
to shifting consumer preferences. Our goal is to focus on restructuring
the business and expanding the chain via organic growth and
acquisitions. We believe EKO represents a very good platform for such
undertakings," Paweł Ryszkiewicz, Director at Advent International tells
news2biz.
EKO Holding's key asset is its chain of 305 EKO
supermarkets. Image: EKO Holding
supermarkets. Image: EKO Holding
"In
our opinion time is of the essence in a business environment as
competitive as Poland's retail sector and therefore we have already
appointed a new CEO and CFO for the company."
Focus on core business
EKO
Holding concentrates its activity on a supermarket chain EKO which
includes 305 EKO stores. Its other assets include ca. 800 Rabat
franchise stores and 165 Jasmin franchise drugstores. The group also
owns Polska Grupa Drogeryjna (PGD), a wholesaler of
household chemicals and cosmetics. Last year EKO Holding boosted its
turnover by a fifth, reaching PLN 1.5bn, with an EBIDTA of PLN 28m and
net profit of PLN 3m.
Asked about their plans for the franchise chains Rabat and Jasmin and wholesaler PGD, Mr. Ryszkiewicz replies:
"At
Advent, we strongly believe in a focused business model and therefore
we have been saying from the start that we do not wish to invest in
non-core assets such as the businesses you've mentioned. EKO Group today
consists of more than twenty companies active in a number of different
and diverging markets. EKO needs to focus on driving the scale and
capability of its core supermarket business. Our strategy to simplify
the company's structure, dispose of non-core assets and to ensure that
the management's full attention and the company's resources are
dedicated to competing in this extremely challenging market."
As
part of the investment, Advent International is bringing to EKO Holding
its considerable expertise and experience in the retail sector
internationally. The firm has invested in 10 companies in the sector
over the last five years alone. Relevant investments include Serta & Simmons Bedding, DFS, Five Below, Takko, Stokomani, and Poundland.
Founded
in 1984, Advent International is one of the world's leading global
buyout firms, with offices in 16 countries on four continents and a
global team of over 160 investment professionals. The firm focuses on
international buyouts, strategic repositioning opportunities and growth
buyouts in five core sectors. Since inception, Advent has raised EUR
19.4bn in private equity capital and, through its buyout programs, has
completed over 270 transactions in 35 countries. Since inception, the
Advent funds completed 149 IPOs on 27 stock exchanges around the globe.
"Our
strategy relies on long-term growth and active portfolio management.
Usually we assume that 3-7 years should suffice to substantially
increase the value of a business although of course there have been
exceptions from the rule. As for EKO Holding, we are currently focusing
on value creation, not exit from the project."
Lech Kaczanowski
Editor, news2biz POLAND
source: http://www.news2biz.com/article/2012/11/5/poland_advent_outbids_mid_europa_and_acquires_eko_holding
3TS Capital Partners Ltd
3TS Capital Partners Ltd.
3TS Capital Partners is one of the leading private equity and venture capital firms in Central and Eastern Europe operating in the whole region through offices in Budapest, Bucharest, Prague, Vienna and Warsaw.3TS is currently the exclusive advisor to three funds totalling approximately € 230 million :
- Fund I - the € 66 million TCEE Fund
- Fund II - the € 130 million 3TS Central European Fund II
- 3TS Cisco Growth Fund
3TS primarily targets expansion capital and buyout investments in high growth sectors including Technology & Telecoms, Media & Marketing, Services and Environment & Energy. The target companies are in growth sectors which are most likely to benefit from the catch up to the western EU or the pre-accession run up in the case of the next wave entrants. 3TS can also provide financing to companies expanding into the CEE region.
The Shareholders
3TS is owned by the Management Team, and 3i.The Management Team
3TS is lead by the co-Managing Directors Pekka Santeri Mäki and Daniel Lynch.3i Group plc
3i is a world leader in private equity and venture capital focusing on buyouts, growth capital and venture capital and invests across Europe, in the United States and in Asia. www.3i.com
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Region: |
Whole Central and Eastern Europe with focus on the core
countries Poland, Czech Republic, Slovakia, Hungary, Romania and
Bulgaria plus Austria, Slovenia, Croatia, Serbia, Estonia, Latvia and
Lithuania. Investments in Ukraina and Turkey will also be considered
in exceptional cases. |
Sectors: |
Special focus on the following areas:
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Stages: |
Expansion capital and buy-outs |
Profile: |
A company that requires capital to accelerate growth or to consolidate an industry sector. The Company should have positive operating cash flow, established customer base and growth strategy that supports a future exit. |
Business Models: |
Business models predominant for Central European private equity investments are
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Forms of Investment: |
Subscription of new shares issued by the Company Purchase of existing shares Convertible debt, warrants or a combination of the above |
Size: |
Preferred equity deal size is in range of € 2 to € 20 million. Much larger investments (up to € 30 million) are possible, or 3TS Capital Partners can syndicate even larger investments. |
Milestones: |
The investment may be made in one or more tranches linked to operational milestones. |
Share Ownership: |
The Funds can hold either minority or majority stake depending on the investment profile and other shareholders. |
Syndication: |
Often the Funds choose to co-invest alongside other private equity firms. |
Board Membership: |
3TS Capital Partners often seeks a position as a board member. In this role, 3TS Capital helps to establish management systems, strategic development, recruitment, identification of sales partners etc. |
Industry Experts: |
The 3TS team is experienced across several industry sectors and
can thus provide knowledge and expertise. Additionally 3TS Capital
Partners can leverage its vast international network of industry
experts and partners that typically enhance post-investment business
development. |
Timeframe: |
The period of the investment is usually 3-5 years. |
Exit: |
The primary purpose of 3TS Capital Partners is to realise capital gains. To exit an investment, 3TS works with the management of the Company and other shareholders to achieve a sale of the Company to either a trade buyer or the public markets. |
3TS is currently the exclusive advisor to three funds totaling approximately € 200 million.
FUND I - Technologieholding Central and Eastern European Funds
3TS was originally set up in 1999 by the Finnish Sitra and the German Technologieholding to advise two new Netherlands based TCEE Funds: Technologieholding Central and Eastern European Fund NV and Technologieholding Central and Eastern European parallel Fund BV.These venture capital funds totaling € 66 million have been fully invested into 15 companies, out of which 11 have been exited and 4 are in active portfolio.
FUND II - 3TS Central European Fund II
Building on the success of Fund I, in 2005 3TS raised 3TS Central European Fund II totaling € 130 million from one of its´ existing investors: 3i Group plc, Europe’s leading private equity and venture capital firm. This private equity fund is currently actively investing and primarily targets growth capital investments between € 5-15 million. Its’ active portfolio contains 6 companies.3TS Cisco Growth Fund
3TS in partnership with Cisco Systems Inc, the worldwide leader in networking technologies launched In November 2007 a new venture capital fund, the Technology in Central and Eastern Europe S.C.A. SICAR (marketed as the “3TS Cisco Growth Fund”), primarily targeting € 1-4 million growth capital investments in small and medium-sized companies in technology, media and communications sectors.INVESTORS
3i Group Plc
www.3i.com3i is Europe's leading venture capital and private equity company, which is active across all stages of funding, from early-stage venture capital to growth capital and buyouts. 3i invests €1.5bn a year. 3i's international relationship network is unique. A team of over 300 investment professionals spans three continents, linking it to a wealth of corporate contacts and industry experts. This gives 3i both a local and global view of industry trends.
Cisco
www.cisco.comCisco, (NASDAQ: CSCO), is the worldwide leader in networking that transforms how people connect, communicate and collaborate. Information about Cisco can be found at http://www.cisco.com. For ongoing news, please go to http://newsroom.cisco.com. Cisco equipment in Europe is supplied by Cisco Systems International BV, a wholly owned subsidiary of Cisco Systems, Inc.
Sitra
www.sitra.fiSitra, the Finnish Innovation Fund, is an independent public foundation under the supervision of the Finnish Parliament. The Fund aims to promote Finland's economic prosperity by encouraging research and providing venture capital. Sitra was set up in 1967.
EBRD - European Bank for
Reconstruction and Development
www.ebrd.comThe European Bank for Reconstruction and Development (EBRD) was established in 1991. Today the EBRD uses the tools of investment to help build market economies and democracies in 27 countries from central Europe to central Asia. The EBRD is the largest single investor in the region and mobilises significant foreign direct investment beyond its own financing. It is owned by 60 countries and two intergovernmental institutions. It provides project financing for banks, industries and businesses, both new ventures and investments in existing companies. It also works with publicly owned companies, to support privatisation, restructuring state-owned firms and improvement of municipal services.
Kreditanstalt für Wiederaufbau
Germany (KFW)
www.kfw.deKfW Bankengruppe (KfW banking group) gives impulses for the economy, society and ecology in Germany, Europe and the world over. It supports change and promotes promising ideas. What we do we do as professionally as possible and at the lowest possible cost: in the promotion of SMEs, in home finance or housing modernization, in the protection of the environment and the climate, in Export and Project Finance or in the promotion of the developing and transition countries.
MPC Global Equity Funds
www.globalvision-ag.dewww.mpc-capital.de
GLOBAL VISION AG Private Equity Partners is an independent fund-of-fund management company with expertise in both private equity and venture capital. The company has two offices located in Frankfurt/Main and Hamburg. MPC Capital AG, Germany's leading non-bank issuing house, develops and markets innovative capital investment products for affluent private clients. The company has operated with growing success for several years.
5E Holding AG
www.5eh.chThe name of 5E Holding AG stands for Excellence in Eastern European Emerging Equity. The company was founded July 8, 1998 and has its headquarters in Zug. Together with its subsidiaries it comprises 5E Group. 5E Holding AG offers institutional and private investors the opportunity to invest within a simple legal and tax optimized structure in a broadly diversified and professionally managed Private Equity portfolio. 5E Holding AG invests in selected Private Equity funds and makes direct investments in unlisted companies as well as in listed Small Cap Companies in middle eastern Europe. This way, it opens a not easily accessible investment alternative
Alpha Associates
www.alpha-associates.chALPHA Associates offers tailored private equity solutions to institutional and private clients. ALPHA advises and manages private equity fund-of-funds programs deployed in various stages, regions and industry sectors. ALPHA creates value for its clients through an active management style and its extensive industry network.
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source: http://www.3tscapital.com/index.html
Sunday, 30 December 2012
Polskie Stowarzyszenie Inwestorów Kapitałowych PSIK
PSIK comprises 42 Full Members - representatives of private
equity/venture capital management firms - and 46 Associate Members -
consulting companies cooperating with the PE/VC industry.
Full Members:
Full Members:
- Manage funds of over 14 billion euro dedicated for investment in Poland and CEE
- Invested in Polish and CEE companies more than 8 billion euro
- Have currently in their portfolios more than 700 Polish and CEE companies
- Leading consulting and law firms in Poland
- Skilled experts supporting PE/VC industry in Poland
- Reliable consultants
Funds
To see more details, please click on the name of the fun
- 3TS Capital Partners
- ABRIS CAPITAL PARTNERS
- Advent International Sp. z o.o. Sp. k.
- ARGUS Capital International Limited
- Arx Equity Partners Sp. z o.o.
- AVALLON Sp. z o.o
- Bridgepoint Spółka z ograniczoną odpowiedzialnością Sp. k.
- Business Angel Seedfund Sp. z o.o.
- CAPITAL PARTNERS S.A
- Darby Private Equity
- Dom Inwestycyjny Investors S.A.
- EMSA Capital GmbH
- Enterprise Investors
- Environmental Investment Partners
- EQT Partners Sp. z o.o.
- Hanseatic Capital
- Highlander Partners L.P.
- IK Investment Partners GmbH
- Innova Capital
- Intel Capital
- IQ Partners S.A.
- KRAJOWY FUNDUSZ KAPITAŁOWY S.A.
- Krokus PE
- MCI Management SA
- Mezzanine Management
- Mid Europa Partners Sp. z o.o.
- Montagu Private Equity Sp. z o.o.
- Oresa Ventures Sp. z o.o.
- Penton Partners
- Renaissance Partners
- Resource Partners Sp. z o.o.
- Riverside Europe Partners Sp. z o.o.
- Royalton Partners
- SATUS Venture Spółka z ograniczoną odpowiedzialnością
- SEAF-Polska sp. z o.o.
- Secus Asset Management S.A.
- Skyline Investment S.A.
- Supernova IDM Management Sp. z o. o. S K A
- Value4Capital - V4C Advisers Sp. z o.o.
- Warburg Pincus International LLC
- Warsaw Equity Management
- Waterland Private Equity Investments
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