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(2010-07-15) – Enterprise Investors Sells a 25% Stake in Harper Hygienics in an IPO on the WSE

Warsaw, July 15, 2010 — Polish Enterprise Fund V (PEF V), the private equity fund managed by Enterprise Investors (EI), has partly exited its stake in Harper Hygienics in an IPO on the Warsaw Stock Exchange (WSE). PEF V sold 13 million shares or 25.4% of the company for PLN 4.1 per share. The sale yielded gross proceeds of PLN 53.3 million (€13 million) and a 2.2x investment multiple. EI decided to retain a 74.6% stake in Harper Hygienics.

Institutional investors bought 90% of the shares sold, while the remaining 10% went to retail investors. Harper Hygienics stock will start trading on the Warsaw Stock Exchange on 23 July.

Harper Hygienics began operations in 1991. The company manufactures a range of products used in facial and skin care, including cotton pads, wet wipes and cotton-tipped swabs. Harper produces both branded products under its Cleanic brand (currently 40 products) and private label items. The company has built a leading position on the Polish, Russian, Ukrainian as well as Romanian markets for personal hygiene products. It operates a modern manufacturing facility near Warsaw and now employs 500 people.

PEF V completed a leveraged buyout of 75% of Harper Hygienics in 2004, and in 2007 the fund acquired the remaining 25%. Since then, Harper has been reporting rapid improvement of its financial performance and expansion of its product offer. It has also continued to gain new markets and to dynamically grow export sales.

In 2009 Harper Hygienics posted revenues of PLN 174 million (€43 million) – an increase of 20% compared to the previous year – and net profit exceeding PLN 18 million (€4.5 million). For five months of 2010 revenues grew by 24% compared to January-May 2009, while net profit grew by 36%.

“The company’s good financial performance follows from the significant work done in the last three years by the management team under the leadership of Robert Neymann. Harper Hygienics is now mature enough to be floated. Being satisfied with the result of the public offering we have just completed, we decided to retain a controlling stake in the company since we strongly believe in Harper’s potential to grow even more dynamically in the future”, said Michał Rusiecki, Managing Partner of Enterprise Investors directly responsible for this investment.

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(2010-07-15) – Enterprise Investors Sells a 25% Stake in Harper Hygienics in an IPO on the WSE

Warsaw, July 15, 2010 — Polish Enterprise Fund V (PEF V), the private equity fund managed by Enterprise Investors (EI), has partly exited its stake in Harper Hygienics in an IPO on the Warsaw Stock Exchange (WSE). PEF V sold 13 million shares or 25.4% of the company for PLN 4.1 per share. The sale yielded gross proceeds of PLN 53.3 million (€13 million) and a 2.2x investment multiple. EI decided to retain a 74.6% stake in Harper Hygienics.

Institutional investors bought 90% of the shares sold, while the remaining 10% went to retail investors. Harper Hygienics stock will start trading on the Warsaw Stock Exchange on 23 July.

Harper Hygienics began operations in 1991. The company manufactures a range of products used in facial and skin care, including cotton pads, wet wipes and cotton-tipped swabs. Harper produces both branded products under its Cleanic brand (currently 40 products) and private label items. The company has built a leading position on the Polish, Russian, Ukrainian as well as Romanian markets for personal hygiene products. It operates a modern manufacturing facility near Warsaw and now employs 500 people.

PEF V completed a leveraged buyout of 75% of Harper Hygienics in 2004, and in 2007 the fund acquired the remaining 25%. Since then, Harper has been reporting rapid improvement of its financial performance and expansion of its product offer. It has also continued to gain new markets and to dynamically grow export sales.

In 2009 Harper Hygienics posted revenues of PLN 174 million (€43 million) – an increase of 20% compared to the previous year – and net profit exceeding PLN 18 million (€4.5 million). For five months of 2010 revenues grew by 24% compared to January-May 2009, while net profit grew by 36%.

“The company’s good financial performance follows from the significant work done in the last three years by the management team under the leadership of Robert Neymann. Harper Hygienics is now mature enough to be floated. Being satisfied with the result of the public offering we have just completed, we decided to retain a controlling stake in the company since we strongly believe in Harper’s potential to grow even more dynamically in the future”, said Michał Rusiecki, Managing Partner of Enterprise Investors directly responsible for this investment.