In 2007 PEF VI acquired a 71% stake in the company, investing in its further growth. Today Novaturas is the leading travel operator in Lithuania, Latvia and Estonia. Its reliability and reputation, coupled with the Baltic States’ good macroeconomic position and growing consumption, have helped Novaturas become the number one market player in the region. The company’s revenues in 2017 are expected to increase by 25% y/y to c. EUR 125 million, in line with the growth in the number of trips and tickets sold. This will translate to EBITDA of c. EUR 10 million. The outlook for 2018 is equally encouraging – early bookings for next summer are currently three times above the company’s record high.

“We concluded that in view of Novaturas’s dynamic growth and excellent financial results, the delay in securing antimonopoly approval was undesirable for the company and its shareholders,” said Sebastian Król, a partner at Enterprise Investors, who is responsible for this company. “As we could not predict the timing and outcome of the regulatory process we decided to terminate the agreement with Itaka and explore other strategic options available to Novaturas. In particular, we will now consider the potential for a flotation on the Warsaw and Vilnius stock exchanges,” he added.

Commenting on EI’s decision Linas Aldonis, CEO of Novaturas, said: “The company has a sound financial basis and good outlook for the years to come. I truly believe that Novaturas has all it takes to attract financial investors and float successfully.”

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised nine funds with total capital exceeding EUR 2.5 billion. These funds have invested EUR 1.8 billion in 139 companies across a range of sectors and exited 124 companies with total gross proceeds of EUR 3.5 billion.

For further information please contact:
Sebastian Król, Partner
Anna Czywczyńska, Communications & Public Affairs Director
tel.: +48 22 458 8500
www.ei.com.pl

CBA Slovakia operates a network of 310 convenience food stores and proximity supermarkets in western and central Slovakia and is one of the largest independently owned food retailers in the country, ranked right behind international chains. The company was created by Mr. Marián Šufliarsky and further developed by his son Marián Šufliarsky Jr., under whose stewardship a large number of the stores were refurbished to modern standards and a new supermarket format was developed. CBA Slovakia is also the leading company in the CBA buying alliance, the second largest food retail buying alliance in Slovakia. In 2016 the company’s revenues reached EUR 130 million.

“We are convinced that CBA Slovakia is a good platform to develop in the proximity food retail market, whose importance will grow as consumers increasingly seek to shop near where they live,” said Michał Rusiecki, a managing partner at Enterprise Investors, who is in charge of this transaction. “We intend to support the company in its ambitious plan to modernize the existing network and significantly expand it in the future, while serving customers with good quality, local and fresh food products closer to their homes,” added Martin Chocholáček, EI’s Slovakia country director.

The company’s CEO, Lukáš Mucha, commented on the transaction and future plans: “We are excited about starting a new era for our company in partnership with Enterprise Investors. We have seen EI’s successes in other food retail investments, notably Dino in Poland and Profi in Romania. I am convinced that with their support our company has excellent prospects for further growth.”

Since 1990 EI has invested EUR 173 million in five food retail chains in the CEE region (including the CBA Slovakia acquisition).

Enterprise Investors was advised in this transaction by White & Case (legal), PwC (tax and accounting) and GHS Legal. KPMG Corporate Finance acted as the seller’s lead advisor, with Hillbridges (legal) and KPMG (tax and accounting) as additional counsel.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised nine funds with total capital exceeding EUR 2.5 billion. These funds have invested EUR 1.8 billion in 139 companies across a range of sectors and exited 125 companies with total gross proceeds of EUR 3.5 billion. The firm has had a continuous presence in Slovakia since 2001 and has invested EUR 100 million in Slovak companies (including the CBA Slovakia acquisition).

For further information please contact:
Martin Chocholáček, Country Director
tel.: +421 911 320 087
Anna Czywczyńska, Communications & Public Affairs Director
tel.: +48 22 458 8500
www.ei.com.pl

Polish Enterprise Fund VIII is the second largest fund in Enterprise Investors’ history and the largest raised by EI since the global financial crisis. Over 90% of the committed capital came from limited partners in the firm’s prior funds, with the remaining commitments provided by new investors. “We are pleased with the strong support we received from both existing and new LPs,” said Jacek Siwicki, chairman and president of Enterprise Investors, who was in charge of the fundraising process. “After three months in the market the fund was oversubscribed. We believe that our success reflects our solid track record of consistent performance and emphasis on ESG issues,” he noted. PEF VIII has a strong and diversified investor base – European LPs account for approximately 60% of the fund, US investors for 30%, and other global financial institutions for the remaining 10%.

The fund, like its predecessors, will invest in sectors driven by the convergence of CEE domestic consumption with the “old” EU, such as consumer products and retail, financial services and healthcare, where EI has substantial deal and exit experience. PEF VIII will also invest in sectors driven by CEE’s growing internationalization and competitive cost position, e.g. industrial products and services or IT. The new fund will focus on mid-market buyouts and expansion financing for dynamically growing, entrepreneurial companies. PEF VIII will make equity investments of between EUR 20 million and EUR 75 million in established companies. The firm expects to deploy at least 50% of the fund’s capital in Poland, which remains EI’s primary country of focus. “Enterprise Investors’ strength lies in its ability to build strong relationships with entrepreneurs as well as with management teams interested in MBI and MBO transactions,” said Siwicki.

Proskauer was the legal counsel to Enterprise Investors.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised nine funds with total capital exceeding EUR 2.5 billion. These funds have invested EUR 1.7 billion in 138 companies across a range of sectors and exited 125 companies with total gross proceeds of EUR 3.5 billion. The exits include 34 IPOs of portfolio companies on the Warsaw, Prague and New York stock exchanges. Our team of 36 investment professionals, including 9 partners, operates through our offices in New York, Warsaw, Bratislava, Bucharest, Budapest and Prague.

For further information please contact:
Jacek Siwicki, Chairman of the Board of Directors, President of Enterprise Investors
Anna Czywczyńska, Communications & Public Affairs Director
tel.: +48 22 458 8500
www.ei.com.pl

Jantoń’s core products are wines, ciders and FABs (flavored alcoholic beverages) with an alcohol content of up to 22%. Led by a strong and competent management team, in 2016 the company generated revenues exceeding EUR 40 million. Jantoń sells its products under c. 20 different brands and has built a significant presence in all modern retail channels, including discounters. The company’s excellent sales performance confirms its ability to create brands with strong customer appeal. Jantoń operates from a modern production plant and has a state-of- the art warehouse, both located in Dobroń, central Poland.

“Jantoń will benefit from the evolution of Polish consumer preferences toward flavored alcoholic beverages with lower alcohol content. The category requires constant innovation and product development in terms of taste, packaging and brand communication. Jantoń clearly has the know-how and experience as well as the infrastructure to thrive in such a fast-paced and continually changing environment,” said Sebastian Król, a partner at Enterprise Investors, who is in charge of this transaction. “These strengths in combination with sound financial standing and an ambitious management team put Jantoń in an excellent position as a potential market consolidation platform,” he added.

The company’s co-owner, Jacek Jantoń, summed up the deal: “We are handing over Jantoń to its very capable management, which will be supported by a leading private equity fund, Enterprise Investors. I am convinced the company has excellent prospects for further growth and will continue to consolidate its market position.” After the acquisition, Jantoń will focus on strengthening its key business lines. “In the months to come we will introduce new products and launch further innovations in the existing portfolio. One of our priorities will be to support the development of the very successful Monte Santi brand,” commented Jakub Nowak, CEO of Jantoń. Enterprise Investors was advised in this transaction by Gessel, Deloitte Advisory and Wierzbowski Eversheds Sutherland. The sellers were advised by CIC Corporate Finance and CMS.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm
has raised eight funds with total capital exceeding EUR 2 billion. These funds have invested EUR 1.7 billion in 138 companies across a range of sectors and exited 124 companies with total gross proceeds of EUR 3.4 billion.

For further information please contact:
Sebastian Król, Partner
Anna Czywczyńska, Communications & Public Affairs Director
tel.: +48 22 458 8500
www.ei.com.pl

In April 2013 EVF acquired a stake in Elemental Holding for EUR 7.9 million. At the time of the investment the company’s shares were listed on the NewConnect market in Warsaw. Thanks to EI’s backing, in December 2013 Elemental Holding moved its listing to the regulated WSE market. Today the company is a leading Polish group operating in the recycling and recyclable material trading industry and a top supplier of recyclable materials for metalworks and foundries all over the country. It operates through its recycling facilities in Poland, Germany, Lithuania, Turkey and Middle Eastern countries as well as a network of scrap purchasers throughout Poland. In 2016, the group generated over EUR 12 million of net profit and revenues of EUR 240 million.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding EUR 2 billion. These funds have invested EUR 1.7 billion in 137 companies across a range of sectors and exited 124 companies with total gross proceeds of EUR 3.4 billion.

For further information please contact:
Anna Czywczyńska, Communications & Public Affairs Director
tel.: +48 22 458 8500
www.ei.com.pl

Tomasz Ciborowski joined the company as a director in 2015 and became a vice president in 2016. During his time at the firm he has been involved in a number of successful transactions, including a trade sale of Profi and IPO of Dino – two supermarket chains – that jointly generated almost EUR 900 million in gross proceeds at exit. Other projects he has worked on include the IPOs of PBKM and Kofola on the stock exchanges in Warsaw and Prague, respectively.

Prior to joining Enterprise Investors, for eight years Tomasz Ciborowski was the head of equity capital markets at Bank Zachodni WBK. He also worked for HSBC’s corporate finance division in Warsaw and London. Tomasz holds an MSc in finance and banking from the Warsaw School of Economics.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding EUR 2 billion. These funds have invested EUR 1.7 billion in 137 companies across a range of sectors and exited 123 companies with total gross proceeds of EUR 3.4 billion.

For further information please contact:

Anna Czywczyńska, Communications & Public Affairs Director
tel.: +48 22 458 8500
www.ei.com.pl

In 2007 PEF VI paid EUR 40 million for a 71% stake in Novaturas, investing in the company’s further growth. Today Novaturas is the leading travel operator in Lithuania, Latvia and Estonia. Its reliability and reputation, coupled with the Baltic States’ good macroeconomic position and growing consumption, have helped Novaturas become the number one market player in the region. The company offers a wide range of products including package holidays, sightseeing tours and skiing trips. Its diversified destination portfolio covers all trending holiday spots such as Turkey, Spain, Canary Islands and Greece, as well as winter retreats in Italy and France. In 2016 Novaturas generated EUR 102 million in revenues.

Itaka is the unquestioned leader on the Polish travel market and the largest tour operator in Central and Eastern Europe. In its 28 years of operation the company has often led the way by introducing innovative products on Poland’s developing foreign travel market. Itaka’s leading position on the Polish market is confirmed by the company’s 2016 results – turnover of PLN 1.815 billion, consolidated gross profit of PLN 64 million and 637,000 customers served. Itaka has a chain of 170 travel agencies in Poland and 3 abroad as well as more than 1,000 agent outlets.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding EUR 2 billion. These funds have invested EUR 1.7 billion in 137 companies across a range of sectors and exited 123 companies with total gross proceeds of EUR 3.4 billion.

For further information please contact:
Enterprise Investors:
Sebastian Król, Partner
Anna Czywczyńska, PR Consultant
tel.: +48 22 458 8500
www.ei.com.pl

Itaka:
Piotr Henicz, Vice President
tel.: +48 77 44 29 202
e-mail: media@itaka.pl

PEF VI invested in Kofola in 2008. Today the company is one of the leading producers and distributors of non-alcoholic beverages in the CEE region. Kofola’s production plants are located in the Czech Republic, Slovakia, Poland, Slovenia and Croatia. The company distributes its products through the modern, traditional, Horeca and impulse channels, and has successfully implemented the direct distribution concept in the Czech Republic and Slovakia. In 2016 Kofola recorded revenues of EUR 259 million, EBITDA of EUR 39.4 million and EUR 12.7 million of net profit.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding EUR 2 billion. These funds have invested EUR 1.7 billion in 137 companies across a range of sectors and exited 122 companies, generating total gross proceeds of EUR 3.4 billion.

For further information please contact:

Jacek Woźniak, Partner
Anna Czywczyńska, PR Consultant
tel.: +48 22 458 8500
www.ei.com.pl

Polski Bank Komórek Macierzystych, which operates under the Famicord Group brand, is a cord blood bank with a dominant position in EU and Turkey. The company was established 2002 as Poland’s second cord blood bank. Today this European market leader holds around 132,000 cells and tissue samples. In 2016 PBKM recorded revenues of EUR 29.4 million, EBITDA of EUR 8.1 million and EUR 5.4 million of net profit.

In November 2009 EVF became the company’s majority shareholder when it acquired 50.1% of PBKM’s shares for EUR 4.4 million. Prior to the IPO, which took place in April 2016, EVF held a 55.4% stake in the company. During the process the fund sold 17.3% of PBKM and retained a 38.1% stake in the company.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding EUR 2 billion. These funds have invested EUR 1.7 billion in 137 companies across a range of sectors and exited 122 companies with total gross proceeds of EUR 3.4 billion.

For further information please contact:
Rafał Bator, Partner
Anna Czywczyńska, PR Consultant
tel.: +48 22 458 8500
www.ei.com.pl

Skarbiec is one of the longest standing IFM companies in Poland. PEF V invested in the company in 2007. Since the investment Skarbiec has significantly improved its performance by expanding the distribution network, generating a sixfold increase in AuM (assets under management) and strengthening its position on the dynamically growing market. In November 2014 Skarbiec was listed on the WSE. Currently Skarbiec has EUR 4.6 billion in AuM. In the last twelve months until 31 March 2017 the company generated EUR 23.0 million in revenues and net profit of EUR 5.9 million.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding EUR 2 billion. These funds have invested EUR 1.7 billion in 137 companies across a range of sectors and exited 121 companies with total gross proceeds of almost EUR 3.4 billion.

For further information please contact:

Anna Czywczyńska, PR Consultant
Dariusz Prończuk, Partner
tel.: +48 22 458 8500|
www.ei.com.pl