AVG Technologies is a leading provider of software and online services to approximately 187 million active users worldwide.
The company’s software solutions range from desktop, laptop and mobile security software to dynamic secure internet search solutions. AVG offers a product portfolio that targets the consumer and small business markets. AVG’s business model drives scalable growth, robust operating margins and strong cash flow generation, as proven by the company’s strong financial standing. In 2013 AVG achieved more than USD 407 million in revenue, a 14% increase on the USD 356 million generated in 2012. Net income for fiscal year 2013 was USD 63.7 million.

PEF V invested in AVG (then Grisoft) in September 2005. After the acquisition a new management was introduced, with aim to facilitate transformation from a regional player into a global market leader. The investment also enabled the company to develop new competences and products through add-on acquisitions. In October 2009 the fund sold a minority stake to TA Associates, an American private equity firm. AVG Technologies grew dynamically and in February 2012 completed an IPO on the New York Stock Exchange, at which point PEF V conducted another partial exit. Since EI’s investment the company reported a 7.5x increase in number of users. The market cap of the company increased 11.5x to USD 919 million.

Enterprise Investors is one of the largest private equity and venture capital 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 1.6 billion in 132 companies across a range of sectors and exited 106 companies with total gross proceeds of almost EUR 2.2 billion.

For further information please contact:
Enterprise Investors:
Anna Czywczyńska, PR Consultant
tel.: +48 22 458 8500

The funds will primarily be used for the construction of a modern radiotherapy center for cancer patients in Tomaszów Mazowiecki. The facility is being built as a joint project with Tomaszów Health Center, a hospital owned by the local authority. The center will treat its first patients in the fourth quarter of 2014.

The remaining funds will be used to finance the operations of a state-of-the-art radiotherapy center that opened in January 2014 at the University Centre for Ophthalmology and Oncology (part of Independent Public Clinical Hospital No. 5 of the Silesian Medical University in Katowice). This center, which is equipped with three modern linear accelerators and a range of diagnostic equipment, treats patients despite not having a contract with the National Health Fund and therefore not receiving payment for these services. Enterprise Investors has nonetheless undertaken to finance the center’s activities this year.

At the same time, Enterprise Investors and Nu-Med Group (www.nu-med.pl), in which EI was a minority shareholder, merged their radiotherapy enterprises. The combined entity will operate under the name Nu-Med Group SA and will manage three radiotherapy centers – in Elbląg (formerly Nu-Med Center), Katowice and Tomaszów. Polish Enterprise Fund VII will hold 68% of shares, while the majority shareholders of Nu-Med Group will own the remaining 32%. Nu-Med Group will be led by Henryk Niewadzioł, founder and CEO of Nu-Med Group.

“Our investment decisions are rooted in our conviction that the Polish radiotherapy market requires considerable investment in order for this crucial form of cancer therapy to approach European standards,” said Michał Kędzia, a vice president at Enterprise Investors, who is responsible for the firm’s investment in radiotherapy centers. “We are also pleased that we can fully integrate our activities in the field of radiotherapy with Nu-Med Group, which runs the exemplary radiotherapy center in Elbląg,” he added.

“We believe that the upcoming reform of cancer care in Poland will unlock funding for oncological treatment and will lead to money for treatment going to treatment centers located as close as possible to where the patients live, in line with international trends,” said Henryk Niewadzioł, CEO of Nu-Med Group. He concluded: “The three centers we currently run in no way exhaust our ambitions and capacity.”

Enterprise Investors is the oldest and one of the largest private equity and venture capital firms in Poland and in Central and Eastern Europe. Active since 1990, EI has raised eight funds with total capital exceeding EUR 2 billion. These funds have invested EUR 1.6 billion in 132 companies across a range of sectors and exited 104 companies with total gross proceeds of EUR 2.1 billion.

For further information please contact:

Enterprise Investors:
Michał Kędzia, Vice President
Anna Czywczyńska, PR Consultant
tel.: +48 22 458 8500

Nu-Med Grupa SA:
Henryk Niewadzioł, CEO
tel.: +48 55 235 8937

Tahe Outdoors is a top manufacturing and distribution company in the field of high quality watersports equipment in Europe, with 25 years of experience. It offers a full range of kayaks, canoes, paddles and related accessories under five brands: Tahe Marine, Egalis, Zegul, Trapper and Beluga. The company has two factories in Estonia and one in France, and currently employs 90 people. Tahe Outdoors’ sales network covers more than 35 countries worldwide, including markets as exotic as Chile, Venezuela, Taiwan, South Korea, Singapore, Papua New Guinea and Martinique.

“The company is a growing and profitable business that is systematically gaining market share. It is already the biggest kayak supplier in Scandinavia – Europe’s most demanding market,” said Alek Wasiukiewicz, a vice president at Enterprise Investors, who is in charge of this investment. “Tahe’s modern production facility is one of the company’s many competitive advantages. Moreover, its production and transport cost structure as well as shorter delivery times give Tahe an advantage on the European market over Asian and American producers.”

“This partnership will safeguard the company’s strategy to become the European leader in watersports equipment,” commented Janek Pohla, president of Tahe Outdoors. “It confirms the quality of our value proposition, which we have built by developing our brands and modernizing our value chain. We will continue to introduce the industry’s newest materials and cutting-edge technologies.”

Enterprise Investors was advised by law firm Tark Grunte Sutkiene, and Tahe Outdoors was advised by law firm Lextal.

Enterprise Investors is one of the largest private equity and venture capital firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding EUR 2 billion. To date the funds have invested EUR 1.6 billion
in 132 companies across a range of sectors and exited 104 companies with total gross proceeds of EUR 2.1 billion.

For further information please contact:

Enterprise Investors:
Alek Wasiukiewicz, Vice President
Anna Czywczyńska, Public Relations Consultant
tel.: +48 22 458 8500

Tahe Outdoors:
Janek Pohla, President
tel.: +372 600 8969+372 600 8969

Sklepy Komfort manages Poland’s largest network of stores selling wall-to-wall carpets, rugs, laminate and hardwood floors as well as other interior design elements. The company was established in the early 1990s and was originally based in Szczecin. EI’s investment has strengthened the company, which now runs an extensive network of over 100 stores throughout Poland, with headquarters in Łódź and a modern logistics base with a central warehouse in Stryków. “Komfort’s strong brand recognition and leading market position have brought us an offer from a renowned and experienced investor who plans to develop the company further,” said Jacek Siwicki, president of Enterprise Investors, who is responsible for this investment.

“After completion of the transaction I plan to continue the company’s business operations and further development. Komfort will build on its competencies and offer customers multi-brand and multifunctional flooring solutions, which will become its sole focus. My aim is for Komfort to become the first choice for customers purchasing new floors,” said Michał Sołowow. “The acquisition of Komfort is not my first transaction with the former owner of this company, as we met during the merger of two major Polish tile producers, Opoczno and Cersanit. I highly appreciate Enterprise Investors’ professionalism and effectiveness in building the value of their portfolio companies. In the case of Sklepy Komfort, the quality of organization achieved during EI’s investment period had a significant impact on my interest in the project,” he added.

Enterprise Investors is one of the largest private equity and venture capital firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding EUR 2 billion. To date the funds have invested EUR 1.6 billion in 131 companies across a range of sectors and exited 104 companies with total gross proceeds of EUR 2.1 billion.

For further information please contact:
Jacek Siwicki, President
Anna Czywczyńska, Public Relations Consultant
Tel. +48 22 458 8500

Danwood produces prefabricated houses using modern technology that is well established in Germany and Scandinavia. The company’s official seat, production plant and design and research department are located in Bielsk Podlaski and Białystok. In 2012 Danwood built 565 houses, generating revenue of EUR 76 million. The company sells 91% of its output to Germany, the biggest European market for ready-made houses, where it is the dominant player. Danwood controls all key areas of the value chain, from design through production and sale of prefabricated elements, construction and finishing.

“We see considerable further growth potential for Danwood, which has already succeeded in building its position on Europe’s most demanding markets with a technologically advanced product. We believe the company will be able to continue its dynamic development with our support,” said Sebastian Król, a partner at Enterprise Investors, who is in charge of this investment. “The key to Danwood’s success is a very competent management team that will work with us to build the company’s value,” he added.

Commenting on this market segment, Danwood’s president Jarosław Jurak said: “Prefabricated houses are increasingly popular throughout Europe. They are environmentally friendly, energy efficient and economical, and their construction takes less time and is cheaper than in the case of traditional technology.”

The company plans to focus on organic growth and building its position as leader on key markets. “We plan to reinforce our position in the remaining German-speaking countries, namely Austria and Switzerland. We will also use the knowledge and experience gained in Germany and Scandinavia to build more and more houses in Poland.” said Mr. Jurak.

Enterprise Investors is one of the largest private equity and venture capital firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding EUR 2 billion. To date the funds have invested EUR 1.6 billion in 131 companies across a range of sectors and exited 102 companies with total gross proceeds of EUR 2 billion.

For further information please contact:
Sebastian Król, Partner
Anna Czywczyńska, Public Relations Consultant
tel.: +48 22 458 8500

The Ballroom Group is a leading network for digital communication solutions in CEE and Turkey and the only sizeable option for any strategic player willing to establish a presence in the region. Its business focuses on three core divisions: Display Advertising/ AdPlatform, Performance Marketing/ Search Engine Marketing, and Video Advertising. In Poland the company operates under three brands: Evolution Media Net, iBillboard and ClickMotion. The Group offers unrivaled solutions for media owners, advertisers and agencies. It has more than 50 million unique users and employs c. 200 people in 5 local offices in Turkey, Poland, Hungary, the Czech Republic and Romania. In 2012 the company generated over EUR 30 million in revenues.

“The excellent business results we achieved in Ballroom have brought us an unsolicited offer from a leading industry player. The conditions of the transaction confirm the company’s strong fundamentals and further expansion potential. We are happy that we could contribute to the development of this outstanding business,” said Rafał Bator, partner at Enterprise Investors, who is responsible for this investment.

Enterprise Investors is one of the largest private equity and venture capital 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 1.6 billion in 130 companies across a range of sectors and exited 100 companies with total gross proceeds of EUR 2 billion.

For further information please contact:
Enterprise Investors
Rafał Bator, Partner
Anna Czywczyńska, Public Relations Consultant
Tel. +48 22 458 8500

Nay a.s. is the largest electricals retailer in Slovakia with c.25% market share. The company was founded in 1991 by two private entrepreneurs, Peter Zalesak and Jan Tomas, who remained as majority shareholders following PEF V’s entry in 2005. PEF V, as a minority financial investor, actively supported Nay’s growth and development and in addition brought financial and corporate governance know-how. Since the time of PEF V’s investment, the company strengthened its market leadership position, growing from 12 to currently 30 modern stores and a leading internet presence, with revenues growing from EUR 73m to nearly EUR 150m in 2012.

The majority investors remain committed to further investment in Nay and its long-term development. Nay continues to expand on the Slovak market, having opened a new store in Cadca in February and with further store openings planned for this year. Nay also continues to invest in and significantly expand its successful e­commerce platform, under the site www.nay.sk.

“We are happy that we could contribute to the development of Nay. During our engagement the company tripled its store network, successfully launched its growing e-shop strategy, and significantly expanded the range and quality of offered products and services. We highly appreciate the cooperation with our shareholding partners and believe that the implemented strategies will continue to drive the further growth of Nay,” said Robert Manz, a managing partner at Enterprise Investors, who is responsible for this investment.

“This acquisition confirms our commitment to further develop Nay as a market leader in Slovakia. We are convinced that we will be able to continue executing our strategic plan by expanding the business both in brick and mortar stores as well as online, with the goal to deliver the best seamless service and product offering to our customers. We thank EI and its professionals for their contribution and the new perspectives they brought to Nay over the past years.”, said Peter Zalesak, chairman and founder of Nay.

Enterprise Investors is one of the largest private equity and venture capital firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with a total capital exceeding €2 billion. These funds have invested €1.6 billion in 130 companies across a range of sectors and exited 101 companies with total gross proceeds of €2.0 billion.

Enterprise Investors was advised on the transaction by Allen & Overy.

For further information please contact:

Enterprise Investors
Robert Manz, Managing Partner
Anna Czywczyńska, Public Relations Consultant
Tel. +48 22 458 8500

Nay a.s.
Peter Zálešák, Chairman of the Board of Directors and shareholder
Ján Tomáš, Vice Chairman of the Board of Directors and shareholder
Martin Ohradzanský, Generálny riaditeľ
Emil Huraj, Marketingové oddelenie
Tel. +421 850 111 444

“We are proud to close Polish Enterprise Fund VII. This is the second largest fund ever raised by Enterprise Investors. The successful fundraising was achieved with strong support from our long-standing investors,” commented Jacek Siwicki, president of Enterprise Investors.

The investors in the fund are internationally recognized financial institutions, mostly existing LPs. Polish Enterprise Fund VII had its first close in May 2012. It has already made two investments – in a network of radiotherapy clinics (Center for Cancer Diagnostics & Therapy and Nu-Med) and in a sports nutrition company (Scitec).

Polish Enterprise Fund VII focuses on succession-driven buyouts from private entrepreneurs, as well as providing expansion capital to those who continue growing their businesses. Enterprise Investors’ strength lies in its ability to build excellent relationships with entrepreneurs active in the CEE region and with management teams interested in MBI and MBO transactions. The firm has followed this strategy for more than 20 years.

“We will continue making equity investments ranging mainly from €20 million to €50 million. Similarly to the previous funds, Poland will remain the core market and we expect to invest approximately two-thirds of Polish Enterprise Fund VII in Poland. We 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 we have substantial deal and exit experience. PEF VII will also invest in sectors driven by CEE’s growing internationalization and competitive cost position, for example IT, industrial products and business process outsourcing,” said Jacek Siwicki.

The final closing of PEF VII follows a very active period since the beginning of 2012, in which funds managed by Enterprise Investors completed seven new acquisitions with €124 million invested and committed. Enterprise Investors has also been very active in exiting companies. In 2012 EI completed four full and partial exits, including – for the first time ever – a public offering of its portfolio company (AVG Technologies) on the New York Stock Exchange. During the first four months of 2013, EI-managed funds exited their flagship investments in Zelmer, Kruk and Magellan (the latter partially), which are currently listed on the Warsaw Stock Exchange.

Enterprise Investors pioneered private equity and venture capital in Poland following its inception in 1990, and has developed outstanding investment experience over the past 23 years. With the closing of PEF VII, total funds raised by EI exceed €2 billion. To date, the seven private equity funds and one venture fund managed by Enterprise Investors have invested €1.6 billion in 130 companies across many sectors in Poland and other CEE countries. The funds have exited 98 investments, one-third of them via public markets.

Enterprise Investors has a team of 40 investment professionals, including ten partners, who operate from the firm’s offices in New York, Warsaw, Bucharest, Budapest, Bratislava and Prague.

For further information please contact:
Jacek Siwicki
President
tel. (+48 22) 458 85 00

Iwona Drabot
Public Relations Director
tel. (+48 22) 458 85 15

The group intends to use the additional equity for further acquisitions that it is negotiating as part of its consolidation of the Polish scrap-collection market, as well as for capex investments in scrap and recycling businesses.

Elemental Holding is the largest and the fastest-growing collector and processor of metals from secondary sources in Poland. The company has been consolidating the non-ferrous scrap metal market in the country and expanding its operations into the growing electro-waste recycling market since its inception in 2009. In the past year the group completed the acquisition of Syntom, a Polish recycler of non-ferrous metals. Last February it signed an agreement to purchase Terra Recycling, which operates one of the most modern plants in Poland for processing electrical as well as electronic waste and offers comprehensive recycling of household appliances, consumer electronics and IT equipment.

Elemental Holding’s main source of revenue, which in 2012 amounted to €215 million, is the trading of recyclable materials, particularly non-ferrous metals, including their segregation and basic processing. The group also operates on the fast developing market of electro-waste recycling, which involves the recovery of metals from used electrical and electronic equipment. Since 2012 the company has been listed on New Connect, an alternative market of the Warsaw Stock Exchange.

The group’s aim is to continue its focus on organic growth and on increasing its share of the Polish and global non-ferrous metals recycling sector. Currently, in addition to its domestic activity, Elemental is also present on foreign markets, including rapidly developing Asian countries.

“This latest investment by Enterprise Venture Fund confirms our strategy of supporting businesses led by management teams that have a well-defined plan for further development and that operate in promising sectors of the economy. EU law will require member states to collect at least 85% of electro-waste starting in 2016. In Poland, this means increasing current volumes threefold, which creates tremendous opportunities for well-prepared companies operating in the market of recovery of electrical and electronic waste. We are in no doubt that the companies forming the Elemental group can meet this challenge,” commented Rafał Bator, Partner of Enterprise Investors.

“The dynamic development of the domestic market for recycling and sale of recyclable materials gives Elemental Holding the opportunity to implement an ambitious development strategy in Poland and abroad. We intend to make further acquisitions and to build a large, prospering capital group. I am confident that Enterprise Venture Fund will help us achieve our expansion goals in Poland and the CEE. At the same time we are very pleased that Elemental Holding’s robust position on the capital market is reflected in the growing value of its shares,” said Paweł Jarski, CEO of Elemental Holding.

Enterprise Investors is one of the largest private equity and venture capital firms in Poland and Central and Eastern Europe. Active since 1990, the firm manages funds with capital exceeding €2 billion. These funds have invested €1.6 billion in 130 companies across a range of sectors and exited 97 companies.

Enterprise Venture Fund I is an EI-managed venture capital fund raised in 2008 with total capital of €100 million. Its investments typically range from €1 million to €5 million per project, but can exceed that amount. The fund finances the expansion of small and medium-sized enterprises operating in a range of sectors. To date, EVF has realized 13 investments in companies operating in Poland and the CEE.

For further information, please contact:

Enterprise Investors
Rafał Bator
Partner
tel. (+48 22) 458 85 00

Aleksander Wasiukiewicz
Investment Director
tel. (+48 22) 458 85 00

This is the fund’s second investment in medical services for oncology after its acquisition last year of the Center for Cancer Diagnostics and Therapy in Katowice, southern Poland. Enterprise Investors does not preclude consolidating these two entities in the future, within its strategy of building a group of specialist hospitals in the country. The value of the transaction and size of stake acquired were not disclosed.

The Elbląg-based Nu-Med center started full-scale radiotherapy operations in January 2013. The facility is owned by the Nu-Med Group and is located within the grounds of the voivodship hospital in Elbląg. The center is equipped with three linear accelerators and 25 hospital beds (with another 25 to be added within three months). Nu-Med has a contract in place with the Polish National Health Fund and offers medical treatment for oncology patients in northern Poland.

“Buying into Nu-Med is a strategically important move that allows us to create a consolidation platform and a potential market leader out of the companies we own as well as those we may acquire and develop in the future. We are already in negotiations regarding further openings of radiotherapy centers in various parts of Poland,” said Michał Kędzia, a vice president at Enterprise Investors, who is responsible for this investment.

“Our strength lies in the fact that we have experienced oncology professionals and that by working with the specialized voivodship hospital we provide the full range of cancer treatments. By partnering with an experienced financial investor such as Enterprise Investors we will significantly improve our competitive position in the market of oncology services,” commented Henryk Niewadzioł, Nu-Med’s president and co-owner.

Enterprise Investors is one of the largest private equity and venture capital firms in Poland and Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital of €2 billion. These funds have invested €1.6 billion in close to 130 companies across a range of sectors and exited 96 companies with total gross proceeds of €1.8 billion. The company has broad experience in investing in different segments of the Polish medical market. The EI-managed funds have invested a total of €105 million in companies from this sector thus far. Enterprise Investors has been developing the Center for Cancer Diagnostics and Therapy since September 2012.

For further information please contact:

Michał Kędzia
Vice President of Enterprise Investors
tel. (+48 22) 458 85 00

Iwona Drabot
PR Director of Enterprise Investors
tel. (+48 22) 458 85 00