CapMan Russia has sold telecommunications service provider Tascom to Moscow City Telephone Network, a subsidiary of New York-listed Mobile TeleSystems, a major telecommunications provider in Russia and the CIS.
CapMan’s Norum II Fund made its initial investment in Tascom through Bester Investments in 2004. A complete exit of Bester Investments will result in a final exit of the Norum II Fund, the firm said in a statement.
Tascom provides a range of telecommunication services to corporate clients, including virtual private networks, local and long distance calling, broadband internet, and Wi-Fi access.
The company’s revenues have grown ten-fold during CapMan’s ownership. Norum II Fund has generated returns in excess of 4.5 times gross multiple from the sale, said CapMan Russia head Hans Christian Dall Nygård. Full financial terms of the deal were not disclosed.
The Norum II Fund will be fully exited once it sells its stake in Gars Telecom, the only remaining asset of Bester Investments. Bester is jointly owned by CapMan, the EBRD and Quadriga Capital Russia, which became a shareholder in 2007 as a result of a second round of financing, in addition to other institutional and private investors.
Copyright © 2012 AltAssets