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East Capital acquires 51% stake in Starman from Bancroft Private Equity

3 May 2013

euro_note_170sqInvestment firm East Capital Explorer has bought a controlling stake in Estonian cable TV and broadband provider Starman from a consortium led by Bancroft Private Equity Gmbh & Co.

East Capital has agreed to pay €24m for a 51 per cent stake in the business based on an enterprise value of €107m.

Starman’s founders Peeter Kern and Indrek Kuivallik have agreed to invest a further €5m to increase their collective stake to 49 per cent.

The deal was backed with debt funding from SEB and Swedbank.

Head of East Capital’s Baltic private equity unit Gert Tiivas said, “Starman is a well-managed company with a track record of solid financial performance and high profitability.

“We see further opportunities for growth in this area in the Baltics and Starman is well-positioned to take advantage of this growth.

“We are looking forward to further developing the company together with the founders.”

Starman, which currently has 130,000 cable TV and 60,000 broadband clients, posted EBITDA of €13m on revenues of €28m in 2012.

Stockholm-headquartered East Capital is focused on companies operating in the retail, consumer good, financial services and real estate sectors in Eastern Europe.

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