MIR Capital, a private equity firm formed by Russia’s Gazprombank and Italy’s Intesa Sanpaolo, has made its first investment by acquiring a non-controlling stake in oil and gas services company Packer Service Group.
The firm was established by the banking groups to support the growth of medium-sized Italian and Russian companies with an eye to international expansion. It is able to invest up to €300m.
Russia-based Packer Service specialising in hi-tech within the oil and gas space. The investment will be used towards the acquisition of new, advanced technology equipment which will enable the company to expand its range of services.
The investment, made within one of the most strategic sectors of the Russian economy, is the first result of the “intense” collaboration between Gazprombank and Intesa Sanpaolo for MIR Capital in recent months.
MIR Capital, a jointly owned by Gazprombank and Intesa Sanpaolo was established under the cooperation agreement signed by the two financial institutions in the summer of 2012, and became operational in February 2013.
The fund will be able to invest up to €300m, aiming to target medium-sized private companies which operate in the Russian and Italian markets.
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