The fund will continue to finance mid-market buyouts and growth companies in selected industry sectors, mainly in Poland.
“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,” said Jacek Siwicki, president of Enterprise Investors.
Investors in the fund mainly comprise existing LPs, he added. 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 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.
“We will continue making equity investments ranging mainly from €20m to €50m. 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,” added Jacek.
The final closing of PEF VII follows an active period since the beginning of 2012, in which funds managed by Enterprise Investors completed seven new acquisitions with €124m invested and committed.
In 2012 the firm completed four full and partial exits, including – for the first time ever – a public offering of portfolio company AVG Technologie) on the New York Stock Exchange. During the first four months of 2013, EI-managed funds exited their flagship investments in Zelmer, Kruk and Magella, which are currently listed on the Warsaw Stock Exchange.
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