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|Business sector:||Equity funds|
|Target Board date:||12 Dec 2012|
|PSD disclosed:||22 June 2012|
The EBRD is considering an equity investment of up to €30 million in 21 Concordia LP (the “Fund”), a private equity fund focussing on buy-out (controlling stakes) and expansion (large minority stakes) opportunities predominantly involving SMEs in Poland.
Up to 20 per cent of the Fund may be invested in neighbouring countries (Slovak Republic, Lithuania, Latvia, Estonia, Romania and Hungary).
It is expected that the Fund will make investments up to €10-20 million in in 8-12 companies to drive long-term growth and cross-border expansion or internationalisation of the portfolio companies.
The transition impact of the proposed project would come from the following areas:
Structure and extent of markets
Supporting the entry to CEE of an experienced sponsor new to the region with deep industrial expertise gained from its Benetton heritage, its experience in building SMEs internationally through its previous 5 funds, and a wide entrepreneurial network.
Market based conduct, skills and innovation
The Fund can foster the expansion of investee companies and ensure appropriate skills transfer through its activities pre and post investment and specific interventions to support the companies’ expansion.
The Fund will implement good corporate governance in its investee companies, ensure they produce transparent financial reporting and are professionally managed, thus preparing them for their next stage of growth.
21 Concordia LP will be established as a limited liability partnership, registered in Jersey. It will be managed by its General Partner, 21 Concordia Partners Limited, a Jersey based limited company, and will be advised by 21 Concordia Sp z o.o. based in Poland.
21 Concordia Partners Limited is the newly formed General Partner of 21 Partners SpA (the “Sponsor”), a leading European mid-market private equity group with independent teams in Italy, France and now Poland, a total of over 50 professionals in five offices, and aggregate funds under management of €1.3 billion.
The EBRD is considering a commitment of up to €30 million to the Fund. It is expected that the remaining commitments may include a range of institutional investors, as well as commitment from the General Partner.
The target size of the Fund is €150 million.
The Fund will be required to comply with EBRD's Performance Requirement 2 (Labour and Working Conditions) and Performance Requirement 9 (Financial Intermediaries). Investee companies will be required to comply with national environmental and OHS standards and national labour laws. An Annual Environmental and Social Report will be prepared by the Fund and submitted to the Bank.
Mr Cedric Abitbol
Managing Partner, 21 Partners
21 Rue Saint-Victor
Tel: +33 630 000 512 (France)
+ 41 79 456 5434 (Switzerland)
Mr Andrzej Mierzwa
Managing Partner, 21 Concordia
Aleje Jerozolimskie 65/79
Tel +48 22 630 7575
Mob +48 501 177 177
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Last updated 22 June 2012