The EBRD has successfully completed the sale of its equity stake in Zaklady Lentex S.A., one of the leading PVC floor coverings and non-wovens manufacturers in Poland, in an accelerated bookbuild offering to institutional investors. UniCredit CAIB Poland S.A. acted as sole bookrunner for the transaction.
The sale comprised of 5.63% of the share capital of Zaklady Lentex S.A. The placement was successfully launched before market opening on the Warsaw Stock Exchange on 18 February and was completed at a discount to the previous day’s closing price of PLN 8.15 per share. The sale attracted strong interest and demand from domestic institutional investors.
Frederic Lucenet, EBRD Director, Manufacturing and Services, said: “We are very pleased with the results and performance that the management of Lentex has achieved. After the successful restructuring and post-merger integration of the group, the time has come to sell our stake and provide other investors with the opportunity to participate in Lentex’s future success.”
The EBRD announced a PLN 13.5 million equity investment in Lentex in December 2011 to support the company’s acquisition of Gamrat, a manufacturer of construction materials, in a privatisation process carried out by the State Treasury. The successful completion of the transaction resulted in Lentex’s significant expansion, making it one of the leading floor coverings producers in Central and Eastern Europe.