A consortium led by Innova Capital, which included among others 3TS Capital Partners, has purchased a 60% stake in financial intermediary Expander from GE Money. The other 40% of Expander’s shares remain the property of GE Money.
The Company was established in 2000, originally as an Internet broker of financial products. It belonged to Fin Fin SA, which was a subsidiary of Softbank. In 2001, the Company became an independent financial advisor, which offered its customers a wide range of banking and investment products. It opened its first branch in Warsaw in December 2001. Subsequently, GE Investments bought out Expander in early 2003.
Expander acts like a broker specializing in personal finance. Its aim is to provide clients with the widest possible range of products. Among the products offered are mortgage loans (e.g. housing loans, home equity loans); debt consolidation, saving products and insurance. Currently, Expander has 57 offices, which will be increased to 75 till end of 2008.
Innova Capital (www.innovacap.com)
Innova Capital is a leading private equity player in Central Europe, advising four investment funds in the region. In total Innova Capital has approximately € 500 million under management.
Innova’s strategy focuses on building companies into market leaders that can compete with the best in their fields worldwide. Innova funds mainly invest in media, financial services, IT/telecommunications, business services and manufacturing.
Innova Capital also owns an 81.1% stake in BWE bank.