Horizon Capital, signed an equity investment agreement alongside International Finance Corporation to invest USD 15 million in equity in Evrotek Group Plc, the holding company for a recently formed Ukrainian food retail chain operating und the trade name Fresh.
Evrotek Group (www.evrotek.com)
Evrotek Group entered the food retail chain market in 2006 and is one of Ukraine’s newest retail store chains.
“Fresh” has two standard formats: supermarket (1,300 m²) and mini-hypermarket (2,400 m²). It intends to develop presence in large Ukrainian cities (population in excess of 100,000). Fesh has opened eight stores to-date, operatin in Evpotariya, Kerch, Kryviy Rih, Kherson and Rivne. The Company’s expansion plan foresees a total of 58 stores and 3 logistics centers by 2010.
Horizon Capital (www.horizoncapital.com.ua)
Horizon Capital is a private equity fund manager that originates and manages investments in mid-cap companies with outstanding growth and profit potential in Ukraine and Moldova. Currently Horizon Capital manages two funds, Emerging Europe Growth Fund (“EEGF”) and Western NIS Enterprise Fund (“WNISEF”), with over USD 280 million under management.
This investment was made on behalf of Emerging Europe Growth Fund, a USD 132 million fund. This is a new investment in a portfolio of 11 companies, of which almost 40% are in the consumer/retail segment.
08/10/2008
Central & Eastern Europe, Investment, Private Equity News, Retail Industry, Ukraine