Greek investment firm Marfin Investment Group (MIG) issued a press release on 22 March 2010 to announce a successful fund raising effort which garnered € 251.7 million. The funds come by way of a convertible bond loan, the issuance of which was determined prior to the recent downturn in the Greek economy.
With the bond’s coupon value at 5%, the new funding increases MIG’s liquidity to € 641 million. The firm believes the success of the fund raising effort speaks of the confidence investors have in them and also puts them in a position of strength during the current crisis in Greece. Marfin made a point in its press release to thank all who participated in the effort.
Marfin Investment Group (www.marfininvestmentgroup.com)
Marfin was founded in 1998 under the name Marfin E.P.E.Y., with the original investment strategy of focusing on the Greek banking sector. These investments matured and realized the formation of Marfin Popular Bank in 2006. The company divested itself of its banking assets in May 2007 and separated from Marfin Popular Bank.
Marfin’s current investment strategy is based on the principle of investing in already sound businesses with a goal of consolidating fragmented industries. Their six main sectors of investment are financial, food & beverage, healthcare, hospitality & leisure, information technology, and shipping & logistics.
Institutional investors from Dubai account for approximately 38% of Marfin shares, domestic institutional investors about 15.5%, and the remaining shares are owned by foreign institutional investors and others.
Marfin completed a € 5 billion capital increase in 2007, and along with the sale of Marfin Popular Bank realized a tremendous return for its investors.
25/03/2010
Central & Eastern Europe, Fundraising, Greece, Private Equity News