Kiev-based Horizon Capital has announced an investment in Vitmark-Ukraine, one of that nation’s leading juice producers. Horizon Capital acquired a minority share of the company through its USD $390 million Europe Growth Fund II.
The deal is the fifth for Horizon Capital this year, worth a combined total of more than USD $100 million. Four of the five transactions have been in Ukraine.
Vitmark-Ukraine is a holding company consisting of several other entities engaged in the production of juice and other food-related products. The company was formed in 1994 and currently controls 27.5% of Ukrainian market. The main production plant for Vitmark-Ukraine is the Odessa Baby Food Cannery located in Ukraine’s Odessa region. A second Odessa production plant, combined with 12 regional sales offices and a complete distribution system insure Vitmark-Ukraine’s products reach a wide range of customers in the Russian region.
Among the well-known in brand names Vitmark-Ukraine produces are Jaffa, Nash Sik, and Aquarte. Posted revenues for 2007 exceeded UAH 724 million.
Horizon Capital (www.horizoncapital.com.ua)
Based in Kyiv, Horizon Capital is a private equity concern focusing on mid-cap opportunities in Belarus, Moldova, and Ukraine. A typical Horizon investment is between $15 million and $40 million in companies willing to give a measure of operational control in return, with a three to four year horizon.
Horizon Capital is a private equity firm with three funds currently being managed: Emerging Europe Growth Fund, LP (EEGF), Emerging Europe Growth Fund II, LP (EEGF II) and Western NIS Enterprise Fund (WNISEF).