A little more than a year after acquiring Poland’s Libet S.A., Innova Capital has suggested it might be willing to list the company on the Warsaw exchange later this year. Libet officials have indicated that a minority stake may be up for sale before mid-2011.
Though such a short investment period is not the norm, Innova may be attempting to exploit the public markets through a WSE exit, which would likely be attractive to institutional investors.
Libet S.A. (www.libet.pl)
Libet S.A. is a Polish manufacturer and distributor of stone pavers, cobblestones, road elements, and related products.
The company is second in market share, at 21% of the Polish market, behind Polbruk at 22.3%. Libet operates 24 manufacturing lines at 14 plants.
The company earned 2009 profits of PLN 15.9 million on sales of PLN 232.7 million; 2010 numbers were similar. Founded in 1990, Libet is based in Wrocław and employs more than 470 people.
Innova Capital (www.innovacap.com)
Central Europe’s Innova Capital has invested nearly €500 million in European businesses since its founding 16 years ago.
The automotive, energy, and financial services sectors are where Innova focuses most of its attention, with the goal of making the European market the best and most competitive in the world.
To date the company’s five funds have raised nearly €900 million from investors all over Western Europe and the U.S.