Citing an eight-fold return on its investment, Enterprise Investors has sold a significant portion of its shares in Poland’s Kruk International as part of an IPO on the Warsaw Stock exchange. The IPO netted Kruk a total of €92 million, of which 90% came from institutional investors. Retail investors accounted for the remaining 10%.
For their part, Enterprise Investors sold 8.2 million shares for grand total of €81.5 million. The sale reduces their 78.5% stake in the company down to just under 25%. An additional 1.1 million shares were offered by Kruk.
Enterprise Investors claims it has pumped a total of €15 million into Kruk since its original 2003 investment.
Kruk International (www.kruksa.pl)
Kruk International is a debt management company and the number one debt collection agency in both Romania and Poland. The company got its start in 1998, being established in Warsaw. In 2007 they expanded operations to Romania and adopted the name “Kruk International.”
Today Kruk provides a multi-layered approach to debt management which includes amicable, court, and field collections as well as private investigation services and debt portfolio acquisition. The company’s clients are primarily telecoms, utilities, and other large businesses providing customer credit services.
Kruk employs approximately 850 and maintains offices in Warsaw and Bucharest.
27/04/2011
Central & Eastern Europe, Exit, Financial Services, Poland, Private Equity News, Romania