Central European private equity fund Innova Capital and the European Bank for Reconstruction and Development are investing in EnergoBit Group, an electrical engineering services company in Romania. Innova Capital will become a controlling shareholder in the company.
Thanks to its investment in the EnergoBit Group, a leading Romanian supplier of services and equipment for low, medium and high voltage electrical networks to the power sector, Innova Capital is gaining access to a highly attractive market, expecting substantial investment in Romania and throughout the entire Central and Eastern European region in the coming years.
Innova Capital (Innova), a leading Central European private equity fund, along with the European Bank for Reconstruction and Development (EBRD), are investing in EnergoBit Group, a leading electrical engineering services company in Romania. Innova Capital, with ca. 52,8% stake initially, will become a controlling shareholder in the Company. The transaction is scheduled to close in Q1 2013 once certain formal approvals and conditions precedent have been fulfilled. The Parties agreed not to disclose the exact terms of the transaction.
The EnergoBit Group specializes in: turnkey projects for low, medium and high voltage electrical networks and power substations; provision of electrical engineering services, including implementation of metering and SCADA systems; production of electrical equipment, including medium voltage transformers and cells; electrical network maintenance services and specialist construction services. The company also operates in the fast growing ESCO market, providing energy saving solutions to industrial and public clients.
“Innova is very pleased to become a controlling shareholder in EnergoBit Group, a leading Romanian electrical engineering services company. Under the stewardship of the three founders, the company has grown into one of the largest local players in its field and we intend to continue this expansion in coming years. Romania has significant investment needs in the energy sector driven by the requirements for modernization of transmission and distribution networks and growing renewable power generation. As energy is one of the core sectors in Innova’s investment strategy, we look forward to supporting the existing management of EnergoBit Group in further development of its business in partnership with the founders and EBRD.” – said Andrzej Bartos, Managing Partner, Innova Capital.
“I am pleased to announce that EnergoBit Group has attracted new investors, Innova Capital and EBRD, and enters a new stage of growth stronger than ever before. The new shareholders with their exceptional reputation and track record, will enable the group to capture upcoming opportunities and secure further expansion. It is important for us that our new partners are like-minded and have significant experience in the energy sector across the CEE region. Together we are stronger. We will continue to build EnergoBit Group’s success as one team” – said Pal Peter, one of the founders of EnergoBit Group.
“EnergoBit Group will further pursue its successful strategy. We will continue to develop our products and services, especially in terms of servicing the power distribution grid, producing and supplying electrical equipment and providing ESCO services. We welcome Innova and EBRD on board and believe their support will contribute to the sustainable growth of the Company” – said Florin Pop, CEO, EnergoBit Group.
Clifford Chance Badea, Roland Berger and Ernst & Young acted as advisers to Innova on this transaction.
About Innova Capital
Innova Capital is a leading mid-market private equity firm in Central Europe. Founded in 1994, Innova Capital has, so far, invested almost EUR 500 million in 40 companies, across 10 countries in the region. In 2010, Innova Capital won the CEE Fund of the Year Award presented by Unquote magazine for its fifth fund Innova/5.
About EnergoBit Group SA
EnergoBit Group (EnergoBit) is a leading Romanian electrical engineering group focused on the provision of services and products for low, medium and high voltage electrical networks. The EnergoBit Group includes 11 companies providing a very broad spectrum of electricity products and services, with core competences in design, engineering, turnkey projects and maintenance services. It also includes two production facilities. The company’s business model facilitates dynamic growth, supports competitiveness and enables Energobit to penetrate the most attractive market segments such as renewables.
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