Advent Raises New Central/Eastern Europe Fund

Advent International has raised EUR 1 billion for its fourth private equity fund focused on Central and Eastern Europe. It raised its first such vehicle in 1994, and has since backed 35 companies in Poland, the Czech and Slovak Republics, Hungary, Romania, Bulgaria and Turkey. 


PRESS RELEASE

 

Advent International, one of the world's leading global buyout firms, has closed ACEE IV, its fourth fund for investment across Central & Eastern Europe, at 1 billion euros.  Advent International raises and invests dedicated funds across the Central & Eastern European region, with local teams in four countries.  These teams are supported by Advent's other investment teams on four continents. 

 

Advent has pioneered private equity across Central Europe, raising its first fund for the region in 1994.  Since that date, it has financed 35 companies in Poland, the Czech and Slovak Republics, Hungary, Romania, Bulgaria and Turkey.

 

ACEE IV will invest in companies requiring 30 million to 100 million euros of equity to build market leadership and for cross-border expansion. As with previous ACEE funds, the team can also draw upon additional capital from the firm's global funds for larger deals (the most recent of Advent's global funds, GPE VI, raised 6.6 billion euros earlier this month). 

 

In the last three years, Advent has backed eight companies in five CEE countries and has exited, or partially exited, seven investments including the Bulgaria Telecommunications Company, which was sold to AIG Capital Partners in a transaction valuing BTC at 1.66 billion euros; Terapia, a Romanian generic pharmaceuticals business sold to Ranbaxy Laboratories Limited for $324 million and Zone Vision, which was sold to chellomedia, the European content division of UnitedGlobalCom, Inc., in a transaction valuing the company at $80 million.

 

Commenting on the closing of the new fund, Advent Managing Partner, Joanna James says: “Central & Eastern Europe is now on the map for investors who are attracted by its combination of high growth and stability.   This has served to raise the profile of the region, which is to the benefit of us all.  Advent has invested three funds across Central Europe since 1994; there are many more businesses there that offer real potential for growth and cross border expansion.  What we bring to these businesses is our long experience of the region alongside Advent's global network in 15 countries.”  

 

Chris Mruck, Managing Partner, added: “Many of our investments have broken new ground in the region, whether at the time of investment or of exit.  Fourteen years on from our first deal here, the region remains diverse and fast-growing.  Some markets here are now relatively mature, with buyouts the norm; others are still developing and offer great opportunities for pure growth.”

 

Four of the largest investors in ACEE IV, by committed capital, are GIC Special Investments, AlpInvest Partners, California State Teachers' Retirement System and the EBRD*.

 

END

 

For further information, please contact:

Joanna James, Advent International, +44 20 7333 5537

Chantal Ligertwood, PR for Advent International Central Europe

+44 7976 229 210

 

This press release is directed only to financial journalists and must not be further distributed to any person. It is not an offer or solicitation of an offer, or an invitation or inducement, to invest in any Advent International fund. No person may invest in any Advent International fund except in subject to the terms of the applicable fund documentation and applicable law.

 

 

About Advent International

 

Founded in 1984, Advent International is one of the world's leading global buyout firms, with buyout offices in 15 countries on four continents. A driving force in international private equity for more than two decades, Advent has built an unparalleled global platform of over 115 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic restructuring opportunities and growth buyouts in five core sectors, working actively with management teams to drive revenue and profit growth in portfolio companies. Since inception, Advent has raised $24 billion in private equity capital and completed more than 200 buyout and private equity transactions valued at over $36 billion in 35 countries. For more information, visit www.adventinternational.com.