BankAmerica and DBG Buy into Hungarocamion

BancAmerica Equity Partners – Europe (BAEP) and DBG Osteuropa-Holding, a Central and Eastern European private equity fund sponsored by Deutsche Bank, are each investing $6.6 million (ecu 5.5 million) to acquire 38.8% holdings in Hungarocamion.

Hungarocamion is Hungary’s largest road transport and freight forwarding company and the leading Hungarian player in international road transport, operating a fleet of more than 1,000 trucks. Following the liberalisation of the Hungarian transport market earlier this decade, the company has also successfully diversified into high-value- added services such as warehousing and logistics.

BAEP and DBG Osteuropa acquired their stakes through HC Invest, a Hungarian holding company owned by the Venture Investment group, which controls 81.5% of Hungarocamion. The bulk of the investments will take the form of new HC Invest shares. Once the deal is completed, BAEP, DBG-Osteuropa and HC Invest will own 87.65% of Hungarocamion; local municipalities own most of the balance of the company.