Innova polishes off loan broke

LaSer, a French finance group is buying Dom Finansowy. Innova 3, the firm’s €110m fund, invested in the business at the end of 2004, taking a 75% stake.

Michal Chalaczkiewicz, investment director at Innova, said: “During our almost two-year presence in the company, we achieved the key strategic objective: DF QS has become a nationwide financial multibroker.” It will now become part of the LaSer family, which is represented in Poland by Sygma Bank Polska.

Other Innova investments in the financial services sector include PolCard, the Polish acquirer of payment cards, which it invested in 2003. Innova Capital’s funds were also among the first investors in Euronet Worldwide, the largest independent ATM network. The company is now listed on NASDAQ.

Krzysztof Kulig, partner responsible for financial sector investments, said: “Dom Finansowy QS is an essential milestone of the realisation by Innova Capital of its investment strategy in the financial services sector in Central and Eastern Europe.”

Based in Gdansk, Poland, the company’s core product is the unsecured cash loan, but also offers mortgage loans and credit cards. In 2005 it brokered loans worth more than €150m, up from the €132m it brokered in 2004.

Other recent Innova activity includes the purchase of a 70% stake in Pett & Pett Donak, a Polish manufacturer of components for large electrical machines, an investment in a Spanish supplier of brake components Fuchosa, and the exit of, a Polish specialist in front office applications.