PineBridge Investments acquired an additional 25% stake in Promedica24, bringing its stake to 75% of the company. Promedica24 is a provider of household services and care for the elderly in Poland and Germany. Specific terms of the deal were not released.
PineBridge Investments today announced that it has acquired an additional 25% stake in Promedica24 (the “Company”).
Promedica24 is a provider of premium household services and care for the elderly in Poland and Germany. The Company is headquartered in Poland and has approximately 4,000 employees as of 30 September 2012.
“We are excited to announce our increase in ownership in Promedica24. The Company is growing very rapidly and is continuously strengthening its market position in Poland, Romania and Germany. We see further opportunities for expansion and to create long-term value,” said Artur Haze, Director of PineBridge Investments (Central Europe).
Rafal Rzezniczak, CEO of Promedica24, said “I am convinced that the even closer cooperation with PineBridge Investments will have a very beneficial impact on Promedica’s further development and building the Company’s value. With the intention to expand and consolidate the industry around Promedica24, the knowledge and experience of PineBridge in this area is of key importance.”
PineBridge New Europe Partners II, L.P., a EUR522 million private equity fund investing in Central and Eastern Europe, provided the equity capital for this investment.
About PineBridge Investments
PineBridge is an independent asset manager with over 60 years of experience in developed and emerging markets. We manage over US $68 BN across our platform for institutional and individual investors worldwide as of 30 June 2012. Our globally integrated investment platform offers innovative, core and specialized alpha-oriented solutions across asset allocation, equities, fixed income, private equity and hedge funds. What makes us different is our integration of on-the-ground investment teams across asset classes, allowing us to combine global perspectives with structured insights.
For additional information on PineBridge Investments, visit www.pinebridge.com .
SOURCE: PineBridge Investments