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Mid Europa Completes the Sale of SBB/Telemach to KKR
06 March 2014
Mid Europa Partners ("Mid Europa"), the leading private equity
firm in Central and Eastern Europe and Turkey, announced today that
it completed the sale of its investment in the SBB/Telemach Group
("the Group") to funds affiliated with Kohlberg Kravis Roberts
& Co. LP ("KKR").
The transaction was first announced on 15th October
2013, and was subject only to customary regulatory approvals.
The transaction returns 3.5x MoM on Mid Europa's original
investment in SBB, and a further 2.5x on its follow-on investment
in Telemach. The transaction represents the largest private
equity exit in the former Yugoslavia (the "Region").
Robert Knorr, Senior Partner of Mid Europa who leads the firm's
investments in South East Europe commented: "We acquired SBB, the
leading Serbian pay TV provider in 2007 and through extensive
investment in organic growth and 18 add-on acquisitions,
transformed a national champion into a pan-regional leader serving
1.8 million RGUs across six countries. This transaction validates
our long held conviction that this region offers excellent growth
opportunities, and our ability to create value by building regional
champions."
Andrej Babache, Director of Mid Europa who led the execution of
the transaction commented: "This transaction's success was
underscored by Mid Europa's collaborative and hands-on approach. We
worked closely with our management team partners to develop and
execute the combined acquisitive and organic growth strategies that
took SBB/Telemach from strength to strength."
Dragan Solak, founder and Chairman of the Group, commented: "Mid
Europa has been a highly constructive partner, whose capital,
insight and hands-on approach helped the management develop
SBB/Telemach into the regional best-in-class operator it is
today. I am excited by the opportunities that lie ahead for
the Group, and proud of what we have achieved to date with our
partners at Mid Europa."
The Mid Europa execution team comprised Andrej Babache, Stefan
Tzvetkov, Viktoria Habanova, Matthias Dukat and Krzysztof
Jedrzejek.
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