Euroventures Ukraine Fund I sells the pharmaceutical wholesaler

November 15, 0000

As of 14 September 2006, Euroventures Ukraine profitably sold its 30% shareholding of Laona Limited to company’s management for an undisclosed but substantial amount, generating a solid IRR for investors in the Euroventures Ukraine Fund I.

Euroventures Ukraine invested in the second largest wholesale distributor of pharmaceuticals in Ukraine, which operates under the brand name Alba, in July, 2002. Since that time, the company has increased its market share from 8% to 16%; and today, it is one of the market leaders, which is present in all 25 regions of Ukraine through its regional subsidiaries and warehouses. The company serves more than 75% of pharmacies in Ukraine.

Commenting on the management buy-out of the company, Leslie Hawrylyshyn, co-managing partner of Euroventures Ukraine, said that management of the company has a long-term development strategy which does not fit to EVU’s planned investment exit. Given the current competitive position of the company led by motivated managers, it is expected that in several years Alba Ukraine will be very attractive for sale to a strategic investor.

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