Euroventures Ukraine wins the Mid-market Exit of the Year award

May 21, 2007

Euroventures Ukraine, a private equity Fund Manager, was granted a prestigious Central & Eastern Europe Unquote "Private Equity Award 2007" acknowledging Fund's superior returns to shareholders and investors.

Unquote, which has over the last 15 years been working with a large group of Limited Partners helping them to make strategic choices in relation to investments in the European private equity market, has initiated a presentation of the award "Mid-market Exit of the Year in CEE region."  The award was open to all companies with a CEE-focus that completed an exit in 2006 worth less than EUR 100 million. A lot of entrants, among which were well-known banks, international investment companies and private equity funds, submitted applications for the category recognizing clear leadership in this particular segment of the market. Industry experts brought together on the Central & Eastern Europe Congress on 16 May, 2007 in London granted Euroventures Ukraine an award for the best mid-market exit: Furshet.

Furshet is the second Ukrainian retail chain which, since 2002, was backed by Euroventures Ukraine Fund I contributing to the Company's spectacular growth. To finance the company's expansion which operated only 6 supermarkets with total sales of US$ 50 million, Euroventures Ukraine Fund I invested US$ 2.5 million in 2002. Since then, the Company has grown into the second largest retail chain with 73 stores in Ukraine and 1 store in Moldova. In 2006, Furshet posted revenues of US$ 481 million.

Commenting on Fund's achievements and its role in Company's progress, Co-managing partner of Euroventures Ukraine, Mr. Leslie Hawrylyshyn said, "We pleased to be chosen as a showcase of excellence in contributing tangible and measurable success to shareholders and investors. Under the lead of Euroventures Ukraine, Furshet improved corporate governance, developed international network of suppliers and reviewed the strategy.  In 2006, our Fund was instrumental to private placement of Company's shares among international financial investors. And, in early 2007, Euroventures team acted as an advisor to Furshet in its transaction with a strategic investor. As a result of the strategic partnership agreement signed, Euroventures Ukraine will be fully exiting the Company, which now is well positioned to become No.1 retailer in Ukraine by 2010".

See also

Commercial Property

Private Equity Europe