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Family Fortune Family Businesses in CEE Present Golden Opportunities for PE Managers

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Family Fortune Family Businesses in CEE Present Golden Opportunities for PE Managers THE INDEPENDENT VOICE OF EUROPEAN PRIVATE EQUITY INSIDE GP WOrkshop How to prepare for a successful IPO. CEE focus 25.2.21/478/realdeals.eu.com Insights on the CEE region from Abris Capital, Enterprise Investors, EY, Innova Capital, Mid Europa Partners and more! PEA Shortlist The Private Equity Awards’ House of the Year shortlists. Venture views In conversation with Dawn Capital’s Haakon Overli. Family Fortune Family businesses in CEE present golden opportunities for PE managers. Helping you make the right decisions now for the future Dierentiated. Diverse. Dependable. Carter Schwartz is a leading executive search boutique for private equity firms and we understand what it takes to drive exceptional growth. With Pan-European coverage or country specific insight, we have aligned ourselves with our clients' goals having consistently built high functioning teams and inspirational leadership for health businesses and their investors. If you're targeting 2021 as the year of opportunity, why not start a conversation with us today. Call us for a confidential conversation LONDON carterschwartz.co.uk BRISTOL +44 (0)203 102 4835 MUNICH NEW YORK @carter_schwartz “Carter Schwartz” 25.2.21/478 realdeals.eu.com Contents 16 Mid Europa Partners Editorial Successful dealmaking 4 and CEE’s convergence Leader Talya Misiri towards Western Europe. Alphabites The BVCA’s diversity blueprint, four fundraises and a shift towards management fees. 17 Secondaries: GP-led The stock exchange: GP-led deals surge despite wider 6 secondaries dip. Friend or foe Family fortune Family businesses While stock exchanges can be a telling in CEE present opportunities for PE managers. 20 illustration of the state of economies across PEA Shortlist The Private Equity Awards’ the world, private equiteers’ attention is House of the Year shortlists. being drawn to these for different reasons. 24 Corporate Commenting on this, Enterprise Investors finance corner president Jacek Siwicki told Real Deals: “One ARX Corporate Finance on interesting development in Warsaw, Poland, is the digitalisation and data in PE. developments in the stock market. The stock market was revived in the second half of the year [2020], and we saw the flagship floatation of Allegro, the private equity-backed business that 10 went public, and then at the end of last year/early GP Workshop 26 2021 Advent took InPost public in Amsterdam. How to prepare for Transformation These were the paradigm shift events on the a successful IPO. of the European Warsaw Stock Exchange as they were very large investor base transactions at a couple of billion euros, both were The evolution of LPs and substantially oversubscribed…” what this means for managers. Indeed, the stock exchange, which will celebrate its 30th birthday in April, recorded the second- 11 largest initial public offering (IPO) in Europe and a Abris Capital record number of listings for gaming companies. Attractive sectors In times of economic crisis and uncertainty, all eyes In addition, the WSE’s NewConnect, a in CEE and Abris’ 27 turn to the stock market as share prices of listed multilateral trading facility, established in 2007, decarbonisation ambitions. Venture views businesses continuously fluctuate. This time round, allows smaller and newer companies to be listed in In conversation with it is no different. The turmoil caused by the a way that is much less burdensome and much Dawn Capital’s Haakon Overli. Covid-19 pandemic sent exchanges across the world cheaper than a traditional stock exchange IPO. For into a frenzy that was largely caused by world NewConnect, which currently lists 373 companies, leaders’ decisions to shut down significant parts of 2020 was a landmark year for turnover. And, in 12 their economies. November, total equity turnover grew 926 per cent EY: Overlooked While stock exchanges can be a telling year-on-year to 1.5 billion Polish zloty (c.€327.6m). opportunities 28 illustration of the state of economies across the However, with the Polish stock market’s success, in CEE DIBS world, private equiteers’ attention is being drawn to the question at hand is: Is the strength of the WSE a Advantages and disadvantages A round up of deals these for different reasons. threat to PE in the CEE? And, can PE work with the of investing in the region. from the last few weeks. In the UK, private equity firms are keen to stock exchange or is there a continuous battle increase their pursuit of listed businesses that have between PE backing and IPOs? fallen on the London Stock Exchange, with Pub Enterprise Investors’ Siwicki is not so convinced chain Marston’s, private jet services group Signature that a booming stock exchange and private equity Aviation and power supplier Aggreko among those can coexist in perfect harmony. He says: “I’m less 13 30 recently bought by buyout houses. happy with the IPO renewal, because people have Enterprise People Indeed as the LSE continues to struggle, thought, for the last few years, that taking a Investors New appointments at approaches from PE managers this year have company public in Warsaw was not really an option, Expansion financing and the Kester Capital, Piper and more. continued. The FT recently revealed that six especially if you had a smaller business. But now, it Warsaw Stock Exchange’s approaches of this kind have taken place in 2021 so looks like you can try to do it and the valuation impact on PE. far, compared to 14 in the whole of last year, multiples are exciting enough to make people according to data provider Dealogic. scratch their heads and think twice.” Dealmakers across the CEE region considered 31 Warsaw and beyond these IPOs and flotations of smaller companies as a Vulture This issue, our magazine largely focuses on Central and notable trend. However, despite some concerns 14 All the cool GPs; Family drama Eastern Europe [pages 6 to 15] and it is in this region regarding the stock exchange as a barrier to Innova Capital and Breaking records. that some dealmakers are contemplating the impact dealmaking for private equiteers, the CEE region The firm’s succession process of the stock market on their investment activity. continues to prosper. and key deals in 2020. In contrast to the UK, the Warsaw Stock Exchange, Each of the firms included in our CEE focus the largest capital market in emerging Europe, enjoyed highlight both their firm’s and the region’s resilience considerable growth in 2020, being the second stock over the last year and the sectors and strategies that exchange in Europe in terms of liquidity growth. have come out on top in private equity. ● 3 25.2.21/478 realdeals.eu.com Alphabites Genesis growth fund hits €40m BVCA publishes BRIEFS hard cap Fundraising new D&I blueprint boutique Genesis Growth Equity has raised €40m for its Genesis Growth Equity Ermitage Partners Fund I, reaching its hard cap in Venture capital and private equity investors have is launched December 2020. The fund will invest equity tickets of joined forces to publish a next-generation blueprint Ermitage Partners, a Nordic- up to €4m into established companies based fundraising boutique, with significant growth potential for achieving greater diversity and inclusion. has been launched. Ermitage mainly in the Czech Republic and advises managers on raising Slovakia, which plan on expanding their capital from institutional operations, growing internationally or investors and large family investing into innovations. offices in Europe and South The GGEF I team sees a large Korea. The firm works number of opportunities in this alongside global fund managers market segment and will provide as their local collaboration entrepreneurs and companies with partner. Ermitage also serves additional capital and support to back as an advisor for emerging their business expansion. managers to help broaden During 2020, the fund already their investor base, both within completed its first two investments, acquiring majority stakes in R2B2, a and outside of their region. provider of programmatic advertising services in the Czech Republic, and Home Care Promedica, a provider of IPEM to professional home healthcare services reveal Covid-19 mainly in the Prague area. documentary Additional commitments to the fund were made by SPM Capital and Private equity event business Sirius Investments. ● IPEM is set to release its private equity documentary on 3 March 2021. The short film, titled Rebooted: Private equity Palico launches and the great Covid reset, features a series of interviews video-based with private equity heavyweights across the UK fundraising and Europe. The documentary, which will also be split into Private equity digital marketplace three short parts will illustrate Palico has launched Palicalls, a video the private equity industry over service integrated into a digital fundraising platform. the last year and how the asset The new function enables LPs and class reacted to the Covid-19 fund managers to book video meetings pandemic. Two trailers have via a fully integrated dashboard that been released so far. collates all relevant fundraising materials, communications and information into one space. Flashpoint This video solution will launches complement Palico’s current later-stage fundraising tools, which include an enture capital and private equity education, culture and policy; Outreach, access to dealflow, encrypted virtual data room and investors have joined forces to publish a and unconscious investment bias; and Influence, external secondary fund messaging module, a statistical report blueprint for achieving greater diversity guidance and portfolio management. Flashpoint has launched its and a newsroom where fund managers and inclusion. The document, Guidance It comes two years after The Rose Review was secondary fund, targeting provide updates on milestones and and best practice examples for VCs, private published. Penned by Natwest Group CEO Alison Rose, $200m after completing a first achievements. equity and institutional investors, has been the review found that just 1 per cent of UK venture close of $70m.
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