Ethemba Capital currently advises funds of over €500 million. We plan to deploy these funds over a period of 4 to 5 years in 10 to 15 investments with the average equity invested per transaction ranging between €25 million and €40 million. Through our participant co-investment arrangements we have the ability to commit significantly larger amounts of capital to transactions, allowing us to execute transactions with an equity requirement in excess of several hundred million Euros. Portfolio transactions to date include:
Name Birgi Mefar Group
Date June 2011
Sector Pharmaceuticals
Location Turkey
Details Buy-out of the leading Turkish provider of pharmaceuticals contract manufacturing services. Birgi Mefar is one of the oldest players in the Turkish pharmaceutical industry with a track record of delivering quality products and services spanning nearly 50 years. The business of the Group is focused on the provision of pharmaceuticals contract manufacturing services (primarily injectable products), value-added ancillary services and logistics, through a fully integrated business model, for both leading local and international pharmaceutical companies. It currently produces, annually, hundreds of millions of units of injectable products - ampoules, vials, BFS and pre-filled syringes - from its state-of-the-art GMP facilities located in Istanbul. Birgi Mefar Group is a pioneer in the production of pre-filled syringe products in the Turkish market.
Name Constellation Overseas Ltd.
Date November 2010
Sector Offshore Oil and Gas Drilling Services
Location Brazil
Details In response to the opportunities presented by Petrobras’ announced plans to invest in excess of US$174 billion over the period 2009-2013 to help meet the growing demand for energy in the country and the region, Constellation Overseas Limited, the oil services subsidiary of the Queiroz Galvão Group, intends to expand its oilfield drilling services business by acquiring additional offshore drilling assets that will allow it to participate in Petrobras’ drilling program, which is an integral part of the latter’s plan to develop significant oil reserves discovered offshore Brazil. To achieve this, Constellation has raised equity to increase its capital base. The proceeds raised will be used for the construction and/or acquisition of drilling rigs, drillships and/or floating production, storage and offloading facilities (FPSOs).
Name FHL Mermeren Kombinat AD Prilep
Date February 2009
Sector Quarrying
Location Macedonia
Details Buy-out of the largest “snow-white” marble quarrying operation in the world. Mermeren is a leader in the extraction and processing of “snow-white” marble, a growing niche with attractive characteristics. The exploitation of marble in the Prilep region (and more particularly in the Sivec Quarry) dates back to the Roman and Byzantine periods. The “snow-white” marble from the Sivec Quarry has been famous for its quality for centuries. The “snow-white” marble market, of which Mermeren is a significant player (contributes ca. 25% of the global market by volume), is a high-end niche of the marble and stone sector. Mermeren’s main products are marble blocks, slabs and tiles. Western European countries (Greece, Italy, etc.) have historically been core markets for Mermeren but, in recent years, China, Eastern Europe and the Middle East have become significant markets. Mermeren was incorporated in 1946 to operate the quarries of Sivec. After several decades as a state-owned enterprise, the Company was partially sold to private investors during the 1990s. In 2001 ca. 98% of the shares in Mermeren were acquired by a listed Greek company following a privatisation process. Ethemba acquired its interest in Mermeren in February 2009, together with another regional private equity fund, as part of a buy-out from the Greek company.
Name Zeljezara Nikšić Steelworks ad
Date February 2008
Sector Steel Manufacturing
Location Montenegro
Details ZN is an electric arc furnace mill located on a ca 100 hectare site in Nikšić, the second largest city in Montenegro. The plant was constructed for the Yugoslav Government in the 1950s and was designed and equipped to make high quality engineering steels for the Yugoslav military programme and other Yugoslav engineering companies. The ZN facility is of substantial size and capability and is differentiated from conventional steel mills by virtue of its integrated nature, including significant downstream processing capabilities for the production of specialty steels. The company underwent a privatisation process in early 2006, as a result of which it was sold to the UK-based MN Specialty Steels Limited. Ethemba Capital acquired a significant majority state in ZN in Q1 2008 from MN Specialty Steels Limited.
Name Industrogradnja d.d.
Date August 2007
Sector Real Estate and Construction
Location Croatia
Details Acquisition of a significant minority interest in a leading Croatian real estate and construction company. Industrogradnja is a leading construction, building services and real estate development company operating primarily in Croatia. Industrogradnja is listed on the Zagreb Stock Exchange. Industrogradnja has historically been one of the most important construction companies in Croatia and Yugoslavia since its establishment in 1946. Landmark projects include construction of the Zagreb International Airport, the Lukoil HQ in Moscow and the Croatian National TV offices and studios. The Industrogradnja group was well known for offering a wide range of technical capabilities and has completed numerous major residential, commercial, industrial and infrastructure projects both in Croatia and abroad. Its reputation and capabilities led to it working in consortia with major international construction companies such as Bechtel and Strabag. Ethemba Capital acquired a significant minority stake in Industrogradnja in 2007.
Name Amoun Pharmaceutical Company S.A.E.
Date November 2006
Location Egypt
Details Buy-out of largest pharmaceutical company in Egypt. Amoun was founded in 1998 and is the largest pharmaceutical company in Egypt. It manufactures off-patent branded generic formulations covering a broad range of therapeutic segments (animal and human). Amoun offers nearly 500 different human and veterinary products (and product forms) registered with the Egyptian Ministry of Health. Its focus is on off-patent prescription and over-the counter drugs. The product portfolio is well positioned in terms of its competitive ranking versus all other competitors, with 7 of the country’s 160 top-selling drugs. Amoun owns a modern ‘state of the art’ manufacturing facility, built with the goal of being “not just the most significant pharmaceutical facility in Egypt but on a par with the best facilities in the world”. The company has invested heavily in state-of-the-art equipment and manufacturing systems. Ethemba Capital acquired its interest in Amoun in 2006, as part of a buy-out of the company by a consortium of private equity funds.