Acquisition finance in CEE

2014

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2 | Acquisition finance in CEE and SEE

Our key acquisition finance transactions

Pan-CEE — BNP Paribas, Erste Bank, ING, UniCredit, Banca IMI,

Credit Agricole, Raiffeisen and Société Générale on Mid Europa Partner’s €330 million leveraged recapitalisation of SBB Serbia, Telemach Slovenia and Telemach Bosnia, the leading cable TV and broadband internet providers in the territory of the former Yugoslavia.

— Advent International on the financing of its acquisition of the Provimi Pet Food group (CEE, France and The Netherlands).

— BC Partners on the financing of its acquisition of Futurelab and Synlab (Czech Republic and Austria).

— Kohlberg Kravis Roberts (KKR) on the financing of its proposed bid for Inbev.

— GMT Communications Partners on the financing of its acquisition of the business and media division of Springer (CEE, Germany, Switzerland and Sweden).

— Raiffeisen Bank International on financing the acquisition of the CEE furniture retailer Lesnina with assets in the Czech Republic, Slovenia and Croatia by a leading Austrian retailer.

— Kohlberg Kravis Roberts (KKR) on the financing of its acquisition of SBB/Telemach Group, the leading regional Pay TV and broadband operator in South East Europe, in Serbia, Montenegro and Macedonia.

Bulgaria — CableTel on the financing and acquisition of 14

telecommunication companies in Bulgaria and Macedonia.

— Advent International on the financing of its acquisition of BTC, the first leverage privatisation in CEE and the first leveraged buy out in Bulgaria as well as the subsequent refinancing.

— Advent International on the financing of its acquisition of Kai Group.

Croatia — Erste Bank on the financing of Bancroft’s acquisition

of CityEX.

— Erste Bank on the financing of a bid for Bnet.

Czech Republic — ING, UniCredit and Raiffeisen on the €150 million

leveraged acquisition by Mid Europa Partners of Alpha Medical, a leading laboratory diagnostics provider in Slovakia, the Czech Republic and Poland.

— Advent International on the financing of its acquisition of TES Vsetin and Mez Servis.

— Mezzanine Management on the mezzanine financing and equity co-investment into Invia.cz, a leading travel agency.

— JP Morgan Partners, AIG/Mid Europa Partners and Barings Communications on the financing of the acquisition of ICZ (later Karneval), the first syndicated LBO in CEE.

— Advent International on the financing of its acquisition of CCS.

— Bank Austria Creditanstalt and Erste Bank on the financing of Pamplona’s acquisition of Pegas Nonwovens.

— Mid Europa Partners on the financing of its acquisition of a majority stake in ENERGY 21, one of the largest Czech developers and operators of solar power plants in the Czech Republic.

Hungary — OTP on the acquisition financing of an energy

company e-Star, listed both on the Budapest and Warsaw Stock Exchange.

About our CEE Banking team — A centre of excellence for English law governed

finance transactions in the region — English and local law capabilities available on

the ground — Full CEE coverage with offices in 14 CEE

jurisdictions — In the region for more than 20 years

We have advised on: — The 1st leveraged privatisation in CEE — The 1st leveraged public to private leveraged

buy out in CEE — The 1st syndicated leveraged buy out in CEE — The 1st leveraged buy out in Bulgaria,

Hungary, Romania and Serbia — The 1st leveraged public offer in Poland — The 1st leveraged buy out in Slovenia and the

first “post-Lehmann” LBO in CEE

Key contacts

Paul StallebrassPartner, CEE Head of International Banking & Finance T +420 296 798 805 E paul.stallebrass@cms-cmck.com

Ana RadnevPartner, International Banking & Finance T +420 296 798 862 E ana.radnev@cms-cmck.com

Mark SegallPartner, International Banking & Finance T + 420 296 798 702 E mark.segall@cms-cmck.com

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— Bluehouse Capital on the acquisition financing of the Infopark E Building, as well as a TESCO hypermarket in Budapest.

— Advent International in connection with its financing of Danubius Radio.

— Senior lenders on the restructuring of Borsodchem, and major Hungarian chemicals company owned by Permira.

Latvia — Two of the bidders on the financing of their bids for

Lattelecom.

Lithuania — GMT Communications Partners on the financing of

its bid for Bite.

— Advent International on the financing of its bid for Sanitas.

Poland — Value4Capital and home.pl on the senior financing

provided by BRE Bank and mezzanine financing provided by Syntaxis Capital for the acquisition of another provider of internet hosting and domain registration services in Poland.

— BNP Paribas, ING and Raiffeisen on the financing of Bridgepoint’s acquisition of Dr Gerard, a producer of branded and private label biscuits in Poland, from Groupe Poult of France.

— Grupa o2 (one of the largest internet entities in Poland) and Innova Capital on the financing provided by Polska Kasa Opieki for the acquisition of shares in Wirtualna Polska Poland’s first web portal being an interactive platform for communication, information, e-commerce and e-business.

— Resource Partners on the financing provided by Alior Bank and Erste Bank as senior lenders for the acquisition of Drogerie Natura.

— ING and UniCredit on the financing of Advent International’s public to private acquisition of listed company WSIP.

— Erste Bank on the financing of Innova Capital’s acquisition of Marmite International.

— UniCredit on the financings of bids by (1) Carlyle (2) Arcapita and (3) Doughty Hanson for Hortex SA.

— UniCredit on the staple financing of the sale of Malta Dekor and subsequently on the financing of Advent International’s bid for Malta Dekor.

— Advent International on the financing of its acquisition of Kamax and Keystone (Axtone).

Romania — Advent International on the financing of their

acquisition of Terapia, the first leveraged public to private in CEE and first leveraged buy-out in Romania.

— Erste Bank in the acquisition finance of the La Fantana mineral water business in Romania and Serbia, for an Innova fund.

— Advent International in the financing (arranged by UniCredit) of its €123 million acquisition of LaborMed Pharma, the largest independent generic pharmaceutical producer in Romania.

— Advent International on the financing of its bid for Sindan.

— DGB and Oresa Ventures on the financing of their acquisition of shares in the Bucharest Stock Exchange listed company Flamingo.

— HSBC in €75 million loan facilities from Alpha Bank for its acquisition and operation of the Doraly “Chinese Market” wholesale market and warehouse complex in Bucharest.

Russia — Sberbank on security arrangements under a USD

283 million debt refinancing provided to a Cypriot company Sermules Enterprises Limited to acquire an oil-refining factory in Russia.

— UniCredit on an acquisition finance facility to a holding company of a major rail transportation business.

Serbia — Ring International Holding (RIH) on the Serbian

aspects of the multi-jurisdictional financing for the acquisition of Helios Group, one of the 15 largest paint manufacturers in Europe.

— UniCredit as the leader of a syndicate of 19 banks including Crédit Agricole, Erste Bank, Raiffeisen and Société Générale on a €470 million acquisition finance and refinancing facility to Serbian state-owned telecom provider Telekom Srbija.

— UniCredit on the financing of the acquisition by Mid Europa Partners of Serbia Broadband, the first LBO in Serbia.

Slovakia — Argus Capital on the financing of its bid for the

Slovak towers business.

Slovenia — BNP Paribas, ING, UniCredit and West LB on the

financing of the acquisition by Mid Europa Partners of UPC Telemach, the first LBO in Slovenia and the first ‘post-Lehmann’ LBO in CEE.

Turkey — ING and EBRD on the structured financing to Pronet,

a Turkish security company owned by UK private equity fund Cinven, for the refinancing of existing debt as well as future capital investment.

— Zentiva on the financing of its acquisition of Eczacibasi.

— Advent International and Turkven on the financing of their acquisition of Roma Plastik.

— UniCredit on the financing of Blackstone and Agrokor’s bid for listed company Migros.

— Turkven on the financing of its acquisition of Domino’s Pizza.

— Advent International on the financing of its bids for listed company Deva Pharmaceuticals.

Ukraine — PJSC Ukrsotsbank, the Ukrainian branch of

UniCredit, and ING Bank on a US$100 million corporate and acquisition financing to a leading Ukrainian agribusiness Kernel Holding.

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