Vitanta. In January 2003, WNISEF sold its 85.59% stake in Vitanta-Intravest in a transaction valued at $12.45 million, resulting in excess of 2.2 times cash-on-cash return and an IRR of 20%. During the period of WNISEF’s investment Vitanta-Intravest was the dominant producer of beer, flavored alcoholic beverages and soft drinks in Moldova – a product line with strong growth potential. Vitanta-Intravest’s successful track record, strong competitive advantages and the value created through concerted shareholder and management efforts were key to attracting global brewer Efes Breweries International B.V., the Netherlands based subsidiary of Efes Beverage Group, to Vitanta-Intravest.
SBK. In March 2004, WNISEF sold its 100% stake in Slobozhanska Budivelna Keramika (SBK) in a transaction valued at $13.5 million, achieving a 2.5 times cash-on-cash return and 23.3% IRR. During the period of WNISEF’s investment SBK was the recognized market leader in the manufacture and sales of premium faзade ceramic bricks in Ukraine. High quality, a strong brand name, a strategic geographic presence, excellence in customer service, and a solid reputation as a reliable partner were key to attracting acquirers Raiffeisen Investment AG of Austria (RIAG) and MARA Beteiligungsverwaltungs GmbH (a holding company of RIAG). This deal included an innovative leveraged re-capitalization utilized for the first time in Ukraine.
Moldova-Agroindbank S.A. (MAIB). In April 2006, WNISEF sold its 9.9% stake in Moldova-Agroindbank S.A. (MAIB) to a group of investors, achieving a 3.6 times cash-on-cash return and 33% IRR. During the period of WNISEF’s investment MAIB was the largest Moldovan commercial bank in terms of total assets, capital, outstanding loan portfolio, and deposit base, offering a wide range of products and services to both corporate and retail clients. The bank’s strong financial performance, large regional presence, innovative products, management and market position were fundamental to attracting investors to MAIB.
ProCreditBank Ukraine. In April 2009, WNISEF sold its 20% stake in ProCredit Bank Ukraine (PCBU), a full-service bank focused on lending to micro and small enterprises in Ukraine, to ProCredit Holding, parent company of a global group of 22 ProCredit banks. This exit represents a 1.45x cash-on-cash return for WNISEF based on a multiple of 1.73x PCBU Net Asset Value (NAV) as of December 31, 2008. WNISEF invested into PCBU as a founding shareholder in 2000. At its founding, PCBU was the only bank focused on providing debt financing to entrepreneurs, micro and small businesses. ProCredit Bank Ukraine ended 2008 with an outstanding loan portfolio of USD 367.1 million and a customer deposit base of USD 171.7 million with over 105,000 deposit accounts. The loan portfolio of ProCredit Bank Ukraine is comprised almost exclusively of loans to small businesses in Ukraine. It is a uniquely focused-bank, whose mission sustains and enables the entrepreneurial spirit in Ukraine.
AVK. In February 2013, WNISEF sold its stake in AVK, the second largest confectionary manufacturer in Ukraine, to the company. The sale yielded a 5.6x C-o-C return on equity. During WNISEF’s period of investment, the company entered new markets – Russia, Belarus and Kazakhstan among others, captured market share, introduced new products and new brands, built a new manufacturing facility in Donetsk and acquired and modernized a manufacturing facility in Dnipropetrovsk which ensured the consistent premium quality of its products. AVK saw steady growth across all product categories. It emerged as the leader of the chocolate candy market segment as a direct result of ongoing efforts to sharpen the company’s focus on high-margin product development. WNISEF contributed to AVK’s success by providing the company with capital to grow and post investment value-added activities such as introduction of western corporate governance principles, implementation of a world-class management information system, strong marketing support, as well as numerous management trainings and seminars.