Capman’s Maykor bolts on BTE

Maykor used capital from its recent $100m funding round to finance the acquisition.

In August last year, RDIF, EBRD and Capman injected $100m into Maykor, with the latter providing capital via its Capman Russia II fund. RDIF provided $50m of the total, with Capman and EBRD supplying the balance.

Maykor has acquired a 75% stake in BTE, with the remainder retained by its former majority owner.

The business will be merged with Maykor's existing banking services unit to form a new Maykor subsidiary called BTE.

Company
Founded in 2007, BTE is a provider of banking equipment services, namely equipment repair and replacement, and parts restoration. It specialises in servicing ATMs, point-of-sale terminals and electronic queuing systems.

Clients include Russian Agricultural Bank, Sberbank of Russia and Gazprombank. BTE's existing client contracts will be transferred over to the new subsidiary.

People
Sergei Sulgin is the president of Maykor. Maxim Nikitin is to become managing partner of the new subsidiary; he was formerly chairman of BTE's board of directors.

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• Russia
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• Russian Direct Investment Fund (RDIF)
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