Enterprise Investors targeting Warsaw IPO for Danwood

Nicole Tovstiga
19 February 2018

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Enterprise Investors (EI) is preparing to list Polish timber-frame home builder Danwood on the Warsaw Stock Exchange, Unquote understands.

If approved by the Polish regulator, Danwood would be listed in the second half of this year. EI acquired Budimex Danwood for €57m in November 2013, taking the Warsaw-listed firm private.

Founded in 1972, Budimex Danwood was listed on the Warsaw Stock Exchange in 1995 before being acquired by EI in 2013. The company is headquartered in Bielsk Podlaski, with sales offices throughout Europe.

The GP is also intending to float Lithuanian tour operator Novaturas on the Warsaw and Vilnius stock exchanges by the end of the first quarter. It had shelved the sale process of the Lithuania-based tour operator four months after initially agreeing to the sale with Itaka Holdings.

The Novaturas IPO is expected to be the first sizeable flotation in the Baltic region for quite some time, and it may activate the Baltic market and pave the way for others, according to sources.

EI owns a 71% stake in Novaturas and acquired the firm via its Polish Enterprise Fund VI in November 2007, according to Unquote Data.

Last year, EI wholly exited Polish supermarket chain Dino, listing its 49% stake in a deal that generated €400m in gross proceeds. The PE firm had acquired Dino via its Polish Enterprise Fund VI in June 2010.