Enterprise makes 9x on Kruk

Enterprise Investors has sold its final 4.2 million shares in Kruk, a Polish debt collection agency it backed in 2003. The business was floated by the GP in April 2011 on the Warsaw Stock Exchange and Enterprise partially exited in that sale.

The €92m IPO saw Enterprise make more than 8x money and reduce its stake from 78.5% to 24.8%. At the time of the IPO, Enterprise sold 8.2 million shares for PLZ 39.7 per share, netting €81.5m.

The latest share sale was done at a PLZ 60 share price, bringing Enterprise's multiple to 9x, according to an LP in the fund. Enterprise has now fully exited the company.

During Enterprise's eight year holding period, the GP invested a total of $21.5m and Kruk's sales grew from PLZ 32m (€8.1m) to PLZ 343m (€82m).

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• Topics
• Exits
• Financials
• CEE
• Enterprise Investors
• IPO
• Poland