Innova to float Libet on WSE

The investor is seeking a flotation on the Warsaw Stock Exchange, according to informed sources.

Innova backed the MBO of the business in February 2010, and currently has around €15-20m invested. The investor initially pumped in more than €20m, but an €8m bridging loan has since been repaid. Innova holds a 94% stake with management holding the balance.

Innova recently acquired 96% of Romanian card processors Provus Services Provider and Romcard in a secondary buyout from incumbent backer Turkven Private Equity. The backer will be hoping for a repeat of its previous sector success: Innova cashed in on Polcard in 2007 when it sold the Polish banking card company in a €243m sale to e-commerce provider First Data International, yielding an IRR of more than 60%.

Libet had been the concrete paving business of Tarmac International, itself a subsidiary of Anglo American plc. Today it holds a 17% share of the Polish market through 12 production plants. The company's product range includes standard grey paving stones and premium pavers, with a client base of residential and commercial customers.

The state of the CEE Private Equity market will be discussed on 5 April at the fifth annual CEE unquote" Private Equity Congress in London.

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• Flotation