Mezzanine Management backs Nettle with PLN 100m

Nicole Tovstiga
23 February 2018

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CEE-focused GP Mezzanine Management has invested PLN 100m via its Accession Mezzanine Capital IV vehicle in Warsaw-based Nettle, a provider of services to pharmacies.

The investment has been structured as a capital increase in the company and a long-term mezzanine loan.

Nettle is owned by Polish private equity and venture capital fund Ortie Capital Investment, which established the business in 2006.

The capital was deployed from the Accession Mezzanine Capital IV fund, which was announced in July 2016. According to Unquote Data, the GP is targeting €250m for its fourth fund and is seeking a €40m commitment from the European Bank for Reconstruction and Development, which is an investor in the firm's first three vehicles.

Its previous fund, Accession Mezzanine Capital III, launched in 2009 with a target of €350m. The vehicle provides mezzanine and structured finance products to SMEs, mid-market companies and buyouts across CEE.

Company
Founded in 2006 and headquartered in Warsaw, Nettle provides services in the areas of direct sales to pharmacies (DTP) for global pharmaceutical companies, claims management for pharmaceutical companies and financing of medical investments.

Nettle serves the delivery of medicines to 15,000 pharmacies and 1,040 hospitals and clinics.

People
Mezzanine Management – Przemysław Głębocki (managing director).
Nettle – Paweł Szewczyk (president of management board).
Ortie Capital Investment – Krzysztof Wojtas (president of management board).

Advisers
Equity – Gessel (legal).
Company – CIC Corporate Finance (financial due diligence); Deloitte Legal (legal).