Jet Investment divests Less & Timber

The deal ends a four-year ownership for Jet Investment, and includes a power plant subsidiary of the group, Less & Energy.

Jet was invested via its Jet Fund I, which was 93% deployed as of December 2017, according to Unquote Data. The GP is currently investing from its latest vehicle, Jet Fund II, which was announced in October 2017 and is targeting CZK 3.5-5bn from Czech institutional investors.

Previous funding
Jet Investment structured the buyout of Less & Timber in October 2014.

Company
Established in 2003 and headquartered in Čáslav, Czech Republic, Less & Timber is an operator of sawmills and factories producing glued scantlings. It has sawmill operations in Čáslav and Dlouhá Ves near Sušice, with a total annual crop capacity of up to 350,000 cubic meters.

The company also operates Less & Energy, a power plant within the Čáslav woodworking complex, which produces electricity and heat from wood biomass.

The Less Group posted a turnover of CZK 1.1bn in 2017, with an EBITDA of CZK 150m.

People
Jet Investment – Igor Fait (managing partner).

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