Horizon buys 6.8% stake in Bucharest-listed Purcari Wineries

Horizon Capital bought a 5% stake from Victor Bostan, the company's founder and CEO, as well as purchasing remaining shares from a group of financial investors.

The GP is currently investing from EEGF III, its 2017-vintage fund, which held a final close in January 2019 on its hard-cap of $200m. The vehicle focuses on investing in Ukrainian export-orientated companies and IT firms, as well as in local fast-moving consumer goods and agriculture. The vehicle looks to invest equity tickets of $5-20m.

Horizon Capital backed Purcari previously via its 2008-vintage EEGF II fund, divesting a 40.9% stake in the company via IPO in February 2018. Horizon realised a 3.2x gross cash-on-cash return on the sale of its shares. In October 2019, the PE firm sold its remaining 22.7% in Purcari via an accelerated book-building, earning 3.3x gross cash-on-cash for investors.

Company
Established in 1827 and headquartered in Chisinau, Purcari operates 1,000 hectares of vineyards and has four production platforms in Romania and Moldova. It owns two premium wine brands in Romania. Since February 2018, the company is listed on the Bucharest stock exchange.

Purcari posted an EBITDA margin of 34.3% for the first half of 2019. The company's revenues were up 25%, reaching RON 87.8m, while adjusted EBITDA and adjusted net income increased year-on-year by 30% and 35% respectively, to RON 30.1m and RON 21.1m, according to its statement.

People
Horizon Capital – Lenna Koszarny (founding partner, CEO); Vasile Tofan (partner).
Purcari Wineries – Victor Bostan (founder, CEO).

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