CapMan Russia exits Tascom to trade player MTS

Local press has estimated an enterprise value of around $80-90m, based on revenue and profits forecasts and a 7x EBITDA valuation.

CapMan Russia held a 100% stake in Tascom through its Norum II Fund, a $25m vehicle closed by the European Bank for Reconstruction and Development in 2003.

The deal represents the final exit from Norum II, which has generated gross returns of around 4.5x, according to CapMan.

Previous funding
CapMan Russia initially invested in Tascom in 2004. In 2008, it took a majority stake in the company, investing alongside Quadriga Capital Russia in a €15m series-B round.

Company
Tascom, founded in 1996, provides telecommunications services to customers in the Moscow region. It operates a fibre-optic network, through which it offers virtual private networks, phone lines, broadband internet, and Wi-Fi access points.

Based in Moscow, it generated a RUB 911m (€22m) turnover in 2010, with RUB 1.075bn (€26m) estimated for 2011. The same estimates by local press suggest an EBITDA of $12m.

People
Senior partner Hans Christian Dall Nygård is head of CapMan Russia and worked on the deal.

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