Horizon Capital and East Capital exit Platinum

Horizon Capital, which owned a 45% stake in Platinum, reaped a 3.2x money multiple on the divestment while East Capital sold its 23.7% stake in the bank, reaping a 28.5% IRR. The GPs had acquired stakes in the bank via newco PT Platinum, based in Cyprus.

Ukrainian GP Horizon Capital initially acquired Platinum via its €102m Emerging Europe Growth Fund in 2007. The fund's $25m cornerstone investor is Western NIS Enterprise Fund, a private equity fund managed by Horizon and founded by the US congress.

East Capital originally invested in Platinum via its East Capital Financials Fund,  which held a final close on €500m in June 2007. The vehicle focuses on equity securities and derivative instruments in Russia and other CIS countries, according to unquote" data.

Company
Platinum is a Ukrainian consumer loan provider, formerly known as International Mortgage Bank. The bank's compound annual growth rate of its unsecured loan portfolio from 2009 to 2012 was 129%, Horizon stated. In 2012, Platinum reported a 22.8% return on equity based on international financial reporting standards.

The bank currently has more than 1.5 million clients.

People
Kestutis Sasnauskas is CEO of East Capital. Greg Krasnov is the CEO of Platinum Bank. Natalie Jaresko is the founding partner and CEO of Horizon Capital.

Advisers
Vendor (Horizon) – Baker & McKenzie (Legal); VTB Capital (Corporate finance).

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• Topics
• CEE
• Exits
• Financials
• East Capital