Pamplona Capital announces process to redeem LetterOne investments

LetterOne, the London-based investment house with European interests ranging from health to retail, has faced pressure following the imposition of EU sanctions on the fund’s Russian founders Mikhail Fridman and Petr Aven.

"While Pamplona has received clear guidance that LetterOne is not a sanctioned entity, the ongoing crisis in Ukraine makes such relationships increasingly challenging for our portfolio companies, their management teams, customers, employees, and counterparties throughout Europe and the rest of the world,” a statement from Pamplona read.

"Following this redemption Pamplona will have no direct or indirect exposure to any Russian capital," it continued.

LetterOne, of which Fridman and Aven hold less than 50% in shareholdings, is not subject to sanctions, according to a company statement. Both founders stepped down from LetterOne’s board last week. The firm announced they will no longer be involved or have influence in the running of the business or its investments, the statement added.

Pamplona Capital declined to comment further.

According to Unquote Data, Pamplona Capital’s most recent funds include Pamplona Capital Partners V, which closed on EUR 3bn in July 2017, and Pamplona TMT I, which closed on EUR 1bn in May 2016.

Pamplona’s latest investments includes EET Europarts, a Danish distributor of spare parts and accessories for computers, printers and cell phone; US horticulture and greenhouse grower supplier BFG Supply, as well as UK pest control specialist Pelsis.

Recent sales by Pamplona include BakeMark, a California-based bakery ingredients producer, Patientco Holdings, Georgia, US-based medical software developer, and PAREXEL International, a Massachusetts-based biopharma company, all announced last year.

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• GPs
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• Pamplona Capital Management