CEE - Enterprise Investors partially exits Magellan in an IPO on the Warsaw Stock Exchange

The transaction yielded a 10x multiple of the original investment cost and gross proceeds of $13.5m for the fund. The company, which is Poland's largest non-banking financial institution specialised in servicing the healthcare sector, also raised approximately $7m to finance the growth of its loan portfolio. Polish Enterprise Fund IV invested in Magellan in 2003 through a capital increase, eventually acquiring the company wholly. Only 20% of the company's capital was floated, EI retains 76% and the management owns the remaining 4%. Enterprise Investors was advised by UniCredit CA IB Polska. Magellan's customized solutions include financing of receivables, refinancing of liabilities, loans, guarantees, factoring, installment schemes, lease and non-standard projects. The company's financial products portfolio was worth $52m as of mid-2007, while its net profit reached approximately $2.3m.

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