CEE/AUSTRIA - Capexit dissolved; Kaltenegger leaves AVCO board

Kim
16 July 2009

Tweet
Facebook
LinkedIn
Google plus
Send to

The industry shakedown has claimed a prominent victim in Austria: Capexit, the private equity arm of Erste Group that invested primarily in the Czech Republic, Austria and Slovakia, has discontinued operations, with the portfolio now in the hands of the parent bank.

The last two acquisitions of Capexit were ill-timed. The sportswear manufacturer Besson Sportswear GmbH, acquired in 2008, has already gone into insolvency. It is understood that Belgrade-based Bread & Co, which Capexit also backed in August 2008, is also at the brink of insolvency.

The dissolution of the firm also sees its chiefs leave. Capexit's CEO Christian Wimmer has left, as has Christian Kaltenegger, former chairman of the defunct group. Kaltenegger has also left Erste Group and abdicated his position as AVCO chairman, to be replaced by Doris Agneter of tecnet equity. Kaltenegger could not be reached for comment.

Capexit managed two funds, the latter of which was launched in June 2006 and had a target of EUR 100m. Its strategy focused on growth investments and buyouts. Major exits since the firm's founding in 2000 include the IPO of IT service provider phion in July 2007 and the sale of UC4 Software to Carlyle Group in 2006.