POLAND - Nova Polonia and FMO sell remaining stake in Praterm

The two funds originally invested EUR 10m in Praterm for a 77% stake in the company. In November 2004, Praterm completed an IPO, following which the two investors reduced their stake to 21%.

Dalkia's offer for the company represented a premium of 10% over the current quoted market price. Nova Polonia and FMO generated a combined EUR 44 million in cash from the exits on the original investment. This translates into a 4.4x cash-on-cash return and a gross IRR of 55%.

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