SCHOENHERR advised Horizon Capital, the management company of Emerging Europe Growth Fund II L.P. (“EEGF II”), on the fund’s exit from Purcari Wineries Plc (“Purcari”). EEGF indirectly held a 22.7 % stake in Purcari. The sale was carried out through an accelerated book building process addressed to investors worldwide, exempted from the obligation to publish a prospectus or from registration of securities with the US Securities Commission (the “ABB”). The 22.7 % stake was priced at over EUR 19 million, generating 3.3 times cash-on-cash gross return on this transaction for the fund.
Horizon Capital is a private equity firm with over USD850 million under management, and has been a shareholder in Purcari since 2010 via EEGF II, its USD370 million vintage 2008 fund.
Purcari (Purcari, Crama Ceptura, Bostavan and Bardar brands) is one of the largest wine and brandy groups in the CEE region (the “Group”). The Group manages over 1,392 hectares of vineyards and operates four production platforms in Romania and Moldova. Purcari is the leader in the premium wine segment in Romania, with a 25 % segment share, and the largest wine exporter from Moldova, delivering to over 40 countries. Founded in 1827, Purcari has been the most awarded winery in CEE at Decanter London from 2015-2019.
The SCHOENHERR team advising Horizon Capital consisted of Veronica Das Alexeev (attorney at law, Romania, capital markets), Vlad Săndulescu (attorney at law, Romania, capital markets); Silviu Lazăr (associate, Romania, capital markets); and Narcisa Oprea (partner, Romania, capital markets).
Veronica Das Alexeev: “Teamwork was at the epicentre of this project, given the very tight deadline. It was a great experience for us to have been able to work side by side with the enthusiastic, dynamic and professional team at Horizon Capital. The Wine team paired perfectly with the strong, experienced professionals at WOOD and Raiffeisen, advised by RTPR Allen & Overy for a successful project completion.”
Vasile Tofan, Horizon Capital Partner: “We were fortunate to have the Schoenherr team on our side who managed effortlessly through all the intricacies of this transaction. We look forward to working with them on future deals too.”
RTPR Allen & Overy advised WOOD & Company Financial Services, a.s. as Global Coordinator and Joint Bookrunner, and Raiffeisen Centrobank AG and Raiffeisen Bank S.A., as Joint Bookrunner.
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