The company that manages Romanian-American Investment Foundation (formerly Romanian-American Enterprise Fund – RAEF), Balkan Accession Fund (BAF) and Emerging Europe Accession Fund (EEAF) also wants to exit some older investments that have reached maturity.
“We hope 2015 will be a year of exits and a year of several new investments for our latest fund, Emerging Europe Accession Fund. We are thinking about two or three deals that we would like to conclude by the end of next year, which may amount to EUR20 million to EUR30 million together,” Horia Manda, managing director of Axxess Capital, told Ziarul Financiar an interview.
Axxess Capital bought Nextebank (banking) and Star Storage (IT) this year and its older investments include Noriel (toy retailer), Frigotehnica (manufacturer and distributor of industrial refrigeration solutions) and SE-GES (renewable energy company).
“We are thinking of selling some of our investments. We are in the process of selecting consultants for a significant number of BAF companies for a sale next year,” Manda added.
The companies Axxess intends to sell are Noriel, SE-GES and potentially Frigotehnica.
Unlike Axxess Capital, the other funds have been reluctant to make new investments this year, and chose to take care of the companies they already had or sell them.
Why did Axxess Capital buy?
“The latest acquisitions show a long-term optimism about the development of the economy and of the local market. Generally when it comes to investments, one often has to have an anti-cyclical attitude or else one will never be able to make an investment when the market is at its lowest,” Horia Manda says.
(English version by Loredana Fratila-Cristescu)