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Polish MCI Management, our sponsor, announces that its fund MCI.TechVentures has completed a partial-exit from Czech OTA Invia and projects financial results for the remainder of the year for Polish IT distributor ABC Data. We first noted the success of ABC Data so far this year when we reported on the H1 2013 financial results for MCI, but now the Polish investor has provided more information about the success of the IT distributor.
The past 10 months have already been eventful for Invia, with the company backing Russian counterpart Travelata with an undisclosed amount in December 2012 and with the company again backing Travelata with $5 million (3,75 million Euro) this past July. In both instances, the moves came jointly with MCI Management. Now, we learn that the Czech OTA has obtained long-term financing from Vienna-based Accession Mezzanine Capital III, a fund dedicated to investment in the CEE region. The fund, which holds $75 million (56,3 million Euro) to invest, will finance further expansion by Invia into central and eastern Europe. MCI.TechVentures, through the sale of part of its shares and dividend payments, received 6,65 million Euro in the deal. MCI.TechVentures invested in Invia and has thus far backed the Czech company with 9,3 million Euro. Invia is present in 3 markets and represents one of the largest companies in the MCI portfolio, comprising 11% of the total assets of MCI Group. In 2012, the company reported an EBITDA of 3 million Euro.
As for ABC Data, the big news reported by MCI is that they reached a 30,7% increase in revenue over the past year and a 36,4% increase in EBITDA from 2012. According to a release from MCI, they initially forecast a 13% increase in revenue to 99,3 million Euro and a 20% increase in EBITDA to 16,8 million Euro. However, they greatly underestimated the growth of the company, as revenue for H1 2013 increased by 46%, EBITDA grew by 50%, and net profit (excluding one-off events) rose by 73%. According to the valuation from June 30th, the share package owned by MCI is valued at 58 million Euro and comprises almost 30% of MCI’s total assets.
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