Metric Capital Partners have fully exited its investment in Eastern European Electric Company B.V. (“EEEC”) – EEEC is the corporate entity that owns and operates the largest electricity distribution grid in Bulgaria and the largest electricity retailer in the country. EEEC owns and operates c. 40% of Bulgaria’s electricity distribution grid and electricity sales activities.
The exit confirms Metric Capital’s original investment thesis, which was based on strong downside protection derived from the transaction structure and the quality of EEEC, including its core infrastructure grid business, strong cash generation, a highly professional management team, a local currency pegged to the EUR since 1999, and – with Bulgaria’s largest insurance company Eurohold – a strong local partner.
The funding provided by Metric Capital was used (i) to enable Eurohold to acquire EEEC and (ii) to buyout minorities and subsequently delist EEEC’s key business units from the stock exchange. During Metric’s holding period, grid losses have been reduced by more than 10%, creating value for EEEC and its customers.
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About Metric Capital Partners
Metric Capital Partners is a leading pan-European private capital fund manager. The firm has raised in excess of €2.6bn of capital from its global investor base and operates out of six European offices. Since its inception in 2011, MCP has completed 44 investments across a variety of industries and geographies.
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For further information please contact:
John Sinik, Managing Partner, Metric Capital Partners, mail: john.sinik@metric-capital.com
Bjorn Tessiore, Partner, Metric Capital Partners, mail: bjorn.tessiore@metric-capital.com
Sebastian Reinartz, Managing Director, Metric Capital Partners, mail: sebastian.reinartz@metric-capital.com