Argus Capital Partners, a central and eastern European private equity fund, has held the final closing of its second fund, Argus Capital Partners II, at €263 million ($344 million), exceeding its target of €200 million and its hard cap of €250 million.
The fund has received commitments from 22 investors, several of which invested in Argus Capital Partners Fund I, which closed in September 2000 at €132 million.
Returning investors include financial institutions, insurance companies, pension funds, fund of funds and family offices in North America, Europe, the Middle East and the Far East.
Almeida Capital was Argus’ placing agent while SJ Berwin gave legal advice.
The first investment from the fund is a majority stake in GTX Hanex Plastic, a Polish manufacturer of polyethylene, bottles and film, from Montluc, an investment vehicle owned by an unnamed Polish entrepreneur, for an undisclosed amount. Montluc remains a minority shareholder in the company, which is based in Poznan, Poland. Hanex’s main customers include global and local soft drinks and cosmetics producers.
Following the buyout, Argus will increase Hanex’s production and expand its client base.
Gessel, a Warsaw-based law firm, and Deloitte are advising Argus. Poland Corporate Finance are advising Montluc.
Ali Artunkal, managing partner of Argus, told PrivateEquityOnline that the company has a number of acquisitions in the pipeline, some of which are at due diligence stage and others that are at an analysis stage. The targeted businesses are in the building materials, consumer goods and specialist retail sectors.
Argus Capital Partners invests in central and eastern Europe, with a focus on Poland, the Czech Republic and Hungary. It typically invests €10 million to €30 million in its portfolio companies and usually takes a majority equity stake.