Austrian Israeli partnership for CEE

Vienna-based European Privatization and Investment Corp and Israeli investment bank Shrem Fudim Kelner are to launch a fund targeting investment in the region.

Vienna-based European Privatization and Investment Corp (EPIC), the Austrian investment bank investing in Central and Eastern Europe (CEE), and Shrem Fudim Kelner, the Israeli investment bank, plan to raise money for a $150m-$200m fund, targeting investments in Central and Eastern Europe.

The co-operation agreement is meant enable Israeli companies wishing to operate in CEE to benefit from EPIC’s know-how “in the complex business reality typical” of this region. EPIC will suggest the investment and Shrem Fudim Kelner-Projects Finance will bring the Israeli companies as investors.

EPIC has had substantial experience conducting privatisations in CEE. Founded in 1989, it has helped implement privatisation programmes in the Czech Republic, Slovakia and Bulgaria.

The group is particularly active in the energy and telecoms sector. Successes in energy include advising IVO-Tomen on the acquisition of Budapest Power Plant and managing the largest energy fund in the Czech Republic valued at over CZK2.5bn (E700m).