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Baring Central European Fund invests in Polish Radio

The Baring Central European Fund (BCEF) has committed E11.5m funding to CR Media to enable the Polish advertising broker to buy a number of local radio stations in Poland.

The group, which operates its radio ventures through Ad.point, is set to buy two stations – Radio Flash, based in Katowice, and Radio Wa-Ma, which broadcasts in Olsztyn.

According to Ad.point, the Polish radio sector is today undergoing consolidation, which is increasing the demand for more professional programming and marketing activities.

It is this opportunity for growth that drew BCEF to the proposition, said Jacek Pogonowski, a BCEF partner. “Over the past few months, CR Media has built up a management team with extensive radio broadcasting experience who are now, with our financing, ready to grow and develop the company’s radio activities,” he said.

CR Media, founded in 1996, is family owned and based in Warsaw. The Company also operates a number of internet and press businesses and last year recorded turnover of nearly E32m.

Baring Private Equity Partners, part of the ING Group, backs the Baring Central European fund. The fund looks to invest in buy and build strategies by backing Central European management teams. The firm has 152 companies under management at a total investment of E1.3bn, and last year committed to Poligrafia, a Polish heat set printer based in Kielce.