EI completes first IPO since financial crisis

The Warsaw-based private equity investor achieved a 2.2x investment multiple with the IPO: its first since October 2007.

Enterprise Investors has partially exited its investment in personal hygiene products manufacturer Harper Hygienics via an initial public offering on the Warsaw Stock Exchange. It floated 25.4 percent of Harper’s shares for €13 million, generating a 2.2x multiple for the exited stake. EI retains 74.6 percent of the shares.

Harpers: Cleaning up on the WSE

EI acquired 75 percent of Harper in a leveraged buyout in 2004 on behalf of their Polish Enterprise Fund V. It bought the remaining 25 percent in 2007.

In a statement, managing partner Michal Rusiecki said that Harper was now mature enough to be floated and that EI held on to their stake due to their belief in Harper’s continued growth.

This is EI’s 26th IPO out of a total of 91 exits in the firm's history, with IPOs accounting for 40 percent of the firm’s total realisations. This is also EI’s first IPO since the financial crisis – the last being financial services provider Magellan in October 2007, also on the WSE.

Polish Fund V closed in June 2004 on €300 million.