iEurope reaps 2.3x return on Slovenian exit

iEurope Capital has earned more than double its initial investment in Slovenian electronics manufacturer ATech elektronika.

The iEurope Fund has sold its share in the Materija-based company, generating a gross return for investors of roughly 18 percent and a gross cash-on-cash return of more than 2.3 times its initial investment, according to a statement from the firm.

No other details of the sale, including to whom iEurope sold its stake or the amount of the original investment, were included in the statement.

ATech provides design, manufacturing and support services for a variety of products, including motor controls, connectivity products, and pellet and firewood heating systems.

With offices in New York and Budapest, iEurope targets Central and Eastern European companies in the technology, IT, media, consumer products, wellness, energy and environmental sectors. The firm invests capital on behalf of family offices and high net worth individuals.

Just last week, the firm announced that it had made 13.5 times its original investment of an undisclosed size in Vatera.hu, a Hungarian online auction site and marketplace.

The Vatera investment was made from iEurope’s first fund, which closed on just under $10 million in 2001 and has generated a 23.5 percent realised net IRR. The firm is preparing to raise its second fund.