Mezz Management exits LuxMed and JetFinance

Mezzanine Management has enjoyed a double exit from its first Central and Eastern European fund.

 

Mezzanine Management Central Europe, a mezzanine debt manager dedicated to Central and Eastern Europe, has realised its investment in LuxMed, a Polish health service provider and operator.

The stake was sold to Mid Europa Partners for an undisclosed sum. The mezzanine firm originally invested in LuxMed in 2004, when it supported Cornerstone Partners in the buy-out of the company.

The investment amounted in stages to €10 million comprising equity and a mezzanine loan. The funds were used to finance LuxMed’s growth through expansion of its facilities and service range.

The firm has also exited its investment in JetFinance International, a Bulgarian non-banking consumer finance firm controlled by AIG New Europe Fund I, to Cetelem, a European leader in consumer finance and a BNP Paribas subsidiary, for an undisclosed amount.

The mezzanine loan with warrants to JetFinance in October 2005, was invested along side the Balkan Accession Fund.  The €10 million investment was used to fund the company’s growth.

Both investments were made out of MMCE’s first fund, Accession Mezzanine Capital Fund I, the first mezzanine fund dedicated to Central and Eastern Europe. It closed in July 2003 with total commitments of €115 million and is fully invested.

Its successor held a first close in March 2007, having reached €100 million in commitments.