Oresa Ventures has completed the sale of its stake in the Romanian brewery group to BBAG of Austria. Advent International and Jupiter Asset Management also sold their shareholdings.
Oresa Ventures, whose stake was held through Brewery Holding Limited, made approximately $11.3m from the sale and will improve the NAV by $7m, 8.7 per cent of the reported net asset value as at 30 September 2000.
Oresa Ventures' investment manager Erik Hallgren said: “The sale re-presents a highly successful exit for Oresa Ventures with an annual return of over 100%. During the period of our involvement with Brewery Holdings, we have worked closely with the management team to develop and build the business. Originally, Brewery Holdings consisted of a brewery in Miercurea Ciuc with 0.4 million hectolitres and a 4% market share. Today, it is Romania's leading brewery group with sales of 2.4 million hecto-litres this year and a market share of over 19%.”
Oresa Ventures, established in 1996, is listed on the Stockholm Stock Exchange. It focuses on a few select sectors: healthcare, distribution and consumer goods, along with related e-commerce ventures. The firm considers investments throughout Central and Eastern Europe, with particular emphasis on Poland, Romania and the Czech Republic.