In a nutshell
- Warsaw-based Innova Capital, a private equity firm, closed its latest fund, Innova/7.
- The total value is €407M, raised from investors, exceeding the initially planned amount of €350M.
- Most of the investments were covered by EBRD and the European Investment Fund, while 20% of the pool comes from PFR and Polish investors.
Their background story
Innova Capital is a private equity advisory firm based in Warsaw, Poland. It specializes in investing in buyouts of medium-sized businesses operating in Central Europe. Since its establishment in 1994, Innova Capital has invested nearly €1.4B in around 70 companies across 10 countries in the region.
Get the details
Innova/7 Fund’s first investment was completed in May 2023, as a part of which Innova acquired NETOPIA Group, a Romanian payment services provider. In June 2023, Innova Capital announced a €324 million interim closing of Innova/7 fund.
According to Puls Biznesu, the fund has already invested some of the money. More than half of the capital is still available. Innova plans to buy companies worth EUR 25-50M, 3-4 times a year. It also expects to carry out 3-4 acquisitions this year (apart from purchases made by portfolio companies).
In February this year, Innova Capital acquired a minority stake in CloudFerro, a Warsaw-based provider of cloud services for companies in space tech. Later on, in March, the fund obtained another package of minority shares in Dimark Manufacture SA, a supplier of industrial automation solutions. Both investments were made under the current fund.
In their own words
“The companies we are looking for must fit at least one of the four credos: consolidation, international development, digitalization and sustainability. We are looking for acquisition targets in various industries because we need to have companies with a diversified risk profile in our portfolio. The preferred industries are financial services for business, industry, consumer goods and technology,” said Leszek Muzyczyszyn, senior partner at Innova, in an interview with Polish media outlet, Puls Biznesu.
