PineBridge acquires additional 25 per cent stake in Promedica24
PineBridge Investments has acquired an additional 25 per cent stake in Promedica24, bringing its total holding in the company to 75 per cent.
Promedica24 is a provider of household services and care for the elderly in Poland and Germany. The company is headquartered in Poland and has approximately 4,000 employees as of 30 September 2012.
“We are excited to announce our increase in ownership in Promedica24. The company is growing very rapidly and is continuously strengthening its market position in Poland, Romania and Germany. We see further opportunities for expansion and to create long-term value,” says Artur Haze, director of PineBridge Investments (Central Europe).
Rafal Rzezniczak, chief executive of Promedica24, says: “I am convinced that the even closer cooperation with PineBridge Investments will have a very beneficial impact on Promedica’s further development and building the Company’s value. With the intention to expand and consolidate the industry around Promedica24, the knowledge and experience of PineBridge in this area is of key importance.”
PineBridge New Europe Partners II, a EUR522m private equity fund investing in Central and Eastern Europe, provided the equity capital for this investment.
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