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Ecorse Investments closes tender offer for EKO Holding Group sale

Ecorse Investments, a company indirectly owned by funds managed by private equity fund Advent International, has closed its tender offer for the sale of EKO Holding Group shares, reaching a total subscription level of 97.98 per cent.

According to the schedule provided in the tender offer document for the sale of EKO Holding shares, the subscription period closed on 29 October 2012.

Through the tender offer, the shareholders subscribed to sell the total number of 47,632,553 shares, which is equal to a 97.98 per cent stake in the company. 

The sales of 62.14 per cent of the shares have already been settled, and the remaining subscriptions will be settled over the following days, in accordance with the information given in the tender offer.

Ecorse Investments’ goal is to repurchase shares from the remaining shareholders, reach the threshold of 100 per cent of capital share and eventually delist the company.
Tamás Nagy (pictured), partner at Advent International, says: “The level of almost 98 per cent of shares will allow us to smoothly delist the company and immediately start to implement Advent’s transformation strategy. We believe that time is of the essence in this highly competitive retail market. As an active and committed partner Advent plans to focus on restructuring and the further development of the supermarket stores, both organically and through acquisitions.”
Paweł Ryszkiewicz, director at Advent International, says: “Advent always works in partnership with founders and co-investors to grow the long term value of their businesses. We believe that a focused business model and active ownership are important drivers of a company’s development and success. We intend to support EKO in the implementation of changes that will grow the long term value of the business and strengthen its market position.”

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