Global Finance

GLOBAL FINANCE recently led a group of investors in a participation in the share capital of YIOULA SA, the leading glass producer in the Greek and Balkan markets. YIOULA produces glass packaging, bottles and jars, for the beer, wine, spirits, soft drink and food industries as well as glass tableware for household and professional use.

GLOBAL FINANCE was responsible for the general coordination, structuring and closing of the deal, and for putting together the investor team, raising total funds of € 50 million. In the leading role among the group of new investors were two of the venture capital funds of the GLOBAL FINANCE Group with a total participation of € 28 million (GLOBAL CAPITAL INVESTORS II and THE BLACK SEA FUND)

The new capital raised was mainly directed towards the replacement of the participation of FRIGOGLASS S.A., former strategic partner of YIOULA, which held a 25% stake in YIOULA's share capital, as well as a 50% stake in the group's participations in Bulgaria.

YIOULA, a traditional player among Greek industrials, started operations back in 1947, and has followed, for more than half a century, a path of sequential growth and profitable activity. As a result, and for the past 15 years, the company has by far enjoyed the leading position in its industry in the Greek market. In 1997-1998, two leading Bulgarian glass manufacturers, STIND and DRUZHBA, joined the group, after being acquired from the Bulgarian State in the Privatization process. Today, with four production units, YIOULA and CRONOS in Greece and STIND and DRUZHBA in Bulgaria, giving it a combined production capacity of 360.000 tons annually, YIOULA has developed into a group of companies that holds the dominant position in the field of glass manufacturing in the broader Balkan region.

In 1998, the YIOULA Group commenced a major five-year investment program aiming at the modernization of its production facilities and the increase of the production capacity of its plants. The investment program, currently in progress, is expected to be completed by the end of 2002. The total capital expenditure (already exceeding € 70 million) will reach € 90 million for the entire 5-year period.

The immediate targets of the YIOULA Group include the further development and consolidation of its activities, the conclusion of its investment program and the optimization of its financial performance.

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