Global Finance

Aquanova International Holdings B.V., a company controlled by Global Capital Investors II (a private equity fund advised by Global Finance), has entered into an agreement for the sale of a 56.49% shareholding in Eurodrip S.A., a company listed on the Athens Exchange.

Pursuant to the above agreement, a company controlled by Paine & Partners Capital Fund III (which focuses on investing in food and agribusiness), has agreed to acquire Aquanova International Holdings B.V.’s stake in the Company for 1.53 Euro per share, which represents a 28.5% premium over last Friday’s (05/10) closing market price and a 67% premium of the average six months stock exchange price. Pursuant to the same agreement, such purchaser has simultaneously agreed to the acquisition of an 11,04% stake owned by another shareholder in Eurodrip, at the same price per share.
Completion of the transaction is subject to approval by competition authorities outside Greece and other conditions customary for similar transactions.
Following completion of the acquisition, the above purchaser would be required to launch a mandatory tender offer in order to acquire all remaining shares issued by the Company. The total value of the transaction is calculated at approximately € 68 million.
Paine & Partners intends to keep the company’s successful management under its CEO, Mihalis Panagis.
Eurodrip S.A. manufactures industry leading drip irrigation solutions, which allow farmers to realize greater crop yields while more efficiently utilizing limited water resources. The company’s modular drip irrigation solutions are customized for a diverse range of topographical, climatic, soil and water conditions. The company has managed, under the guidance of Global Finance since the end of 2005, to achieve a more than double turnover increase, calculated at € 84 million and to multiply by 6 times its EBIDTA, exceeding € 12 million (based on the data of the twelve months period ending on 30.06.2012).
Eurodrip group has a market presence in over 70 countries, with operating facilities in Greece, as well as, in the U.S., Turkey, Egypt, Jordan, Peru and Mexico (through subsidiaries), employs more than 500 people worldwide and is considered as one of the leading companies in its field worldwide. Paine & Partners, LLC provides equity capital for management buyouts, going private transactions, and company expansion and growth programs, with a focus on the food and agribusiness industry globally. The firm currently makes investments through its $1.2 billion fund, Paine & Partners Capital Fund III.

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