Paine & Partners has entered into an agreement with Aquanova International, a portfolio company of Global Finance, for the sale and purchase of majority ownership of Eurodrip S.A., a manufacturer and supplier of drip irrigation solutions.
Eurodrip manufactures and supplies integrated drip irrigation solutions for agricultural and landscaping applications. Its products include integrated drip line solutions, flat and round drippers, blank tubes and other irrigation products. Eurodrip has a market presence in over 70 countries, with operating subsidiaries in the U.S., Turkey, Greece, Egypt, Jordan, Peru and Mexico, and employs more than 500 people worldwide. The company was established in 1979 and is based in Inofyta, Greece (www.eurodrip.gr).
“We are proud to make this investment in Eurodrip, a recognized leader in drip irrigation, with innovative products and an extensive international reach. Eurodrip has achieved strong positions in important agricultural markets, such as Turkey and the U.S., due to its high quality products, strong management team and operational capabilities,” said Mitchell Presser, a founding Partner of Paine & Partners. “Paine & Partners made a decision to pursue opportunities in the water segment and sees significant opportunities in companies like Eurodrip that offer innovative solutions for improving agricultural productivity, which is necessary in order to meet growing global demand for limited resources.”
Paine & Partners provides equity capital for management buyouts, going private transactions, and company expansion and growth programs. The firm, with $1.2 billion of capital under management, has offices in San Mateo, CA; New York, NY and Chicago, IL (www.painepartners.com).
Global Finance was founded in 1991 and has raised approximately $1 billion from investors worldwide in eight funds, the latest being its EUR 350 million South East Europe Fund. The firm has made and exited more than 70 investments predominantly in Greece, Bulgaria, Turkey and Romania in a variety of sectors including food & beverage, software, healthcare & pharmaceuticals, food and non-food retail, financial services, recycling and manufacturing. Global Finance is based in Athens, Greece (www.globalfinance.gr).
“We are pleased to reach this agreement with Paine & Partners and to realize a successful outcome for our investment in Eurodrip. During our ownership, we managed to more than double the company’s revenue and increase EBITDA by a factor of six, establishing it as a leading player in the worldwide irrigation market. We feel confident that, under Paine & Partners’ ownership, the company is ready to move to the next stage, that of a global leader,” said Theodore Kiakidis, Partner at Global Finance.
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-9-12
