Innova partial exit

Innova has made a partial exit from Polcard after it sold 11% of the equity of Polcard to GTECH Corporation, a US IT gaming company, for an undisclosed price.

Polcard is a Polish credit and debit card merchant transaction company, and the share sale has generated a 3x multiple for Innova and an IRR of over 60%. The firm still holds a 25% stake in the business.

In a US$62m deal in May 2003, Innova acquired a 36.9% stake alongside GTECH which bought 62.8% from six Polish banks and Orbis, a Polish hotel chain. The Polish Banks Association is a 0.3% shareholder.