Polish firm Krokus Private Equity has completed its exit of heating company Praterm by selling its remaining shares to Dalkia Poland.
Dalkia Poland, which is 65% owned by French energy company Dalkia International and 35% by the EBRD, has launched a 100% share offer for Praterm for a total of €150m.
Krokus, through its fund Nova Polonia, acquired a stake in Praterm in 2000 alongside the Netherlands Development Finance Company (FMO), which supports the private sector investment in emerging markets.
Nova Polonia invested €10m for a majority stake in Praterm, and has since overseen the acquisition of five plants and doubled both turnover and EBITDA. In 2004, Praterm was listed on the Warsaw Stock Exchange, the first of two partial exits for its backers.
Following this latest sale of shares, the investment for both Nova Polonia and FMO has generated €44m, equating to a 4..4x return and a gross IRR of 55%.