Enterprise Investors exits Netrisk.hu

by HVCA

January012018

Budapest, 29 December, 2017 — Polish Enterprise Fund VI (PEF VI), a private equity fund managed by Enterprise Investors, has sold 100% of shares in Netrisk.hu, Hungary’s top online insurance broker, to MCI.EuroVentures of MCI Capital Group, a private equity firm listed on the Warsaw Stock Exchange. The value of the transaction is EUR 56.5 million.

In 2010, PEF VI acquired Netrisk.hu for EUR 23 million from the company founder and financial investors. At the time of the investment, Netrisk.hu was the leading independent online insurance broker in Hungary, distributing almost exclusively compulsory MTPL auto insurance policies. After EI brought in a new management team to drive the company, Netrisk.hu started growing significantly as an online independent insurance market place in all non-life insurance products including MTPL, casco, home, property and travel insurance policies. It also developed new businesses lines. Today, in addition to maintaining its top market position as the leading online insurance broker, Netrisk.hu is also one of the largest online marketplaces for retail banking products and the leading company offering online comparison of telecom/cable, internet and TV packages in Hungary. Netrisk.hu’s number one market position is backed by strong financial results. In 2016 the company generated EUR 8.8 million in revenues, and this year it is expected to grow revenues by 23%.

“For the last couple of years Netrisk.hu has developed at a very fast pace, growing in terms of insurance product range, market share and new product offerings. The company has always been very user-oriented and focused on creating value for its customers. It offers its fast-growing number of customers an independent platform to help them choose the best product for their needs. At the same time, Netrisk.hu has delivered very strong financial results. We are handing over to MCI.EuroVentures a healthy, lean and agile business poised for further success and strong growth”, said Dariusz Prończuk, managing partner at Enterprise Investors responsible for the investment.

“We have built a strong management team led by László Sebestyén, and are convinced that this team will grow the business even further”, said Tamás Tüske, country manager for Hungary and vice president at Enterprise Investors.

Clairfield International Austria/Hungary acted as the sole financial adviser to EI. Dentons was the firm’s legal counsel.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised nine funds with total capital exceeding EUR 2.5 billion. These funds have invested EUR 1.8 billion in 139 companies across a range of sectors and exited 126 companies with total gross proceeds of EUR 3.6 billion.