Enterprise Investors partially exits Polski Bank Komórek Macierzystych
Warsaw, 13 April 2016 — Enterprise Venture Fund I (EVF), the venture capital fund managed by Enterprise Investors (EI), has partially exited Polski Bank Komórek Macierzystych (PBKM), a leading stem cell bank in Europe, through an IPO on the Warsaw Stock Exchange (WSE):
The transaction generated gross proceeds of EUR 8.7 million, yielding a 6.7x total gross multiple of cost on this partial exit;
EVF sold 17.3% of PBKM and retained a 38.1% stake in the company;
This was the 32nd IPO from EI’s portfolio.
Polski Bank Komórek Macierzystych, which operates under the Famicord Group brand, is a stem cell bank with a dominant position in EU and Turkey. In the last five years PBKM has doubled its share in the European market, which makes it the fastest-growing large player in Europe. The company was established 2002 as Poland’s second cord blood bank. It currently holds around 122,000 cells and tissue samples. In 2014 Polski Bank Komórek Macierzystych started producing advanced therapy medicinal products (ATMPs), providing third-party stem-cell-based ATMPs for experimental therapies. In 2015 PBKM recorded revenues of EUR 24.5 million, EBITDA of EUR 6.4 million and EUR 4.2 million of net profit. In November 2009 Enterprise Venture Fund I became the company’s majority shareholder when it acquired 50.1% of PBKM’s shares for EUR 4.4 million. Prior to the IPO, EVF held a 55% stake in the company.
“Polski Bank Komórek Macierzystych offers a comprehensive range of services from collection to application in therapies”, said Rafał Bator, the Enterprise Investors partner responsible for the transaction. “Market penetration of these services in Europe is still significantly lower than in USA and developed Asian countries, where it reaches 20%. Therefore both the industry and PBKM are poised for further dynamic growth. The good results of the IPO are proof of this global trend.”
Enterprise Investors is one of the largest private equity and venture capital firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with total capital exceeding EUR 2 billion. These funds have invested EUR 1.7 billion in 135 companies across a range of sectors and exited 111 companies with total gross proceeds of EUR 2.3 billion.