Horizon Capital enters back in Purcari’s shareholding | Progresiv
Horizon Capital, one of the region's leading private equity fund administrators, announced that the 200 million dollars fund it manages, Emerging Europe Growth Fund III, has invested 7 million dollars for a 6.8% stake in Purcari Wineries. 
Horizon Capital had previously supported Purcari through EEGF II, a fund from 2008, achieving the exit by listing in February 2018 and accelerated sale in October 2019, generating a return of 3.3 times the money invested for the fund's investors. EEGF III returned to the company, buying a 5% stake from Victor Bostan, the founder and CEO of Purcari, the rest of the shares up to 6.8% being purchased from a group of financial investors.
According to a report of the company submitted to the Bucharest Stock Exchange (BVB), Victor Bostan sold the share package for the amount of 22 million lei. The transaction took place through the Amboselt Universal vehicle. Following the sale of the share package, Victor Bostan owns 20.03% of the company.
“By selling our share in Purcari owned by EEGF II, a fund since 2008, we have demonstrated our commitment to delivering high yields and successes to our investors. We were delighted by the multiple of 3.3 times the amount invested initially, generated by this transaction. That said, in a 3-5 year perspective, we believe in a very high potential for appreciation of Purcari value, which is why, when the opportunity arose, we moved quickly to take advantage of it and we are glad to be back in the shareholding of the company through our latest fund, EEGF III”, says Lenna Koszarny, Founding Partner and CEO of Horizon Capital.
Purcari Wineries Plc (Purcari, Crama Ceptura, Bostavan and Bardar brands) is one of the largest wine and brandy groups in Central and Eastern Europe. Founded in 1827, Purcari is the most awarded winery in Central and Eastern Europe at Decanter London 2015-2019 and among the best ranked on Vivino, with an average score of 4.0 out of 5.0 from over 34,000 reviews. Starting with February 2018, the company is listed on the Bucharest Stock Exchange.
Purcari is managed by Victor Bostan, who has over 30 years of experience in the wine sector, being supported by top institutional investors, including Aberdeen Standard, East Capital, Fiera Capital, Franklin Templeton, IFC and SEB. Purcari is a leader in the premium wine segment in Romania with a market share of about 25%, and is also the largest wine exporter in Moldova, with deliveries in over 40 countries. The group manages over 1,392 hectares of vines and operates four production platforms in Romania and Moldova, with over 500 employees.
Purcari reported total revenues of 169 million lei in 2018, up by 19%, while net profit increased by 58%, to 45.6 million lei, according to the financial report.
