Enterprise Investors from deals signed in hotel rooms to 160m-euro investments

Jacek Siwicki, chairman of Poland's private equity firm Enterprise Investors, with investments of above 160m euros in Romanian companies, says the Romanian market has undergone profound changes in the past decade. Thus, from the first deals sealed with entrepreneurs in hotel rooms, at present negotiations have become extremely tight and are carried out with international players. Enterprise Investors' first investment domestically was also the most profitable. The 23% stake in MobilRom (Orange today) acquired in 2000 for 19m euros brought the Polish firm a 4x investment multiple upon exit in 2005. Artima store chain, which the Polish fund bought in 2005 from businessman Florentin Banu, was the second most profitable domestic placement. In 2007, when it sold Artima to Carrefour, the fund got 55m euros, three times the initial investment. Two years after selling Artima, the Polish fund made another investment in retail, buying Profi store chain for 66m euros. After taking over Profi, last autumn, Enterprise Investors officials announced they planned to double the network to 130 stores by 2013.