05 Apr SEAF Announces the Sale of Medifarm-Velebit of Croatia to PHOENIX Group of Germany
Small Enterprise Assistance Funds (SEAF), currently managing 12 direct equity investment funds aimed at small and medium enterprises (SMEs) in emerging markets is pleased to announce, together with the Managing Director Stepjan Talan, the sale of 100% of the shares of Medifarm-Velebit of Croatia, a pharmaceutical distributor, to a subsidiary of PHOENIX Pharmahandel AG & Co KG, of Germany, a privately owned company. PHOENIX Group has a leading market position in the European pharmaceutical wholesale business and is number two in the industry.
Mr. Bert van der Vaart, President and CEO of SEAF, said: “This is a significant exit for SEAF funds, which emphasises our ability to make successful investments in south eastern Europe. It comes immediately after a successful exit from Krug, a leading newspaper in Macedonia.”
Mr. Stjepan Talan (Pharm), Managing Director of Medifarm-Velebit and majority shareholder said: “I am delighted with the financial and advisory assistance that the SEAF funds have provided to Medifarm since they invested in 2001. I look forward to working closely with Phoenix to ensure the continuing success of the company in the increasingly competitive Croatian market.”
About SEAF
With over twelve years’ experience, more than 200 investments, $150 million currently under management in funds located around the world, SEAF is uniquely equipped to initiate and manage investment funds in these markets. SEAF has invested more than $80 million worldwide and has achieved exits from almost 70 such investments at a gross internal rate of return of 25% in US Dollars. SEAF is a separate US holding company that manages 12 privately-held SME equity funds internationally.
The importance of small and medium-sized enterprises as engines of job creation and economic development is widely appreciated. Increasingly, international financial institutions, local governments, and private investors are investing in investment funds that will provide capital to these companies, along with integrated management assistance to their managers, and in particular help in exporting product regionally and internationally.