25 Mar SEAF Managed Fund Completes Sale of ABCom to Vodafone-Albania
Tirana, Albania – March 24, 2020 – The Southeast Europe Equity Fund II (SEEF II), a SEAF-managed private equity fund with holdings in the Balkans and Turkey announces the completion of the sale of its majority-owned company ABCom to Vodafone Albania. ABCom (Albanian Broadband Communications) is the largest cable operator in Albania with a network that covers around 460,000 homes across the country. This transaction is part of Vodafone Group’s wider strategy to enhance its mobile businesses with broadband and pay-TV services.
SEEF II initially invested in ABCom in 2008. Over the years, the Fund and its experienced Albanian partners built broadband networks across Albania, providing a significant portion of the country’s population with access to world-class quality internet, television programming, and other telecommunication services. During the course of the fund’s ownership, EBITDA more than quintupled and skilled employment more than tripled.
David Mathewson, SEAF Senior Managing Director commented, “We are pleased to have completed the sale of Abcom, and we are confident that the company, its employees, and customers are in good hands as part of the Vodafone group. Albania has been a solid market for SEEF II, where we have successfully developed the American Hospital healthcare group in addition to ABCom. We continue to see good opportunities for further private equity investments in Albania and neighboring countries in the Western Balkans”.
Transaction details were not disclosed.
SEAF is a global fund management company headquartered in Washington, DC that invests in small and medium-sized enterprises in emerging and frontier markets. SEAF seeks financial returns as well as impact on economic and social development and provides technical assistance to improve the performance of the enterprises. SEAF, with committed capital of $1.2 billion, has 30 years of experience with 40 funds in over 30 countries. SEAF also supports 9 Centers for Entrepreneurship and Development (CEED) around the world (www.ceed-global.org), providing training, mentoring, professional networks and global access to entrepreneur-run businesses. For more about SEAF, see www.seaf.com.