Dentons has advised Enterprise Investors on the sale by its Polish Enterprise Fund VI of 100% of shares in Netrisk.hu to MCI.EuroVentures of MCI Capital Group. Deloitte Legal reportedly advised the buyers on the transaction, which is valued at EUR 56.5 million.
Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised nine funds with total capital exceeding EUR 2.5 billion. These funds have invested EUR 1.8 billion in 139 companies and exited 126 companies with total gross proceeds of EUR 3.6 billion.
In 2010, PEF VI acquired Netrisk.hu for EUR 23 million from the company founder and financial investors. According to an Enterprise Investors press release, "at the time of the investment, Netrisk.hu was the leading independent online insurance broker in Hungary, distributing almost exclusively compulsory MTPL auto insurance policies. After EI brought in a new management team to drive the company, Netrisk.hu started growing significantly as an online independent insurance market place in all non-life insurance products including MTPL, casco, home, property and travel insurance policies. It also developed new businesses lines. Today, in addition to maintaining its top market position as the leading online insurance broker, Netrisk.hu is also one of the largest online marketplaces for retail banking products and the largest company offering online comparison of telecom/cable, internet and TV packages in Hungary. Netrisk.hu’s number one market position is backed by strong financial results. In 2016 the company generated EUR 8.8 million in revenues, and this year it is expected to grow revenues by 23%."
The Dentons team was led by Partner Edward Keller, supported by Partner Annamaria Csenterics, Counsel Marton Kertesz, and Associates Sean Huber and Reka Szaloky.
Editors Note: After this article got published, Deloitte Legal confirmed its involvement in the transaction. Their team advising the buyer was led by Partner Pawel Moskwa, Partner Associates Karol Kicun and Maciej Wroblewski, assisted by Senior Managing Associate Lukasz Szymanski, Senior Associates Augustyna Wrobla and Mariusz Banasia, and Associates Katarzyna Mazur and Diana Sofu. Apart from Deloitte Legal Poland, the Hungarian office of Deloitte was also involved in the transaction.