Private equity fund considers options for stake in winemaker Purcari

Ukrainian private equity firm Horizon Capital is exploring strategic options for the stake it owns in Purcari Wineries (WINE), after being approached by third parties in this sense, Purcari announced in a report on the Bucharest Stock Exchange.

Horizon Capital is the winemaker’s second-biggest shareholder, holding 22.7% of its shares through a firm registered in Cyprus, Lorimer Ventures Limited.

The private equity firm said that it has been approached by other investors for the sale of its shares in Purcari and that it retained Czech brokerage firm Wood&Company as its financial advisor for a potential deal. The firm also said that it hasn’t taken any decision on the sale and there is no certainty it will make such a decision in the future.

Purcari Wineries listed its shares on the Bucharest Stock Exchange following a EUR 40 million initial public offering (IPO) in January 2018. The company’s shares were trading on Wednesday at a price of RON 23.3, 22.6% higher than the IPO price of RON 19 per share. The company’s market capitalization is close to EUR 100 million and Horizon Capital’s stake is valued at about EUR 22 million.

(Photo source: Facebook/Purcari Wines)