Emerging Europe Accession Fund buys controlling package in Romanian Star Storage

Investment fund Emerging Europe Accession Fund has taken over the majority share package in Romanias information management firm Star Storage via the investment company Axxess Capital. The company will buy 65 percent in Star Storage, whose main shareholder Catalin Paunescu, previously with 70 percent of the shares, will become a minority shareholder after the deal. Liviu Gosa, a minority shareholder with 30 percent in Star Storage, will exit the company after this deal. The value of the transaction was not made public. The investment will help Star Storage expand internationally, and the Romanians chose to partner a private equity fund, rather than banks, to fuel their expansion. “We believe in long term perspectives for the information management services and solutions and we expect a double digit increase in this market in the following years,”said Horia Manda, managing partner with Axxess Capital. Catalin Paunescu created Star Storage in 2000. The company currently has around 400 employees, and a yearly turnover of about EUR 20 million a year. Axxess Capital is an independent investment manager with more than 15 years of investment history in the lower mid-market in South- Eastern Europe and over EUR 250 million under management in three private equity funds. The Axxess Capital team has closed to date over 35 transactions and has exited 25 equity investments, supporting growth and development of private companies across a number of sectors including financial services, manufacturing, IT&C, specialized retail, FMCG and others. Emerging Europe Accession Fund, the third fund managed by Axxess Capital, was closed in November 2010. editor@romania-insider.com