It is the second investment in the third fund launched by Bancroft Private Equity, LLP, a Central and Eastern European, mid-market, private equity fund manager. This transaction was completed in July 2010.
Bancroft will support the founding shareholders and managers as they continue developing the company’s activities across all its business lines, consolidate the group’s positions in key export markets, and speed up the development of the controlled temperature warehousing and logistics markets.
Mihai Dugaesescu, the founder and CEO of Dumagas Transport states: “We are pleased to have Bancroft as our new partner. Its significant cash investment will enable us to realise our aggressive growth plans. We expect to benefit from Bancroft’s regional and industry expertise to further penetrate into our neighbouring markets, and to continue building an efficient and successful organisation.”
Valeri Petrov, speaking on behalf of Bancroft, says: “We are excited to support this high quality, strategically positioned company. We are looking forward to working with Mihai and his successful management team to capture the unique growth opportunities that the current environment is offering.”
Bancroft is a mid-market regional private equity fund with offices in London, Istanbul, Sofia, Budapest, and Prague. It has successfully invested two funds and its investment in Dumagas Transport is its second investment out of its third fund, which had a first closing in 2008. The IFC and the EBRD are amongst the key investors in Bancroft 3.
The Counsel acted as lead financial adviser to the shareholders of Dumagas Transport. Wolf Theiss acted as legal advisers. Bancroft was advised by Kinstellar, CMS Cameron McKenna, and Ernst &Young.
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