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| 7/20/2009 |
| Renaissance Capital raises $200 million for Polish CEDC in follow-on offering |
The firm served as co-lead manager for CEDC’s follow-on public offering
On July 20, 2009 Renaissance Capital co-led the $200 million follow-on equity offering for CEDC, leading Polish alcoholic beverages producer and distributor listed on NASDAQ and WSE, which priced at a very tight discount to the previous day’s closing price.
Renaissance generated overwhelming investor demand at a very early stage of the offering. As a result the deal timetable was shortened and the deal was priced after only one week of marketing.
Strong investor demand resulted in 4x oversubscription level and pricing close to market. Another strong indicator of a successful deal was a 10% increase in the share price following the price announcement.
For Renaissance Capital it is the second major deal with CEDC. In May, 2008 the firm acted as joint financial advisor to CEDC on its acquisition of 40% of Russian Alcohol, the largest vodka producer in Russia at the time. UK private equity firm Lion Capital acquired the remaining 60% of Russian Alcohol, while CEDC had the option to raise its stake in the future. The deal was valued at about $600 million.
Following the acquisition of Parliament and Whitehall, this follow-on offering is a further step in NASDAQ-listed CEDC’s strategy to become the market leader in Central and Eastern Europe.
Renaissance Capital’s recent advisory roles in the spirits and beverage market also include the sale of Odessa Sparkling Wine, the acquisition of the Myagkov vodka brand, the IPO of Synergy, the sale of Parliament vodka, the acquisition of Russian Alcohol, the sale of Rosinka, and the acquisition of Lebedyansky.
About Renaissance Capital
Renaissance Capital is a leading investment banking firm in Russia, Ukraine, Central Asia and sub-Saharan Africa. Renaissance Capital has market-leading positions in each of its core businesses -- M&A, equity and debt capital markets, securities sales and trading, research, and derivatives. Renaissance Capital is part of the Renaissance Group.
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