Central and Eastern European-focused private equity house PPF Partners and Czech investment company J&T Group have jointly acquired an energy business in the Czech Republic.
PPF Partners said in a statement it has bought a 40 percent stake in Energy and Industrial Holding (EP Holding) for an undisclosed sum. It added that J&T Group has acquired a further 40 percent in EP Holding through its private equity business, with former J&T Group partner Daniel Kretinsky buying the remaining 20 percent stake in the business, in addition to the responsibility of managing the firm as its chief executive officer.
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PPF Partners’ president and chief financial officer Mel Carvill said in a statement the EP Holding deal is the private equity firm’s largest investment since the launch of its first fund.
PPF Partners finished fundraising for this first fund earlier this year garnering €615 million ($915 million) of commitments. The firm is backed by financial services company PPF Group and insurer Assicurazioni Generali.