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RIO DE JANEIRO,
March 6, 2013 /PRNewswire/ -- Ideiasnet announces the acquisition by Paul Capital of an 18.2% share in 'Ideiasnet FIP I' which holds stakes in 6 of Ideiasnet's 11 invested companies. The transaction values the fund at
R$ 435 million and generates proceeds to Ideiasnet of
R$ 79 million.
"We have been tracking the development of Ideiasnet and its portfolio companies since 2009 and we strongly believe in Ideiasnet management's ability to capture significant additional value from the existing portfolio over the next 3-4 years" says
Brian Sullivan, partner of Paul Capital in
New York City.
Proceeds from the transaction will allow Ideiasnet to conclude a capital increase in portfolio company Padtec together with BNDES as well as accelerate its strategy of launching a new generation of growth equity funds focused on technology related companies in Brazil.
"This is the
twelfth consecutive portfolio transaction executed by the current Ideiasnet management team and implies an Internal Rate of Return (IRR) of 46% for the fund. This secondary purchase demonstrates an innovative liquidity option for mature, well-managed venture capital funds in
Brazil" says Sami Haddad CEO of Ideiasnet.
About Paul Capital: a U.S. based Private Equity investment group that has been acquiring private equity assets through the secondary market for over 20 years. Since the firm's inception in 1991, they have completed more than 150 secondary market acquisitions. The firm currently manages over
US$5 billion in aggregate commitments. It is currently investing from Paul Capital Partners IX, L.P., a
US$1.65 billion fund focused exclusively on acquiring private equity portfolios in transactions such as this one.
About Ideiasnet FIP I: the fund holds Ideiasnet's participation in its 6 major investments, namely: Officer,
Brazil's largest IT distributor; Padtec, a manufacturer of optical communications systems; EAX, a leading Brazilian e-commerce enabler; Tectotal, a provider of IT Value Added Services; Pini, a leading content provider for civil construction and Batanga, a US and Latam digital media company.