Polish Enterprise Fund V (PEF V), a private equity fund managed by Enterprise Investors (EI), has exited its investment in the Slovak electricals retailer Nay. PEF V sold its 48% stake to the company’s majority shareholders. The value of the transaction was not disclosed. The deal requires the approval of the Antimonopoly Office of the Slovak Republic.

Nay a.s. is the largest electricals retailer in Slovakia with c.25% market share. The company was founded in 1991 by two private entrepreneurs, Peter Zalesak and Jan Tomas, who remained as majority shareholders following PEF V’s entry in 2005. PEF V, as a minority financial investor, actively supported Nay’s growth and development and in addition brought financial and corporate governance know-how. Since the time of PEF V's investment, the company strengthened its market leadership position, growing from 12 to currently 30 modern stores and a leading internet presence, with revenues growing from EUR 73m to nearly EUR 150m in 2012.

The majority investors remain committed to further investment in Nay and its long-term development. Nay continues to expand on the Slovak market, having opened a new store in Cadca in February and with further store openings planned for this year. Nay also continues to invest in and significantly expand its successful ecommerce platform, under the site www.nay.sk.

"We are happy that we could contribute to the development of Nay. During our engagement the company tripled its store network, successfully launched its growing e-shop strategy, and significantly expanded the range and quality of offered products and services. We highly appreciate the cooperation with our shareholding partners and believe that the implemented strategies will continue to drive the further growth of Nay.", said Robert Manz, Managing Partner of Enterprise Investors, responsible for the investment.

"This acquisition confirms our commitment to further develop Nay as a market leader in Slovakia. We are convinced that we will be able to continue executing our strategic plan by expanding the business both in brick and mortar stores as well as online, with the goal to deliver the best seamless service and product offering to our customers. We thank EI and its professionals for their contribution and the new perspectives they brought to Nay over the past years.", said Peter Zalesak, Chairman and the founder of Nay.

Enterprise Investors is one of the largest private equity and venture capital firms in Central and Eastern Europe. Active since 1990, the firm has raised eight funds with a total capital exceeding €2 billion. These funds have invested €1.6 billion in 130 companies across a range of sectors and exited 101 companies with total gross proceeds of €2.0 billion. Enterprise Investors was advised on the transaction by Allen & Overy.

For further information please contact:

Enterprise Investors
Robert Manz, Managing Partner
Anna Czywczyńska, Public Relations Consultant
Tel. +48 22 458 8500

Nay a.s.
Peter Zálešák, Chairman of the Board of Directors and shareholder
Ján Tomáš, Vice Chairman of the Board of Directors and shareholder
Martin Ohradzanský, Generálny riaditeľ
Emil Huraj, Marketingové oddelenie
Tel. +421 850 111 444