In connection with this transaction East Capital Explorer will make an additional investment of approximately EUR 23 million in Starman, increasing its ownership from 51 to up to 62 percent, GlobeNewswire reports.
“The add-on investment in Starman, which now becomes our largest direct investment, is a further step in our strategic path towards a more streamlined portfolio of private equity and real estate holdings. As a stand-alone investment, Starman has constantly exceeded expectations regarding profitability and cash flow. Ever since we acquired the company in May 2013 we have looked at opportunities to create additional value through taking an active role in consolidation of the Baltic cable TV market. We are confident that Cgates is the right partner for Starman,” says Mia Jurke, CEO of East Capital Explorer.
Cgates is Lithuania’s leading cable TV and broadband internet provider with a network covering 300,000 households in 12 cities. The company’s revenues in 2013 amounted to EUR 15.2 million with an EBITDA margin of 44.7 percent.
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