Private equity fund Innova Capital has acquired a 96 percent share package in Provus Services provider and in its Romanian subsidiary RomCard from Turkven Private Equity and a consortium of Turkish investors. The value of the deal has not been disclosed.

Provus and RomCard supply card issuance and personalization services, as well as ATM and POS operations and transaction processing. Mid-last year, Turkish Provus Services Provider bought local card operator RomCard from its shareholders BCR, BRD, Raiffeisen Bank, UniCredit Tiriac Bank and Financiara.

This is Innova Capital's third direct investment in Romania. The fund invested in Orange Romania in 1999, which it sold in 2005 to France Telecom. Innova also bought LaFantana water distribution business in 2008, an investment it currently holds.

Innova invests in middle market Central European companies with enterprise values normally ranging from EUR 50 to EUR 125 million. The typical investment horizon is from three to five years, and exit by either sale to a strategic investor or via an initial public offering of shares. It currently has 40 investments in 10 countries and EUR 900 million in total funds managed.

editor@romania-insider.com