Italian insurance firm Generali has launched a new private equity firm with PPF, a financial group set up by Czech financier Petr Kellner. The firm, known as PPF Partners, will target opportunities in the CEE region.
The venture has already raised €615 million from Generali, PPF and Kellner himself. It has invested the money in six assets transferred from PPF and is set to complete a €100 million buy-out of Slovakian-based energy group J&T.
Generali is already linked to PPF since they pooled their insurance assets in the CEE region two years ago.
“We’re delighted to be able to extend our already successful collaboration with Generali in insurance into this new business area,” says Kellner, founder and major shareholder of PPF Group. “The establishment of a private equity investment partnership brings both groups closer as strategic partners in the broader CEE region.”
“This new venture with our colleagues at PPF is consistent with our business plan objectives to reinforce this asset class,” says Giovanni Perissinotto, Generali co-chief executive. “The current market dislocation is providing a broad range of business opportunities as asset values have fallen and a shortage of liquidity is creating difficulty for other acquirers. Even in difficult times there are interesting opportunities to create value for the Group.”
PPF Partners is 72.5% owned by PPF Group and 27.5% held by Generali.
D.C.