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EUR 100 million capital available for Slovene companies

  •  
    Date: 13 May 2019

SID Bank and the EIF present the Slovene Equity Growth Investment Programme. This programme is guaranteed by the European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe.

The Slovene Equity Growth Investment Programme (SEGIP), introduced today by SID Bank and the European Investment Fund (EIF), is a EUR 100 million equity investment programme in which EIF and SID Bank each invest EUR 50 million on the same terms and conditions. SEGIP was launched in November 2017 with the objectives to support Slovene SMEs and midcaps , to attract international private equity investment to Slovenia and to build local capacity by supporting emerging fund managers which focus a significant part of their investments into Slovene companies.

"Slovene Export and Development Bank (SID Bank) plays an important role in the financing of Slovene companies, especially where gaps exist. Since 2012, when SID Bank made the first initiative to set-up a Slovene equity and mezzanine investment fund for equity investments in Slovene companies, we have been trying to make the European institutions more supportive of the Slovene institutional environment capacity building for equity and mezzanine financing of Slovene companies.

This wasn’t successful for a long time, but we are proud that as a founding member, we have been among the first development banks in Europe that have signed an agreement with the EIF to establish the EIF-NPI Equity Platform and that in November 2017 we have signed an agreement with the EIF to set-up the EUR 100 million Slovene Equity Growth Investment Programme (SEGIP) with the support of the European Fund for Strategic Investments (EFSI). SID Bank as a strong local partner and reference for Slovene market intelligence will complement the know-how and best practices of the EIF as an experienced investor with access to a pan-European network, and put in place SEGIP investment parameters to address the needs 

of Slovene SMEs and mid-cap companies. By participating EUR 50 million of our own non- guaranteed funds into the SEGIP programme, alongside EIF’s EUR 50 million with guarantee by EFSI, SID Bank complement its existing product range dedicated for the capital strengthening of Slovene companies, especially small, medium-sized and mid-cap companies, in order to provide their sustainable growth, expansion and competitiveness, while the deployment of private equity funds in the financing process opens up new innovative ways of providing financial resources by also mobilizing private investments " stated Sibil Svilan, CEO of SID Bank.

Zoran Stančič, Head of the European Commission Representation in Slovenia adds: "The European Commission supports European businesses through various programs and today's support from EFSI or the so-called Juncker Plan will enable even stronger growth for Slovene innovative and fast-growing companies. I am very pleased that the partnership between the EIF and SID Bank[1] is now coming to life and that new opportunities for the Slovene economy are opening through equity investments. For some time now the further development of the equity market in Slovenia has been a part of the Commission's recommendations in the context of the European Semester as well as in building further the Capital Market Union in the EU."  

Gabriele Todesca, European Investment Fund highlighted the benefits of the partnership: "Alternative financing in the country still represents a small share of the financial resources available for the growth of local SMEs and this slows down the economic growth of Slovenia. At EIF we are very proud we can do something tangible to address this issue, like launching initiatives such as SEGIP. We will answer an increasing demand for growth and replacement capital, especially for SMEs. Support we receive from SID Bank is crucial for our success and I thank them for this partnership that changes Slovene financial markets for the better."

SEGIP supports the capacity building of private equity funds established in Slovenia and also regional and pan-European private equity funds active in Slovenia, through which equity and mezzanine financing will be provided to eligible SMEs and mid-cap companies in Slovenia. Such funds are required to be managed and investments made by fund managers that meet EIF eligibility standards of professional management. Under the closed call procedure KF Finance and KD skladi is expected to be signed and committed to by SEGIP imminently, receiving a total of EUR 50 million from the Programme. Tone Pekolj, KF Finance stressed: "Besides the Slovene Equity Growth Investment Programme (SEGIP) there are several important factors in the market: i) we noticed a significant market gap for equity financing of small and medium-sized, and mid-cap companies, ii) additional momentum for the first generation of Slovene entrepreneurs to start solving the succession issue and be ready to sell their businesses or open doors to other investors and iii) an increasing awareness of entrepreneurs that sustainable growth, competitiveness and internationalization of companies cannot be achieved only by providing ”traditional“ debt financing.

The ALFI Private Equity Fund will, with the commitments of EIF and SID Bank and commitments of other investors, manage about EUR 60 million, and will invest primarily in companies with potential for growth, expansion and development. In selecting businesses, it will be crucial for companies to have a healthy cash flow, sustainable past growth, export orientation and good management. Our fund will buy predominantly majority ownership shares, with a typical investment ranging between two and ten million euros."

Similarly, Luka Podlogar, President of the Management Board of KD Skladi: “Small and medium-sized companies are the engine of the Slovene economy, making a significant contribution to economic growth. However, due to a lack of equity financing many of these companies are unable to reach their full potential. Our private equity fund will invest in companies with high growth potential and ambitious teams requiring capital to finance their capacity expansion plans, sales network building, product development or for the acquisition of competitors. The fund will offer Slovene investors a new, alternative investment opportunity to acquire a participating interest in fast growing small and medium-sized companies that would be otherwise difficult to invest in directly. We are proud KD Skladi has been selected to participate in the Slovene Equity Growth Investment Programme. For us, this is an opportunity to fulfil our mission of being a responsible financial intermediary that contributes to the development and growth of the Slovene economy.”

SEGIP has also made a commitment to the Evolving Europe Principal Investments Fund managed by Integral Venture Partners. This fund has a multi-country strategy and a strong focus on investments in Slovenia.

SEGIP funds are also available for co-financing of Slovene companies alongside other private investors. A good example of such co-financing is the recent recapitalization of Resalta. Luka Komazec, Resalta, sees the benefits in the new program for the Slovene economy: "In the past, it has already benefited from financing from SID Bank. Today, the equity financing provided by 

SEGIP will further strengthen Resalta’s position as a leading independent energy services provider in Slovenia, allowing us to continue developing our very ambitious Slovene project pipeline. This means that we will be improving energy efficiency, increasing sustainability as well as the share of renewables in the energy mix, reducing CO2 emissions, and helping improve Slovene economy both by generating savings for private and public clients, while also employing contractors and local manpower to work on project implementation, operations and maintenance."

About the SEGIP program:

  • EUR 100 million SEGIP is managed by EIF
  • Eligible companies for SEGIP financing:

SEGIP provides equity and mezzanine financing for companies established in Slovenia or companies that have Slovenia as the country of its main operations, or aim at establishing or developing a long-term presence in Slovenia. By doing this, SEGIP supports business and the creation of jobs in Slovenia.

With respect to the size and stage of the target companies, they must be small or medium sized enterprises or mid-cap companies with up to 3000 employees, that have operated for at least two years and expect revenue growth and positive cash flows during the duration of the investment.

SEGIP is not intended for early stage companies or companies in difficulties.

  • The purposes of financing are business growth and expansion (including internationalization) with value creation, investments in replacement capital (roll-over from key management, shareholder reorganization, next generation business succession).
  • How can companies access to SEGIP financing?
    • via private equity funds managed by professional fund managers selected by EIF
    • via co-financing vehicles managed by professional fund managers selected by EIF

More information on SEGIP can be found:

www.sid.si

https://www.eif.org/what_we_do/resources/slovene-equity-growth-investment-programme/index.htm

About SID Bank

SID Bank is a promotional development and export bank 100% owned by the Republic of Slovenia. SID bank develops, provides and promotes long-term financial services designed to supplement financial markets for the higher competitiveness of economy, creating new jobs and sustainable development of Slovenia. With its banking and insurance services it promotes exploiting opportunities of Slovene economy in the international business environment

About the European Investment Fund (EIF)

EIF`s central mission is to support Europe's small and medium-sized businesses (SMEs) by helping them to access finance. EIF aims at satisfying existing and future market needs by designing innovative financial products addressed to different partners (banks, guarantee, leasing and microfinance institutions, private equity and venture capital funds, among others), acting as our financial intermediaries.  By offering an Integrated Risk Finance Product Range of SME finance to our intermediaries, we complement the products offered by the European Investment Bank (EIB) with which we form the EIB Group.

About the Investment Plan for Europe (#InvestEU)

The Investment Plan for Europe, the so-called Juncker Plan, is one of the European Commission's top priorities. It focuses on boosting investments to create jobs and growth by making smarter use of new and existing financial resources, removing obstacles to investment and providing visibility and technical assistance to investment projects. The central pillar is the European Fund for Strategic Investments (EFSI): it provides a first loss guarantee, allowing the EIB Group (incl.the EIB Bank and the EIF) to invest in more, often riskier, projects. Further information about EFSI results in Slovenia and in the EU is available here ec.europa.eu/slovenia.

About the European Fund for Strategic Investments (EFSI)

EFSI is the main pillar of the Juncker Plan and provides first loss guarantees, enabling the EIB to invest in more projects that often come with greater risks. EFSI has already yielded tangible results. The projects and agreements approved for financing under EFSI are expected to mobilize more than EUR 390 billion in investments, and support almost 929 000 SMEs in the 28 Member States.

SID Bank                                                         
Saša Podpeskar                                                 
Marketing and Public Relations
sasa.podpeskar@sid.si 
+ 386 1 2007 264                                      

European Commission Representation in Slovenia
Maja Pavlović
Head of Public Relations
maja.pavlovic@ec.europa.eu
+ 386 1 2528 813

European Investment Bank
Tibor Jona
t.jona@eib.org
+352 691 287 052 / @tiborEIB
Website: www.eib.org/press

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