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Mezzanine financing of ATON, the leading Ukrainian boilers manufacturer by NRG


Exclusive Financial Advisor
Capital Times Investment Company acted as a sole financial advisor in mezzanine financing deal of ATON Group (Ukraine) by NRG (New Russia Growth) Company via Volga River Growth Fund (Russia).

Capital Times' team performed deep analysis of ATON's financials and achieved financial goals through only possible non-classic debt instruments (mezzanine).

"Complicated external and internal climate makes it difficult to attract financing. High quality business of Aton Group, comprehensive preparatory works as well as attractive mezzanine product of VRG contributed to satisfying interests of both investors and shareholders and, as a result, closing the deal", said Sergey Goncharevich, Managing Partner of Capital Times Investment Company.

Egor Klimenko, Managing Partner of "New Russia Growth", an exclusive consultant of VRG Fund, noted "Determinative factors when making an investment decision were CIS promising heating equipment market, leading position of the company in the Ukrainian market, experienced management and a clear picture of divesture in the future. Mezzanine financing is extremely attractive for companies with high growth prospects. It is cheaper for investors than direct investments in its classic form, and less risky at the same time".

About ATON Group: ATON Group is a leading holding company in the Ukrainian heating equipment market. It specializes in production and distribution of ATON branded residential and industrial heating equipment in the territory of Ukraine and CIS. Its portfolio consists of over 70 items of own production.
Web-site: aton.ua

About VOLGA RIVER ONE and NEW RUSSIA GROWTH: The mezzanine focused fund with capital of USD 135m, "Volga River Growth" specializes in provision of finance to CIS companies. Target size: USD 10-30m. Target investment term: 3-5 years. The main investor of the fund is the European Bank for Reconstruction and Development (EBRD). "New Russia Growth" is an exclusive consultant of alternative investment funds. Today NRG is cooperating with two funds: I. Direct investment fund "Volga River One Capital Partners" – founded in 2006, size – USD 177m. II. Mezzanine fund "Volga River Growth" – founded at the year-end of 2010, size – USD 135m.
Web-site: nrgc.com
Про Capital Times
Инвестиционная компания Capital Times выросла на рынке, характеризующемся постоянными изменениями. Периоды нестабильности, сменялись периодами бурного роста, сопровождаемыми динамичным развитием отрасли и интеграцией в мировые рынки.

Ключевыми преимуществами Capital Times являются независимость, профессионализм, сфокусированность, клиентоориентированность и глобальный подход.

В составе команд - аналитики и инвестиционные советники со сложившейся репутацией, предметной экспертизой и опытом в своей сфере.

Мы работаем по международным стандартам ответственности перед своими клиентами. Каждый наш кейс - максимально персонализирован, решения подбираются на основании анализа клиентского бизнеса, и сегмента, в котором он работает. Участник сети Globalscope Partners. Одни из основателей Украинской ассоциации венчурного капитала и прямых инвестиций (UVCA), а также член Европейской Бизнес Ассоциации (EBA).