Austria’s Vienna Capital Partners (VCP) announced that it has a war chest of EUR 500 million (USD 633.6 million) and is looking for investment targets in Hungary and Poland. VCP announced earlier that it is likely to part with its stake in Hungarian chemicals producer BorsodChem, as they recently signed an option agreement with Luxembourg-based Kikkolux, a company fully owned by Permira Funds.
Vienna Capital Partners will cash in HUF 53.3 billion (EUR 190.4 million) from its BorsodChem stake, but will retain a minority shareholding in petrochemical firm TVK.
Tiszaujvaros-based TVK (Tiszai Vegy Kombinat) is Hungary’s largest chemical company and only polyolefin producer. The company accounts for 20 per cent of the petrochemical capacity in central Eastern Europe. TVKs recent profits have been heavily influenced by the high prices of polyethylene and polypropylene.
At the same time, VCP is looking to invest in other industries in Hungary as well, possibly in tourism and wine industry. VCP announced that it is checking out investment possibilities also in Poland, after having divested recently off its two companies there - energy firm Polski Gaz and logistics company Cemet.