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Mint backs Russian people business

James Mawson
Private Equity News
September 2007

Mint Capital, a Nordic private equity firm specialising in mid-market deals in eastern Europe and Russia, has taken a minority stake in a fast growing human resources software company as it prepares to start fundraising next year.

Mint, which on average invests $10m to $15m per deal, bought the stake for an undisclosed sum in UCMS Group EMEA, which was formed as an independent business to its Australian parent in 2005.

The investment will help the company grow from its estimated near $10m revenues by providing its software and outsourcing service, Quinyx, across central and eastern Europe from its existing operations in Russia, Ukraine, Poland and Hungary.

The deal was struck after Ulf Persson, co-founder of Mint Capital, had been on UCMS Group EMEA's board for a year. He said: «We estimate the top four Russian HR business process outsourcing (BPO) providers, of which UCMS is one, currently control only about 1% of the addressable market.»

Mint was formed in 2001 to make expansion stage investments in rapidly growing companies in Russia and the Commonwealth of Independent States and manages two funds with $150m. A third fund is expected to be raised next year.

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