Netretail, a Czech Republic-based online retail holding company backed by Intel’s corporate venturing unit, has sold a controlling stake to MIH Allegro, a subsidiary of South Africa-based media group Naspers. Klaus Konrad, investment director of Intel Capital, said: “During the period of our investment, Netretail’s management developed a strong operating team and implemented automated business processes and a state-of-the-art logistics centre. This has enabled the company to fully capture the dynamic growth of the online retail sector in the region.” NetRetail estimates its revenues grew to approaching €170m ($214m) in 2011. This was up from approaching €119m in 2010. The company was founded in 2000. It was first backed by Intel Capital in 2008 with an undisclosed sum. The company went on to raise €10m in 2010 from Intel Capital and MIH, split evenly between the two investors. At the same time, angel Ondra Tomek, a co-founder of Netcentrum, which sold to private equity firm Warburg Pincus in 2007 for an undisclosed sum, invested €1m in the company. US-based bank Jefferies was exclusive financial adviser to Netretail and its shareholders, while US-based bank Goldman Sachs acted as exclusive financial adviser to MIH Allegro and Naspers.
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MIH Allegro shops for Netretail
Jul 3, 2012 • Toby Lewis
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