LONDON, September 16, 2014 /PRNewswire/ --
CEE Mobile Capital LLC, Delta Partners Emerging Markets TMT Growth Fund II, European Bank for Reconstruction and Development and International Finance Corporation have agreed to fund the launch of Virgin Mobile in Turkey and further growth in existing Virgin Mobile operations in Poland.
Virgin Mobile Central and Eastern Europe ("VMCEE BV") announced today the successful closing of a €40 million equity capital funding round. The proceeds of this financing will be used to launch the Virgin Mobile brand in Turkey, fund further growth in existing Virgin Mobile Poland operations and to fund the development of future expansion opportunities in the CEE region.
CEE Mobile Capital LLC, Delta Partners Emerging Markets TMT Growth Fund II, European Bank for Reconstruction and Development and International Financial Corporation, a member of the World Bank Group, are joining forces to support the market expansion of VMCEE BV. The four partners will contribute €40 million in total of growth capital.
This funding creates a combined shareholder group that also includes Richard Branson's Virgin Group, ePlanet Ventures, Archimedia and Dirlango.
VMCEE BV launched Virgin Mobile Poland in 2012. Since then, a solid foundation has been established, with the operation delivering market leading customer service and generating market leading customer advocacy. With this injection of new capital, Virgin Mobile Poland is now poised for significant, accelerated customer growth.
VMCEE BV also plans to launch the Virgin Mobile brand in Turkey in 2015. Turkey is a hugely attractive market with a very large, young, mobile loving population and very attractive growth prospects.
Alan Gow, CEO VMCEE BV and previously Co-Founder, CFO and Managing Director of Virgin Mobile UK commented: "Virgin Mobile is one of the most successful MVNO brands globally, with an excellent track record of improving services for customers and generating returns for investors. We are excited by the growth opportunities in Poland, Turkey and across the CEE region. Now, with the support of our new shareholders, we look forward to accelerating our growth in Poland and building the CEE region's leading MVNO operation."
Mario Cvitkovic, CEO of Virgin Mobile Poland, added: "Virgin Mobile Poland now has the right people, the right partners and the right support from investors, to become Poland's leading youth lifestyle brand. We have created an outstanding customer experience and are delivering market leading levels of service, fairness and simplicity. Our new tariffs offer great value for money and we are progressively rolling-out a broad programme of lifestyle rewards, with all the usual Virgin fun and flair. Come and join the party!".
About VMC EE BV
VMCEE BV was founded to develop Virgin Mobile businesses across the CEE region. Its ambition is to become the leading MVNO in this high growth potential area; targeting a total addressable market of over 275 million mobile consumers. To find out more, please e-mail firstname.lastname@example.org
About CEE Mobile Capital LLP
CEE Mobile Capital LLC is an investment fund, spearheaded by Dick Kiphart of KGC Capital LLC.
About Delta Partners
Delta Partners is the leading Advisory and Investment firm specialised in telecoms, media and digital with offices in the Middle East, Africa, Europe, Asia, Latin America and the United States of America. Our unique combination of Management Consulting, Corporate Finance and Private Equity creates unparalleled value for our clients, investors and business partners.
For more information, please visit http://www.deltapartnersgroup.com
Delta Partners Corporate Finance Limited and Delta Partners Capital Limited are members of the Delta Partners Group of companies and are authorised and regulated by the DFSA.
About European Bank for Reconstruction and Development
The EBRD, owned by 64 countries and two intergovernmental institutions, is supporting the development of market economies and democracies.
About International Finance Corporation
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development.
For more information, visit http://www.ifc.org
SOURCE Virgin Mobile CEE BV