Emma Capital

Emma Capital (stylised as EMMA Capital) is a Czech investment management company. The company currently had 4 private equity funds (Emma Alpha, Emma Gamma, Emma Delta, Emma Omega) that owned portfolios in consumer finance, gas distribution, lottery and gambling.

Emma Alpha Holding
private
Industrydiversified investment
HeadquartersNicosia, Cyprus (registered office)
Key people
  • Jiří Šmejc (owner)
  • Demetris Aletraris (director)
  • Radka Fišerová (director)
  • Andri Pangalou (director)
(€0.2 million) (2015)
(€27.2 million) (2015)
Total assets €525.8 million (2015)
Total equity €312.8 million (2015)
Owner
  • MEF Holdings (99.47% investment shares)
  • others (0.53% investment shares)
  • Emma Capital (100% voting share)
ParentEmma Capital
Subsidiaries
  • Emma Gamma (100%)
  • Emma Omega (100%)
  • Serenity Resources (90.85%)
Websitewww.emmacapital.cz 
Footnotes / references
in a consolidated basis, excluding minority interests[1]

History

EMMA Capital was founded by former PPF shareholder Jiří Šmejc. In 2013 Šmejc withdrew as a shareholder of PPF. In turn, Šmejc acquired the minority rights of Home Credit, which PPF remain as the major shareholder.[2] Šmejc injected the stake to EMMA Omega and managed by EMMA Capital. Another portfolios, Eldorado, was jointly sold by EMMA Capital and PPF in 2016.[3][4]

Group structure

EMMA Capital

EMMA Capital is the investment management company of the group, which Jiří Šmejc owned 64.7% stake.[5] The other partners were Pavel Horák, Tomáš Kočka, Ondřej Frydrych, Michal Houšť and Peter Stohr.[6]

EMMA Alpha

EMMA Alpha is a private equity fund that the partner of EMMA Capital, Jiří Šmejc, owned 99.47% investment shares via his own company MEF Holdings (the rest was owned by other partners).[5] EMMA Capital, owned 100% voting share of EMMA Alpha as manager.[5] EMMA Alpha is the parent company of EMMA Gamma and EMMA Omega.[5]

EMMA Alpha also owned Romanian gas distribution companies Grup Dezvoltare Rețele, Gaz Sud and Premier Energy via a BVI incorporated holding company Serenity Resources, for 90.85% stake.[5] Gaz Sud was acquired by PPF in 2008;[7] in 2013 EMMA Alpha acquired Gaz Sud.[8]

EMMA Gamma

EMMA Gamma is 100% owned by EMMA Alpha.[5] EMMA Gamma owned 25% stake of Sazka Group;[5] KKCG is the major shareholder of Sazka Group for 75% stake.[9]

Sazka Group owned 32.5% stake of Lottoitalia (a consortium that owned 9-year license to operate lotto in Italy),[10] 100% stake of Sazka Czech, as well as indirect shareholder of Casinos Austria[11] and Österreichische Lotterien.[5]

EMMA Delta

The private equity fund EMMA Delta contained manager EMMA Delta Management (66.67% owned by EMMA Capital[5] and the rest owned by Georgios Melissanidis[12]), EMMA Delta Variable Capital Investment (67.06% investment shares were owned by Sazka Group; 100% voting share was owned by EMMA Delta Management)[5] and EMMA Delta Hellenic Holdings (100% owned by EMMA Delta Variable),[5] which owned 33% rights of OPAP.[5] It was reported that Emma paid €650 million to acquire the stake of OPAP.[13] However, it was a leveraged buyout, which Emma offer to the public to buy senior secured notes that was issued by the fund.[14]

The other shareholders of EMMA Delta Variable Capital Investment in 2013, were Georgios Melissanidis (via Yeonama Holdings), J&T (via Helixor) and Christos Copelouzos (via Helvason). Alexander Nesis's ICT Holding was a minority shareholder (via Vitalpeak) for 22.35%,[15] but the stake was acquired by KKCG in 2015[16] (injected to Sazka Group in 2016).

EMMA Omega

EMMA Omega owned 11.376% stake of Home Credit (as well as subsidiary Air Bank), a consumer finance company.[5]

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gollark: We live in a society, so I don't really agree with blaming people for doing what the system™ incentivizes/causes.
gollark: Although I think economic growth is also good and important.
gollark: They're talking about personal growth. Which is basically definitionally good.
gollark: That would imply that you can never send messages in politics chat (except at exactly the same instant as messages are sent in another, which is impractical).

References
  1. "2015 Annual Report" (PDF). Emma Alpha Holding. 29 July 2016. Retrieved 22 January 2017.
  2. "PPF and Jiří Šmejc have signed an agreement on division of their assets: Jiří Šmejc gains direct stakes in Home Credit Group and in Air Bank". EMMA Capital. 29 March 2013. Retrieved 22 January 2017.
  3. "PPF and EMMA Group agreed on the sale of certain equity interests". EMMA Capital. 19 June 2015. Retrieved 22 January 2017.
  4. "PPF Group and EMMA Capital announce the sale of Eldorado". EMMA Capital. 9 December 2016. Retrieved 22 January 2017.
  5. "company structure - simplified state" (PDF). EMMA Capital. 9 December 2016. Retrieved 22 January 2017.
  6. "About us". EMMA Capital. Retrieved 22 January 2017.
  7. "PPF Investments acquired 100% stake in Romanian gas distributor Gaz Sud" (PDF). PPF Investments. 16 April 2008. Retrieved 22 January 2017.
  8. "Portfolio: GAZ SUD Group". Emma Capital. Retrieved 22 January 2017.
  9. "KKCG and EMMA CAPITAL merge their lottery assets". EMMA Capital. 17 August 2016. Retrieved 22 January 2017.
  10. "KKCG and EMMA Capital among Members of a Consortium Awarded License to Operate "Lotto", the Largest Italian Lottery". KKCG. 15 April 2016. Retrieved 22 January 2017.
  11. "SAZKA Group buys further shares in Casinos Austria AG". KKCG. 3 January 2017. Retrieved 22 January 2017.
  12. "OPAP announces revenues' single-digit drop coupled with EBITDA margin resilience" (PDF). OPAP. 20 November 2012. p. 5. Archived from the original (PDF) on 28 February 2013. Retrieved 22 January 2017.
  13. "Emma Delta raises offer for Greece's OPAP to 650 mln euros-sources". Reuters. 1 May 2013. Retrieved 7 December 2017.
  14. "Emma Delta offers 400 million euro notes to fund OPAP buy". Reuters. 24 September 2013. Retrieved 7 December 2017.
  15. "EMMA DELTA completes acquisition of Greece's OPAP Betting Group". EMMA Capital. 11 October 2013. Retrieved 22 January 2017.
  16. "Sale of OPAP". ICT Holding. 15 April 2015. Retrieved 22 January 2017.
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