In late 2007 WNISEF sold its 19.1% stake in ProCredit Moldova (PCM) to ProCredit Holding AG, achieving a 2.5 times cash-on-cash return and 20% IRR. Established by strong international financial institutions such as Western NIS Enterprise Fund, ProCredit Holding AG, European Bank for Reconstruction and Development, International Finance Corporation and DOEN Foundation, the company has become the leading financial company in Moldova focused on lending to micro and small enterprises.
www.procredit.md

In May 2007, EEGF sold its controlling stake in Shostka City Milk Plant ("Shostka") to French Fromageries Bel S.A., achieving a gross 5.9 times cash-on-cash return and 470% IRR. During the life of its investment, EEGF focused efforts on improving product quality, access to the region's raw material base (milk), and strengthening Shostka's brand portfolio and distribution within Ukraine. Shostka's excellent reputation, strong management, and high product quality formed an inviting platform for strategic investor French Fromageries Bel S.A.
www.shostka-cheese.com

In April 2006, WNISEF sold its 9.9% stake in Moldova-Agroindbank S.A. (MAIB) to a group of investors, achieving a 3.6 times cash-on-cash return and 33% IRR. During the period of WNISEF’s investment MAIB was the largest Moldovan commercial bank in terms of total assets, capital, outstanding loan portfolio, and deposit base, offering a wide range of products and services to both corporate and retail clients. The bank’s strong financial performance, large regional presence, innovative products, management and market position were fundamental to attracting investors to MAIB.
www.maib.md

In March 2004, WNISEF sold its 100% stake in Slobozhanska Budivelna Keramika (SBK) in a transaction valued at $13.5 million, achieving a 2.5 times cash-on-cash return and 23.3% IRR. During the period of WNISEF’s investment SBK was the recognized market leader in the manufacture and sales of premium faзade ceramic bricks in Ukraine. High quality, a strong brand name, a strategic geographic presence, excellence in customer service, and a solid reputation as a reliable partner were key to attracting acquirers Raiffeisen Investment AG of Austria (RIAG) and MARA Beteiligungsverwaltungs GmbH (a holding company of RIAG). This deal included an innovative leveraged re-capitalization utilized for the first time in Ukraine.
www.sbk.com.ua

In January 2003, WNISEF sold its 85.59% stake in Vitanta-Intravest in a transaction valued at $12.45 million, resulting in excess of 2.2 times cash-on-cash return and an IRR of 20%. During the period of WNISEF’s investment Vitanta-Intravest was the dominant producer of beer, flavored alcoholic beverages and soft drinks in Moldova - a product line with strong growth potential. Vitanta-Intravest’s successful track record, strong competitive advantages and the value created through concerted shareholder and management efforts were key to attracting global brewer Efes Breweries International B.V., the Netherlands based subsidiary of Efes Beverage Group, to Vitanta-Intravest.
www.vitanta.md

In April 2009, WNISEF sold its 20% stake in ProCredit Bank Ukraine (PCBU), a full-service bank focused on lending to micro and small enterprises in Ukraine, to ProCredit Holding, parent company of a global group of 22 ProCredit banks. This exit represents a 1.45x cash-on-cash return for WNISEF based on a multiple of 1.73x PCBU Net Asset Value (NAV) as of December 31, 2008. WNISEF invested into PCBU as a founding shareholder in 2000. At its founding, PCBU was the only bank focused on providing debt financing to entrepreneurs, micro and small businesses. ProCredit Bank Ukraine ended 2008 with an outstanding loan portfolio of USD 367.1 million and a customer deposit base of USD 171.7 million with over 105,000 deposit accounts. The loan portfolio of ProCredit Bank Ukraine is comprised almost exclusively of loans to small businesses in Ukraine. It is a uniquely focused-bank, whose mission sustains and enables the entrepreneurial spirit in Ukraine.
www.procreditbank.com.ua