New Attica Ventures investment in Doppler
18 January 2006
Attica Ventures has announced a new 1m Euro investment in Doppler S.A. This investment represents the second round in the financing of the business by the Zaitech Fund venture capital fund (investors: Attica Bank and TANEO), managed by Attica Ventures.
Doppler S.A. is a modern, innovative company founded in 2000 and engaged in the industrial manufacture and sale of elevator parts and full elevator systems. In the five years since it commenced operations it has become Greece’s No. 2 company in the sector, with more than 13.5m Euro in anticipated sales for 2005 (9.5m Euro in 2004), EBITDA of 2.5m Euro and pre-tax profits of more than 1.4m Euro (1m Euro in 2004). It should be noted that these results far outstripped the forecasts in the business plan submitted when Attica Ventures took its first stake in the company. The company’s remarkable strength was confirmed in a recent study by a major financial newspaper, which ranked it among the ‘gems’ of Greek industry.
From the very beginning the company has laid great emphasis on research and product design, which explains its high level of competitiveness in Greek and foreign markets. Research has allowed the company to develop, in a very short period of time, a full range of innovative products for every kind of elevator (through the programme «Competitiveness Measure 4.3», of the Ministry of Development).
Evidence of the company’s quality and competitiveness is to be found in the fact that 40% of its sales are to foreign countries and its objective for the coming years is to push this figure over the 50% mark. Specifically, company products are currently exported to 10 countries: England, Denmark, Ireland, Cyprus, Turkey, Ukraine and all the Balkan countries. Preparations are also being made for export deals with Germany, Egypt, Kuwait and Poland.
It should also be noted that the company recently secured inclusion under the new Development Act, with a total investment of 3.3m Euro, an investment expected to be completed in June and which will help the company double its production capacity.
To quote the CEO of Attica Ventures, Yannis Papadopoulos «......with the recent signing of the Joint Ministerial Decision on elevators we can look forward to further strengthening of the market, since around 300,000 elevators will need to be replaced over the next five years to comply with the relevant European directive. Within this very propitious environment, and thanks to our new investment and the inclusion of the company under the Development Act, Doppler should be able to meet the needs of the market and double its figures over the next five years ».
Attica Ventures manages funds totaling 30m Euro and has already invested and committed 9m in investments made or scheduled for completion in the immediate future. Businesses in which it has invested include the Mastiha Shop chain, e-Global internet stations and a specialist IT company engaged in the field of data storage, business continuity and disaster recovery.
FROM THE ATTICA VENTURES PRESS OFFICE