Harper changes hands in precedent-setting bank deal

The zł.118.6 million purchase was 75% financed by the fund itself, while the remaining 25% was raised through a 'leveraged buyout system' with an undisclosed bank. Harper Hygienics, a Mińsk Mazowiecki-based hygiene and cosmetic goods producer, more widely known under its Cleanic brand name, last year recorded a turnover of zł.84 million. The firm enjoys a strong position on the Polish market and is focusing on its fast-growing exports, mainly to Russia and Ukraine, which last year accounted for 30% of its total sales. The transaction itself set a precedent in this country as it was the first such leveraged buyout, by which credit was granted based on the company's cash flow as opposed to its fixed assets. (Puls Biznesu p. 8, Parkiet p. 5) M.G.