Volga River One Capital Partners, a private equity fund that is advised by N.R. Growth Consulting (NRG), has acquired a blocking minority stake in Ufanet, a broadband telecom operator in the Republic of Bashkortostan and Orenburg region of Russia, through a new share issue. The amount of investment is not disclosed.
Ufanet, which has 250,000 subscribers of cable TV and Internet access, is expected to generate revenues of $40 million and EBITDA of $10 million in 2008. According to Vedomosti, the company could be valued at $50 million.
In March 2008, Volga River One invested $20 million in wireless broadband operator Metromax.