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Bulgarian Development Bank-managed fund acquires 20% stake in Kolev&Kolev

Author Mario Tanev
Bulgarian Development Bank-managed fund acquires 20% stake in Kolev&Kolev Photo: Kolev&Kolev / All rights reserved.

SOFIA (Bulgaria), February 11 (SeeNews) - The Bulgarian Development Bank (BDB) said on Thursday that it has acquired 20% interest in children's shoes maker Kolev&Kolev via its Capital Investments Fund.

The investment was officially completed in mid-January, the BDB said in a statement.

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The BDB's Capital Investments Fund manages equity of 65 million levs ($40.3 million/33.2 million euro) and aims to provide financing to SMEs and start-ups looking to boost their capacity, competitiveness, and R&D capabilities.

Kolev&Kolev generated revenue of 3.8 million levs and a slim net profit of 78,000 levs in 2019, according to its most recent annual financial statement.

(1 euro = 1.95583 levs)

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