Kyiv, November 3, 2011 — Europe Virgin Fund L.P. (‘EVF’), a regional private equity fund, has acquired a majority stake in Tetaxes Limited, a Cyprus-based holding company for Prime Group, one of Ukraine’s leading outdoor advertising operators.

Prime Group was established in 2008 and today is a leading outdoor advertising operator in the capital city of Ukraine, owning and managing more than 2,000 advertising displays.

EVF increased the equity of Prime Group, providing it with fresh capital to finance its expansion. Prime Group will continue to be led by its founders Vadim Frunze and Kateryna Khramova.

“It is very important to select the right business partner, one who shares your values, vision and ambitions to capture market opportunities and build the leading company in the industry. I trust that with EVF’s investment and support, Prime Group is entering a new phase of its growth and development,” said Vadim Frunze, the founder of Prime Group.

“This project is another investment of Europe Virgin Fund in Ukraine and we hope that the fresh capital, the strong business case and the talented and professional management team will make it a clear success story. Vadim Frunze is widely regarded as a market pioneer, and I am sure the company under his and Kateryna Khramova’s visionary management and expertise will develop into the clear leader in Ukraine’s outdoor advertising market,» said Alex Munteanu, Managing Director of Europe Virgin Fund.

DLA Piper and Salans provided legal counsel on the transaction between EVF and Prime Group.


“We are also very happy to welcome Black Sea Trade and Development Bank, a reputable international financial institution, as a new investor in EVF, which is a great sign of confidence in the expanding regional economy and professionalism of our investment team” – added Alex Munteanu.

“BSTDB’s participation in the Europe Virgin Fund is a vote of confidence in the Fund and its team, but also in the private sector in Ukraine and Moldova. We are delighted to join forces with Dragon Capital, EBRD and SIFEM in supporting equity financing for SMEs in these countries.

By supporting small and medium-sized companies in our countries, we can help maintain production and increase jobs in the longer term, thus contributing to the overall economic stability of the region”, said Andrey Kondakov, BSTDB President.


The Black Sea Trade and Development Bank ( is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. The BSTDB headquarters is in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. BSTDB is rated long-term A by Standard and Poor’s and A3 by Moody’s.