The transaction forms part of the company’s overall plan to further engage in South East Europe. Together with its co-investors, the Elements team will now get to work on reviving the fortunes of Sava d.d., with its seasoned investment professionals in the process of developing a comprehensive restructuring plan.

“The diligent work by our team on the ground, coupled with the excellent working relationship with our co-investors, enabled us to complete a deal which we believe signifies our commitment to the region and Slovenia in particular”, said Chief Executive Officer Savvas Liasis.

“Our growing portfolio and partnerships are also providing us with important insights and experience that will inform our decision-making with regards to potential investments in Cyprus in the near future”, added Liasis.

The Sava d.d. transaction follows Elements’ purchase of receivables (and obligations) last year against Istrabenz, another large holding company in Slovenia active in the tourism sector.

“This deal has the prospects not only to generate revenue, but also to rejuvenate the tourism industry in the country, and we are excited to be part of that process”, said Elements’ COO Andreas Georgallis.

Source: InCyprus