OREANDA-NEWS. June 11, 2013. MIR Capital, a private equity fund formed by Gazprombank and Intesa Sanpaolo to support the growth of medium-sized Italian and Russian companies with a high potential for international expansion, has made its first investment by acquiring a non-controlling stake in Packer Service Group.

Packer Service Group is a Russian company specializing in hi-tech services and solutions for some of the largest oil and gas companies. The investment will be used towards developing Packer Service Group, and particularly for the acquisition of new, advanced technology equipment which will enable the company to expand its range of services.

The investment, made within one of the most strategic sectors of the Russian economy, is the first result of the intense collaboration between Gazprombank and Intesa Sanpaolo for MIR Capital in recent months. MIR Capital, a jointly owned by Gazprombank and Intesa Sanpaolo — the leading banks in their respective countries — was established under the cooperation agreement signed by the two financial institutions in the summer of 2012, and became operational in February 2013. The agreement aims to promote the development of industrial and commercial relations between Italy and Russia, for the benefit of well-performing companies based in the two countries.

The fund will be able to invest up to EUR300 million, aiming to target medium-sized private companies which operate in the Russian and Italian markets, and have a significant growth potential.