• Region: Europe
  • Sector: TMT
  • Investment Year: 2019
  • Transaction Value: €2,568m


The leading integrated cable and media operator in South Eastern Europe ("SEE"), United Group, was acquired in March 2019 by BCEC X. The Founder and Executive Chairman and management have reinvested significantly in the transaction.

United Group operates across:

Pay TV:

  • Highly popular channel portfolio focused on premium, HBO‐like, own scripted local content.
  • Leading through track record of innovation.
  • Recent launch of nextgeneration Pay‐TV platform, EON –multiscreen
  • with a Netflix‐like browsing experience.


  • Fully invested and advanced cable network.
  • Leading customer experience with broadband speeds well above competition.


  • Capitalising on deregulation to gain share from incumbents.
  • Potential to exploit fast growing commercial (B2B) segment.


  • Fastest growing mobile provider in Slovenia following acquisition of
  • Tusmobil in 2015.
  • True convergent operator in the Slovenian market, with similar convergence opportunities in Serbia and B&H.

Investment Thesis:

  • Market leader with strong organic growth potential.
  • Defensive business model through diversification, leading infrastructure and content ownership.
  • Proven consolidation platform.
  • Exceptional financial performance.
  • Successful and motivated management team.
  • Deep BCP sector knowledge and cable track record.

For more information on United Group, watch the video here.

Company News

29 May 2020

BC Partners-Owned United Group Makes Strategic Investment in Greece’s Forthnet

Third large-scale acquisition and eleventh in total under BC Partners’ ownership.

Expands United Group platform’s presence into Greece and cements its position as the leading telecoms and media operator in South Eastern Europe.

Read More
07 November 2019

BC Partners-Owned United Group Acquires Vivacom

Second large-scale acquisition within nine months of BC Partners’ ownership
Consolidates United Group’s position as the leading telecoms and media operator in South Eastern Europe.

Read More
27 September 2018

BC Partners to Acquire United Group, the Leading Cable and Media Operator in South Eastern Europe

Investment further strengthens ambition of United Group as the regional leader in communication and media KKR maintaining substantial minority stake

Read More

Team Involved

The case studies are presented herein for illustrative purposes only and should not be relied upon for investment decision making. This information is being furnished for the sole purpose of providing information about BC Partners. The specific investments identified are not representative of all of the companies purchased, sold or recommended for BC Partners' private equity funds, and it should not be assumed that investments identified were or will be profitable or are representative of investments that will be made by BC Partners in the future. Unless otherwise indicated, information with respect to the investments included herein has been obtained from the relevant portfolio company. Past performance of any BC Partners-sponsored fund, vehicle, account, or investment is not indicative of future performance. There can be no assurance that BC Partners will make comparable or equally successful investments in the future. For a list of all investments made by the private equity funds managed by BC Partners since its inception, please click here.