BUCHAREST (Romania), July 27 (SeeNews) - Private equity company Enterprise Investors said on Wednesday its Polish Enterprise Fund VII has sold Noriel, a Romanian toys, games and children products retailer, to Turkey's Sunman.
The value of the transaction will remain confidential, Enterprise Investors said in a press release.
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In 2022, Noriel is expected to reach an all-time high revenue of 312 million lei ($64 million/63 million euro), the press release said.
Enterprise Investors acquired family-owned Noriel in 2016 for an undisclosed amount. It operated a network of 47 shops at the time.
As part of the deal, Enterprise Investors provided Noriel with 2 million euro in funding to boost its growth.
The company expanded its network to 88 stores across Romania and expanded to Bulgaria.
Sunman Group is a Turkish market leader in toy retail, distribution and manufacturing. It operates under the Sunman and Toyzz Shop brands.
(1 euro=4.934 leu)