December 8 (SeeNews) - Italian group MGM said that it has acquired Romanian producer of technical, sports and outdoor shoes Rekord Group.
The new group born from the integration of MGM and Rekord aims to become the main European production center in the segment of outdoor technical footwear, MGM said in a press release last week.
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MGM-Rekord expects to close the 2022 financial year with an aggregate turnover pro-forma of approximately 90 million euro ($95 million).
The acquisition was carried out through a capital increase carried out Foglio and Congiu families which own MGM and with the help of Clessidra Capital Credit, co-investors SIP, Smart Capital and Brixia Finanziaria, as well as with a bond issue subscribed by Clessidra, Banca Ifis, Anthilia Capital Partners and Veneto Sviluppo.
Founded in 1994, Rekord employs some 700 in three production plants covering a total area of 20,000 sq m in Alba Iulia, central Romania, according to MGM.
The company's net profit more than doubled on the year to 35 million lei ($7.5 million/7.1 million euro) in 2021, while turnover soared by an annual 82% to 237 million lei last year, data from the finance ministry indicated.
MGM has been on the market for over 35 years in the segment of mountain and outdoor sports footwear, as well as roller skating, with distribution all over the world, according to its website.
($=0.9522 euro)