November 24 (SeeNews) - Mid Europa Partners, a private equity firm focused on Central and South Eastern Europe, said it has signed a deal for the acquisition of 100% of the shares of Romania's largest supermarket chain, Profi Rom Food, from Polish Enterprise Fund VI for an undisclosed price.
The transaction is subject to anti-trust clearance and is expected to close in the first quarter of next year, Mid Europa said in a press release on Wednesday.
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"This is the largest deal ever completed by a private equity firm in Romania and the largest retail deal in the country's history," Mid Europa said.
Profi Rom Food is present in over 250 cities, towns and villages in Romania. The chain has almost 500 stores and is expected to book sales of about 800 million euro in 2016.
"Profi is the fastest growing food retail operator in Romania and is ideally positioned to build on its leadership position to deliver organic growth in the future," Nikolaus Bethlen, partner of Mid Europa, said in the statement. "The acquisition of Profi underscores our commitment to Romania and is the second landmark transaction in the country after our acquisition of Regina Maria last year."
"The company is in excellent shape and has great potential to grow in the years to come, as Romania has many more areas to take modern retail to," Profi Rom Food CEO, Daniel Cirstea, said.
In May, Enterprise Fund VI said it plans to evaluate strategic options regarding the future development of the chain.
Enterprise Fund VI, a private equity fund managed by Enterprise Investors, bought Profi Rom Food in 2009.
Mid Europa Partners is a leading buyout investor with over 4.3 billion euro of funds raised and managed since inception. Last year, the fund acquired Romanian private healthcare services provider Regina Maria.