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BUCHAREST (Romania), November 4 (SeeNews) - Private equity investor Mid Europa Partners said on Monday it has signed an agreement to sell Czech Republic-based healthcare company Walmark's business in Romania, Bulgaria and seven other EU countries to STADA Arzneimittel AG.
The transaction, whose value was not disclosed, is subject to customary anti-trust clearance and is expected to close in the first quarter of 2020, CEE-focused Mid Europa said in a press release.
"This transaction recognizes the value of Walmark's unique brands as well as strong organization attracting some of the best talent across our markets. We are very pleased to be joining STADA, as we share a common purpose of supporting our customers to live healthier lives and we are excited for the new opportunities for our employees as part of a larger company," Walmark CEO Miro Slezak said.
We are grateful for Mid Europa's support and strong commitment to the company's long-term strategy throughout their investment," Slezak added.
"We are significantly strengthening our presence in Central Europe - especially in the Czech Republic, Slovakia, Romania, Bulgaria, and Hungary – as a result of this acquisition. We are also looking at ways in which we can market the Walmark brands outside of the current core geographies," STADA head of European markets Steffen Wagner said in a separate press release.
Walmark AS is a supplier of dietary supplements present in nine EU countries: Romania, Bulgaria, Czech Republic, Lithuania, Estonia, Latvia, Slovakia, Hungary and Poland.
In Romania, the company posted a 14.6 million lei ($3.4 million/3.1 million euro) profit in 2018, up 60% year-on-year, on a turnover of 85 million lei, up 17%, data posted on the finance ministry's website show. Walmark has been present in Romania since 1997 and employed 64 at the end of 2018.
In December 2012, Mid Europa acquired 50% of Walmark from the company's founding shareholders.
Stada Arzneimittel AG is a pharmaceutical company based in Bad Vilbel, Germany which specializes in the production of generic and over-the-counter drugs. It sells its products in over 120 countries and employs 10,400 worldwide.
(1 euro=4.7545 lei)