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Private investment firm Greenbridge buys 75% of Romania's Rus-Savitar

Private investment firm Greenbridge buys 75% of Romania's Rus-Savitar Casa Rusu, Romania

BUCHAREST (Romania), September 18 (SeeNews) - Swedish-owned investment company Greenbridge Partners said it has acquired a 75% stake in Romanian furniture group Rus Savitar for an undisclosed sum.

Rus Savitar's founding family will remain on the owners' list and CEO Cristian Rusu will continue to run the business, Greenbridge said in a press release on Tuesday.

"The investment in Rus Savitar is in line with Greenbridge's strategy of collaborating with visionary and result-oriented entrepreneurs like Cristian Rusu. By combining our core strengths we aim to create a foothold in the furniture industry in Central and Eastern Europe," Greenbridge founder Ola Rollen said.

Founded in 1994, Rus Savitar owns 21 Casa Rusu stores in Romania and employs over 1,000. The company posted sales of 52 million euro ($57.2 million) in 2018. Some 15% of its production is exported in countries such as The Netherlands, Belgium, Switzerland, France, Bulgaria, Slovenia, Iraq, Qatar, the United Arab Emirates and Japan.

"Together with an experienced international financial investor such as Greenbridge, we have the opportunity to write a new chapter in the history of Casa Rusu. By using the extended production capacity, we aim to increase our product portfolio and to innovate more, as well as to develop our store network, so as to bring value and to be closer to our customers, Cristian Rusu said.

Greenbridge was founded by Ola Rollen and Melker Schorling in 2015. Greenbridge Partners says its strategy is to make long-term investments in a limited number of holdings in which it can enhance the value as an active shareholder.

($= 0.9076 euro)