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Romanian IT&C group Altex to take over RTC Proffice Experience

Romanian IT&C group Altex to take over RTC Proffice Experience Altex Romania

BUCHAREST (Romania), December 19 (SeeNews) – Romanian IT&C and electronics group Altex has signed a deal to take over RTC Proffice Experience from investment fund Oresa Ventures, the deal advisor said on Thursday.

The deal was made through Complet Electro Serv, an IT equipment manufacturer and distributor company in the Altex group, and is pending approval by the competition authority,  D&B David si Baias said in a press release.

The value of the transaction was not disclosed.

Altex Romania, established in Romania 15 years ago, currently has over 4,000 employees working in 100 own stores and in 19 Media Galaxy stores.

In 2018, Altex invested 37 million euro ($41.1 million) in a logistics hub near Bucharest.

Stationery supplier RTC Proffice Experience was founded in 1994 by Romanian entrepreneur Octavian Radu as part of the RTC group. In 2011, it was sold to investment fund Oresa Ventures.

The company posted a 528,552 lei ($123,174.01/110,638 euro) net profit in 2018, up by 22% year-on-year, on a 130.5 million lei turnover, up by 3%,  data by Romania's finance ministry showed. It had 215 employees at the end of last year.

Oresa's owners and investors are a Swedish entrepreneurial family. The fund is present in Central and Eastern Europe through private equity investments since 1995. Its core market is Romania, where it has invested more than 150 million euro over the years.

(1 euro=4.7773 lei)