Romania's Aquila closes acquisition of Romtec

The transaction marks Aquila's first acquisition since it was listed on the Bucharest Stock Exchange in 2021, the company said in a press release.

"With this initial investment in manufacturing capacity, we aim to contribute to the development of the local industry and diversify our portfolio with products from over 20 brands manufactured in Romania," Aquila CEO Catalin Vasile said.

The two companies will continue to operate as separate entities, with their main focus for the immediate future to be on the exchange of expertise and resources and the identification of synergies that can lead to mutual benefits.

"Romtec's 30 years of production experience and its innovative capabilities in this market sector, combined with Aquila's commercial strength, are the optimal ingredients to build a local market leader, and then expand regionally in the production of liquids and cosmetic products for car maintenance," said Florin Miron, former majority stakeholder of Romtec.

The deal was first announced by Aquila in November.

Founded in 1994, Aquila provides integrated distribution and logistics services for consumer goods in Romania and Moldova. The company has a portfolio of over 10,000 products. In the first nine months of 2023, Aquila’s net profit rose 9% year-on-year to 70 million lei ($15.3 million/14.1 million euro).

Aquila's shares traded 0.45% higher at 1.12 lei as at 1303 CET on Tuesday on the Bucharest Stock Exchange.

($=0.9215 euro)