BUCHAREST (Romania), September 8 (SeeNews) - Romanian private equity fund Black Sea Fund I acquired a 70% stake in local children's games manufacturer D-Toys for an undisclosed sum, the fund said on Wednesday.
Following the takeover D-toys' management team will be extended, the buyer said in a press release.
In the coming years, the new management aims to increase online sales, develop on markets such as Germany, Austria, Switzerland and increase production and creative capacity in order to meet the public's needs on the targeted international markets.
"This is an interesting time for the market. Our customers are increasingly moving away from cheap imports from China and looking for entertainment, quality and innovation, and we are ideally positioned to serve them in Europe and beyond, being one of the few integrated producers in the EU. I am also excited to build an even stronger culture to serve our customers by expanding our current workforce by over 40% in the coming years," D-Toys new CEO Alex Bute said.
In 2020, the manufacturer, which makes puzzles, board games and educational games for children aged 3 to 14, booked 4 million euro ($4.73 million) in revenues.
"D-Toys is a company with a remarkable development, which operates in a favorable business environment and its core products are very well positioned on the local market. D-Toys is also the right platform for identifying other potential acquisition that we will actively monitor in the coming period," Black Sea Fund I partner Cornel Fumea said.
Founded in 2001 by Tibor Fustos, D-Toys operates a factory with 90 employees in Sfantu Gheorghe, in central Romania.
Established in 2019 by several entrepreneurs, Black Sea Fund I is dedicated to accelerating small and medium enterprises in Romania. The fund has secured a 42.7 million euro funding commitment at its initial closing. The main investor is the European Investment Fund, with resources from the Regional Operational Programme, co-financed through the European Regional Development Fund.