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BUCHAREST (Romania), November 19 (SeeNews) - Romanian investment and management platform for troubled companies ROCA said on Tuesday it has bought a 30% stake in local lunch delivery company Yellow Restaurant in a 300,000 euro ($331,800) deal.
The acquisition is prompted by the strong performance of the European delivery market, ROCA said in a press release.
"Out of the three segments of the food market - namely classic restaurants, aggregators and integrated businesses of deliveries, the latter has achieved remarkable results in the last decade," ROCA investment manager Alexandru Tanase said.
In 2018, the company managed to narrow its net loss by 55% to 192,017 lei ($44,490/40,230 euro), while its turnover edged down by an annual 1% to 2.73 million lei, data posted on the finance ministry's website show.
Yellow Restaurant plans to open a new unit in Cluj-Napoca following the deal, the press release added.
Yellow Restaurant, established in 2015, offers deliveries through its online platform Yellow.Menu, which now has over 10,000 active customers.
ROCA was launched in March last year and is the first investment and management platform dedicated to Romanian companies in financial distress.
Since last year, ROCA has become majority shareholder in local agricultural products company RDF Arad, electric cable manufacturer Electroplast, industrial chemicals company Sinteza, port operator Romcargo Maritim, shoe manufacturer S-Karp, cooling solutions provider Frigotehnica, and honey producer Tremot.
(1 euro=4.7759 lei)