Enterprise Investors’ Venture capital fund provides expansion financing to cord blood bank
Bucharest, 18 November 2009 — Enterprise Investors (EI) announced today that Polish Enterprise Fund VI (PEF VI), the private equity fund managed by EI, has signed an agreement to buy out 100% of Profi Rom Food Group, one of the largest supermarket chains in Romania, in a €66 million deal. Following the transaction, EI will control 100% of the share capital of Profi Rom Food, Albinuta Shops
and DT Logistic. The seller is Duna Waiting Participation. Enterprise Investors has worked on the investment with a management buyin team of experienced retail managers. The transaction will close upon approval by the Romanian anti-monopoly office.
Profi Rom Food Group SRL, established in 2000, is one of the largest supermarket chains in Romania, operating 65 stores
in 47 Romanian cities. The company is a sizeable player in the country’s modern retail market. Profi was created as a discount store and migrated to the supermarket concept by increasing the size of its assortment severalfold. Revenues increased significantly in the last two years, with Profi achieving total sales of RON 440 million (€150 million) in 2008.
Sales are expected to grow by almost 40% in 2009, to RON 600 million.
“Enterprise Investors finds Profi a very attractive investment opportunity that can be grown through further improvement of operations as well as further rollout. We have identified Gunter Grieb, a top manager with 5 years’ experience in Romanian food retail, to help us realize this goal following the transaction. As the ex-CEO of Kaufland Romania, Mr. Grieb was instrumental
in successfully developing the Kaufland network in that country,” said Cristian Nacu, Enterprise Investors partner.
“We believe that together with Enterprise Investors, which is an experienced investor in the Romanian as well as Central
and Eastern European retail sector, we can secure excellent performance from Profi despite the challenging market times,
and multiply the company’s offer as well as its value. Our goal is to double the number of stores within a few years,” commented Gunter Grieb, Profi’s incoming CEO.