EBRD buys into Mid Europa's Profi

The EBRD's investment follows Mid Europa's €533m SBO of Profi from Enterprise Investors in November 2016 and is intended to support continued openings of new Profi outlets across Romania.

With the investment, the international finance institution joins Mid Europa's 2014-vintage €800m Mid Europa Fund IV and other co-investors as owners of Profi.

During Enterprise Investor's ownership of Profi, the EBRD had provided a €25m loan in support of the company's expansion.

Previous funding
Tapping its Polish Enterprise Fund VI, Enterprise Investors first acquired Profi in 2009, as part of a management buy-in that saw it wholly acquire the company in a €66m EV transaction. Two years later, the GP injected an additional €10m into the business.

Enterprise Investors made 7x money on its €533m sale of Profi to Mid Europa in November 2016.

Company
Headquartered in Timisoara, Profi is a Romanian supermarket chain. The group operates three shop concepts: two focused on urban areas and one focused on rural parts of Romania. Enterprise and Mid Europa said in a statement that Profi is expected to make €800m in turnover in the 2016 financial year, up from €150m when it was acquired in 2009, according to unquote" data.

The business employs a staff of 11,000 across nearly 500 shops in 250 Romanian cities.

People
EBRD – Matteo Patrone (regional director for Romania and Bulgaria); Miljan Zdrale (head of agribusiness for central, south and eastern Europe).
Mid Europa Partners – Andrej Babache (director).
Profi – Daniel Cirstea (CEO).

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• Topics
• Expansion
• Consumer
• CEE
• Romania
• Mid Europa Partners
• EBRD