Mid Europa's Profi to acquire Pram Maya

Mariia Bondarenko
14 November 2019

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Mid Europa-backed Profi Rom Food, a Romanian supermarket chain, has agreed to acquire local peer Pram Maya, subject to approval from the competition authority.

Unquote understands that Profi financed the acquisition itself, with no debt being used as part of the transaction.

Profi aims to continue its expansion drive in the Romanian retail market by taking over Pram Maya's 18 stores in the Prahova county.

Earlier this year, Profi took over two Zanfir units in Braila county. Convenience store chain Mega Image initially aimed to acquire all Zanfir units, but failed to get the competition authority's approval, according to Romania-Insider.ro.

Last year, Profi increased its turnover by 25%, reaching in excess of RON 5.9bn. The retailer, however, posted a loss of RON 90m in 2018, according to Wall-Street.ro.

In 2016, Mid Europa acquired a majority stake in Profi Rom from Enterprise Investors for €533m. Mid Europa IV provided equity in the transaction, alongside the GP's €650m dedicated LP co-investment programme. The Profi SBO is the largest buyout ever recorded in Romania, according to Unquote Data.

In August this year, Mid Europa boosted Profi's share capital by €273m in a drive to increase the retailer's number of supermarkets from 800 to 900.

Company
Founded in 2009 and headquartered in Plopeni, Pram Maya is a supermarket chain owned by the Popescu family. The business generated turnover of RON 73m in 2018, with 271 employees in 18 outlets, according to Profit.ro.