Enterprise Investors acquires toys retailer Noriel

Enterprise will acquire 100% of the shares in the transaction through its Polish Enterprise Fund VII, a Poland-focused vehicle with a secondary remit to invest in other CEE countries. The deal value was undisclosed, but will include a €2m growth capital injection.

Following its investment, the GP plans to grow Noriel within Romania, building on the 26% turnover growth the company saw in 2015.

Previous funding
Enterprise's secondary buyout comes six years after Noriel first raised institutional capital. In April 2010, the Romanian retailer received a €7m equity investment from Balkan Accession Fund, a private equity vehicle managed by Bucharest-based GP Axxess.

Company
Headquartered in Bucharest, Noriel is a retailer of toys and games. The company operates 47 shops across 27 cities in Romania, complemented by an online platform.

Founded by the Constantinescu family in 1995, the company imports, distributes, manufactures and sells toys and games. In 2015, the company had revenues of €30m.

People
Enterprise Investors – Șerban Roman (country director); Jacek Woźniak (partner).

Advisers
Vendor – KPMG (financial due diligence); UniCredit (M&A); Reff & Associates (legal).
Equity – RTPR Allen & Overy (legal).

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• Topics
• Buyouts
• CEE
• Consumer
• Exits
• Romania
• Enterprise Investors
• Secondary buyout