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CEE - Enterprise Investors sells Romanian supermarket chain to Carrefour

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Enterprise Investors ’ Polish Enterprise Fund V has sold 100% of Romanian retail chain Artima to French retailer Carrefour. The transaction valued the company at EUR 55m, which represents an investment multiple of more than 3x. The transaction will close following approval from the Romanian anti-monopoly office. Jacek Wozniak, partner at Enterprise Investors, led the exit for Enterprise Investors.

Artima Retail Investment Company SA was founded in 2001. Enterprise Investors acquired the company from its founder Florentin Banu in 2004 for EUR 17m. At the time, the company operated 14 supermarkets with a total of 15,000 square meters of shopping area in 13 cities of the Transylvania and Banat regions, reaching a consolidated turnover of EUR 31m. Under Enterprise Investors ownership Artima opened several new outlets and now operates 21 supermarkets with over 21,000 square meters, spread throughout the country. The expected turnover for 2007 is EUR 95m.
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