“We are glad that the entrepreneurs who created the story Laptaria cu caimac have chosen the capital market to attract the necessary financing to continue their accelerated development. And even more, we are happy with the management’s intention to take the company’s shares on BVB. This year showed us that we need to look more closely at our own strengths, at the Romanian entrepreneurial companies, at the capital available to support the growth of these companies,” said stock exchange chairman Radu Hanga.
Agroserv Mariuta carried out a private placement in November through which it sold euro-denominated bonds totaling EUR3 million. The bonds will reach the maturity on November 2025 and they have an annual interest rate of 5.25%. The private placement was oversubscribed, and the offer was supplemented, the interest obtained being the lowest financing cost obtained in 2020 for similar bond offers. 94 investors, both individuals and institutional investors, subscribed to the private placement.
The funding obtained will be used to support the development of the factory, the expansion of the production section and the construction of a new warehouse. The company’s management plans investments of EUR16 million in the coming years, including the construction of a biogas plant and a system for the recovery and reuse of glass.
“It is a very important day for us, the debut to trading launches a new chapter in the evolution of the company. We are happy with the confidence of investors and hope to remain at high rates for the IPOs as well. We want a close relationship with investors and the stock market because together we can build a real agri-food ecosystem in Romania and for that we need sustained investments,” said Adrian Cocan, Agroserv Mariuta CEO.
BT Capital Partners, the investment banking and capital markets division of Banca Transilvania Financial Group, was the intermediary and authorized advisor of the transaction and of the listing. Starting 2019, BT Capital Partners has brokered seven corporate bond issues and three mergers and acquisitions transactions worth over EUR300 million.
Agroserv Mariuta is a company with integrated activity, comprising a field farm, on which it exploits 3,000 hectares of agricultural land cultivated with cereals and oil plants, and a cow farm, thus being a dairy producer. The cow farm has a herd of about 2,800 heads. The company’s shareholders include Madalina Oana Cocan – 98%, Adrian Cocan – 1% and Nicusor Serban – 1%.
From June 2018 until present, Laptaria cu caimac has developed its distribution in numerous international store chains: Mega Image, Auchan, Cora, Kaufland, Carrefour, Profi, Selgros, Metro Cash & Carry, in independent networks shops in the country: Diana – Valcea and Gorj County, Panemar – Cluj County, Ana Pan – Bucharest, Fraher – Tulcea and in many grocery stores, convenience stores and traditional stores, as well as in the hospitality industry.
Agroserv Mariuta ended 2019 with revenues of RON63.2 million, up 30% on the year. In the first half of 2020, revenues amounted to RON37.6 million, up 40% on the year and estimates that revenues will reach almost RON70 million by year-end. The company expects its revenues to continue growth, reaching almost RON142 million in 2025.