Ambient, a company that posted EUR142 million revenue and EUR8.5 million net profit in 2013, has been undergoing a restructuring process for a number of years, during which it had to give up some of its retail spaces via sale and lease back contracts to lower its debt level.
“During the financial restructuring negotiations over reducing the company’s medium and long-term debt to banks, lender BCR Romania, Business Capital for Romania Opportunity Fund (BOF) and Ioan Ciolan agreed to have BCR transfer to BOF a EUR1.567 million and 13 million debt (EUR3 million) debt arising from several loans granted by BCR to the company and BOF transfer the debt to Ioan Ciolan in exchange for a stake (…) of up to 10% in the company minus one share,” reads the Official Gazette.
The deal was completed in August, when the BCR-controlled fund officially became an Ambient shareholder. Ioan Ciolan retained a majority stake of 70.8%.
“As part of the strategic development and market position consolidation goals of Ambient SA, Mr. Ioan Ciolan in his position as founder and majority shareholder brought on board Dutch investment fund Business Capital for Romania Opportunity Fund as a shareholder (…),” says Tibi Kapsas, chief financial officer of Ambient.
With the new shareholder, the company will receive support so as to be able to grow and develop its store and logistics warehouse network as of 2015, he added.
BCR officials did not comment on the information by the time the story was ready for posting.
(English version by Loredana Fratila-Cristescu)