The transaction will take place subject to obtaining the necessary approvals from the Competition Council, the Commission for the Examination of Foreign Direct Investments, and after the prior approval of the main terms and conditions by AQUILA’s Extraordinary General Shareholders Meeting.
“According to the business development strategy announced with the listing on the Bucharest Stock Exchange, we continue the acquisitions of companies and maintain a broader approach from the market perspective and profitability of the target company. Also, the acquisition will allow us to expand and strengthen our presence in all distribution channels with products complementary to our activity and represents another step in consolidating the business. The completion of the acquisition of Parmafood companies will allow the expansion of AQUILA’s portfolio with new international and local partners, continuing to offer our consumers diversified and high-quality products,” said Catalin Vasile, Aquila CEO.
The total agreed price for the acquisition of both companies will be a maximum of EUR 16.5 million, from which debts will be deducted, based on a price mechanism established by the parties, and will be paid from own sources.
The agreed payment method consists of paying 80% of the total amount upon closing the transaction and 10% after 1 year, respectively 2 years from the closing of the transaction.
It is an important decision regarding the future of our company and comes as a confirmation of the maturity of our business model. We decided to offer continuity to the distribution business by associating with a larger player who shares our vision and values and who will create opportunities for growth and development for both our business partners and our employees,” said Eugen Savu, majority shareholder and General Manager of Parmafood.
Parmafood companies have a combined history of 3 decades and hold a portfolio of over 100 brands with national and international recognition. Parmafood Trading SRL and Parmafood Group Distribution SRL recorded a combined turnover of RON245.53 million in 2022 and a combined net profit of RON15.67 million. The acquired companies carry out distribution activities in HoReCa, Modern Retail, and Traditional Retail channels and operate logistic warehouses with integrated stock management systems.
AQUILA operates in Romania and the Republic of Moldova, with an integrated business model, with activity in the following business segments: distribution, logistics, and transport. AQUILA sells consumer goods in over 72,000 points of sale across all FMCG retail channels, covering over 90% of the market. The integrated product portfolio totals over 10,000 products.
The company was founded in 1994 by the entrepreneurs Alin Adrian Dociu and Constantin Cătălin Vasile. Since November 2021 is listed on the Bucharest Stock Exchange (BVB), following an initial public offering worth RON367 million, the largest initial public offering carried out by an entrepreneurial company on the local capital market.
The company’s shares (symbol AQ) are included in the Bucharest Stock Exchange reference index– BET and in the Global Micro Cap index of FTSE Russell. Starting from September 1, 2023, the company’s shares are also included in the MSCI Frontier IMI and MSCI Romania IMI indices.
(English version by Catalina Apostoiu)