“Insolvency is a hot topic in Romania. Unfortunately the situation, although stable, is still widespread. As such, this is a very important year for our territorial expansion,” CITR managing partner Radu Lotrean told a news conference Tuesday.
Aside from this acquisition, CITR is currently looking at another three liquidators, in view of a future takeover.
Solve Insolve IPURL is owned by Rudolf Vizental, who became a CITR partner following the takeover. The company has five employees and its portfolio includes companies such as Astra Vagoane and Contor Arad.
CITR posted a turnover of EUR5 million last year, and it expects a 20% rise in turnover this year, due to the completion of restructuring started in previous years.
The company has a turnover-based market share of 15% on a segment that hosts some 2,200 liquidators.
Casa de Insolventa Transilvania is one of Romania’s largest liquidators, with offices in six cities nationwide and a portfolio that includes companies such as Leonardo, Flanco, Diverta and Tiago Mall.
So far, the company has managed some 500 insolvency or voluntary liquidation cases.