The value of the deal was not revealed.
“There are several reasons why I bought Diverta, and the first is that I love the brand, which I actually know very well, and I also know some of the people in the team. I worked for RTC (the group established by Octavian Radu i.e.) from 2005 till 2008. I supervised the IT unit of the group, that is the Sistec company,” Augustin Dragan says.
Another thing that mattered in the decision to buy the bookstore chain was that he knew the founder and understood the business.
“One finds it easier to strike deals with people one has worked with.”
Prior to working for RTC, he had a stationery import and distribution business and had been previously involved in the paper industry, so he understands the sector, Dragan added.
“On top of that, Diverta used to be a customer of my stationery company until 2005.”
Augustin Dragan returned to entrepreneurship after leaving RTC in 2008 and has since developed several businesses, some of which acquired from Octavian Radu, as well, the businessman said.
In its heyday, Diverta had grown to 100 bookstores and tens of millions of euros in sales.
The new owner, who bought 17 brick and mortar bookstores and an online store, plans to develop Diverta.
“I’m betting on a step-by-step development. The hope is to exit insolvency three years after the approval of the reorganization plan, that is January 2025.”
(English version by Loredana Fratila-Cristescu)