The transaction entailed the acquisition of the three entities of ATG Group: Shipyard ATG Giurgiu SRL, ATG Marina SRL and ATG Hydro-Tehnica Systems SRL, respectively.
Following the acquisition, Piriou’s workforce will increase by 300 employees to 1,300, the group said in a press statement.
“This shipyard we have been working with as a subcontractor in the past years enjoys a very good local and international reputation. We will rely on the management team we have already reinforced and carry on with the development of the site which offers a great potential,” Piriou Group president Vincent Faujour said.
Located inside the free zone of Giurgiu, on the Danube River, the Giurgiu shipyard is over 100 years old. It was acquired in 2002 by Romanian businessman Teodor Apostol, who renamed it to ATG Giurgiu Shipyard.
The shipyard’s platform was designed and built for maritime and naval ships with a maximum length of 110 meters, width of 17,5 meters and 3,000 tons weight, according to data posted on its website.
A team of experts in transactions of PwC Romania and D&B David si Baias, the law firm affiliated to PwC in Romania, has provided legal, tax and financial assistance to Piriou Group in the acquisition process.
Experts of PwC Romania and D&B David si Baias provided services of legal, financial and tax due diligence, as well as legal, tax and financial consulting services in drafting the documents of the transaction, assistance in negotiations and in establishing Piriou Romania.
D&B and PwC will continue to provide assistance to Piriou Group for its planned investments and post-acquisition activities.