“After more than two years of recession, many companies have at best recorded slower growth. This is why it is to be expected that if Romania sets out on an upward path, their growth will be sped up,” Manda told Ziarul Financiar in an interview.
The portfolio that Manda is responsible for includes businesses such as Edy International Spedition (the investment took place in 2005), which operates in the transport and logistics sector, microfinance lender Patria Credit (2007), equipment rental company Industrial Access (2007), refrigeration company Frigotehnica, toy company Noriel (2010), and others.
Even though a return in investor interest in Romania can be noticed, Manda says this will not immediately translate into an increase in the level of investments.
“All our [private equity] industry in the region has been strongly affected by this crisis because fundraising in the region has been very low in the last two years and in the first half of 2011. There is, however, money that remained in the hands of large investment funds, either regional or global, whose resources are not fully used up, and who will actively seek to invest them.”
Asked if he is considering any exits, he says he is considering such a move, but not from Romania. The funds also have businesses in Bulgaria and Turkey.
“In Romania we have no interest of exiting any business for the time being because this is the beginning of an upward path for the economy, after two years of recession. We have been approached by strategic investors in the past four months, and their expectations are probably that the economy will continue to grow.”
Manda is considered to be one of the most experienced managers in Romania’s private equity market, after he exited businesses such as Banca Romaneasca (in 2003), Ralfi/Estima Finance, Motoractive, Domenia Credit (2006), Domo (2007), Policolor (2008). Over the years Manda has negotiated with companies such as General Electric and Raiffeisen, with which he in fact struck deals.
(English version by Daniela Stoican, Editing by Loredana Frațilă-Cristescu)