The buyers are the three founders of Energobit, namely, Stefan Gadola, Peter Pal, Ioan Socea, alongside Tudor Alexandru Socea (Ioan Socea’s son).
The transaction is pending approval from Romania’s Competition Council.
Contacted by Ziarul Financiar (ZF) daily, Innova Capital representatives did not wish to comment on the matter. However, in 2021, Krzysztof Kulig, senior partner Innova Capital, said Innova might make an exit in one-two years, that is 2022 or 2023.
Innova and the EBRD had originally acquired the majority stake in Energobit in 2012. Subsequently, the company founders remained deeply involved in the business, but had a separate management. During the period in which EnergoBit founders were minority stakeholders, the Energobit Group had no fewer than four executive directors. Five years later, the market saw changes and the founders injected money into Energobit. Consequently, the ownership stakes were adjusted, with Innova and the EBRD ending up holding 25% of Energobit shares and Stefan Gadola, Peter Pal and Ioan Socea holding 75%. The three founders also returned to the management of Energobit.
Innova Capital has been present in Romania since the end of the 1990s and its portfolio currently comprises three Romanian companies: Optiplaza, OptiBlu and PayPoint.
The Energobit business was founded in 1990. Energobit Group is operated through several entities with a combined turnover of EUR60 million in 2020 and 700 employees, as per data previously sent by the company to ZF. The company Energobit SA, the largest entity of the group, reported a 20% lower turnover of RON216 million (EUR55 million) for 2020, the last year for which data are publicly available, and a total 473 employees. Data for 2021 are not publicly available.
At the time of its acquisition, in 2012, Energobit said it expected a turnover of EUR160 million and Innova targeted a twofold increase in turnover over a four-five-year period when it was planning to make its exit. Data at that time showed that the EBRD had paid EUR20 million and Innova EUR45 million for their ownership stakes in Energobit.