MAM Bricolaj owner Cristian Gavan already held 50% of the shares of Geomam Pal Group, and has now bought the remaining half which was owned by George Nedelea, according to data on Confidas.ro platform.
“This acquisition enables MAM Bricolaj to strengthen its foothold on the market and to equally generate the growth expected by the company’s shareholders. Geomam Pal Group operates in the field of processing particleboard (PAL) and medium density fiberboard (MDF) panels for constructions. Thus, MAM Bricolaj becomes a group of firms. With this acquisition, the total number of employees reaches 102. MAM Bricolaj currently has 75 employees,” per a press statement.
Geomam Pal Group had a turnover of RON3.6 million and a profit of RON240,000 in 2019.
MAM Bricolaj, which has two stores in Bucharest, will double the area of its unit in Bucharest’s Costin Georgiana area that will be a total 2,000 square meters. The store, under the new format, opens on December 17, 2020.
MAM Bricolaj is working on the opening of its third store, in Bucharest’s district 6, which is scheduled in the first part of 2021, within an investment of nearly EUR1.6 million. MAM Bricolaj also seeks to extend its store network across Romania, in the first part of 2021, with a first tore opening in central city of Brasov.
MAM Bricolaj’s turnover grew nearly 32% and its profit soared 60% on the year in January-September 2020. In January-June 2020, MAM Bricolaj had a turnover of RON17 million, up 28% on the year, and expects a turnover of RON38.5 million end-2020. Its online sales increased by 40% in January-June 2020, compared with the same period in 2019.