The transaction’s value was not made public.
“(Proffice) has been for many years now a leader of the office supplies market in Romania, a sector that will return to growth once the recession is over. (…) The company has an automated logistics storage unit, experienced management and sales teams and a large base of loyal customers,” said Cornel Marian, managing director for Oresa in Romania.
Following the takeover, Oresa recapitalized Proffice, reducing its debt burden and funding the implementation of an investment program targeting marketing, sales and an increase in working capital.
“Our immediate focus will be the improvement of client focus,” the Oresa official said.
RTC Proffice Experience posted sales of EUR28 million in 2010.
“The financial crisis prevents us from offering full financial support to Proffice. For the RTC group, this transaction cuts 25% off its debt burden, in line with the strategy launched in 2010,” Octavian Radu said in the news release.
Several companies in the RTC group, including Diverta, TCE Logistica, Fashion Retail Group and Sebra Francize have entered judicial reorganization in 2010 and 2011.