“The shareholder plans to exit Dumagas in two or three years so we have to grow the company, enter the top three on the transportation market and achieve a double digit growth rate for our EBITDA,” Mircea Vlah, CEO of Dumagas, said.
Official Finance Ministry data show Dumagas to have ended 2016 with 135 million lei (EUR30 million) revenue, down from the RON162 million in 2015.
“The market value of the company is EUR15 million to EUR20 million,” Mircea Vlah said.
UK-based private equity firm Bancroft acquired 100% in Dumagas in 2014, a business founded by entrepreneur Mihai Dugaesescu. Bancroft already owned 51% in it, which it bought in 2010.
Dumagas posted about EUR100,000 net profit in 2016, its second year in the black after ending every year before that since 2007 in the red.
(English version by Loredana Fratila-Cristescu)