“In March, TTS successfully completed the third operation with IFC. In this operation, IFC held 10% in TTS. Under the contract, TTS bought back 6% last year and 4% this March,” Petru Stefanut, chief executive officer of TTS, the flagship company of the group by the same name, told ZF. TTS was worth EUR120 million when IFC bought into it in 2012 and is now worth EUR150milion to EUR160 million.
In 2012, Mircea Mihailescu, a low-profile businessman got IFC to make an equity investment of EUR12 million. The investment made via a 10% capital increase for TTS at the time revealed the value of the one of the largest freight transportation companies in Romania.
The company is now getting ready for an IPO, which its general meeting of shareholders approved in November.
(English version by Loredana Fratila-Cristescu)