Innova, EBRD exit from Romanian energy sector service firm EnergoBit

Investment fund Innova Capital and the European Bank for Reconstruction and Development (EBRD) sold the 25% stake they still owned in EnergoBit, a Romanian holding company that delivers complete solutions for energy projects, Ziarul Financiar reported.

The buyers are the three founders of the business, Ştefan Gadola, Peter Pal, and Ioan Socea, along with Tudor Alexandru Socea (Ioan Socea's son). The transaction pends approval from the Competition Council.

The company was founded in 1990. Developed into a holding, it now includes 17 companies with over 470 employees and combined revenues of over RON 200 mln (EUR 40 mln), part of which comes from the export of goods and services.

In 2012, Polish private equity investment fund Innova Capital took over 53% of EnergoBit's capital, with the European Bank for Reconstruction and Development (EBRD) also entering the shareholding of the Cluj-based group.

(Photo source: Facebook/EnergoBit)