Romanian investors launch fund for troubled companies

CITR Group, one of the biggest local groups specialized in company restructuring services, has launched a new investment and management platform dedicated to Romanian companies facing financial difficulties.

The platform is called ROCA and its founding shareholders include CITR Group, through its investment division, Dragos and Adrian Paval, the owners of DIY retailer Dedeman, through PIF Industrial group, Dan Sucu, the owner of the Mobexpert furniture producer and retailer, and Astra Rail Management, a rolling stock producer owned by German investor Thomas Manns.

ROCA aims to contribute to making the local business environment healthier by attracting resources from investors and distributing them to companies confronted with financial difficulties as well as growth or founder succession problems. Although Romania is the fastest-growing economy in Europe, half of the important local companies have difficulties.

ROCA will provide financings of up to EUR 2 million in exchange for a stake of minimum 60%. It offers the company’s owners the possibility to buy back the shares. The targeted investment period is 7 or 8 years and the targeted average investment return rate (IRR) is 16% per year.

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