EBRD grants EUR 25 mln for Profi expansion in Romania

Private equity fund Mid Europa received EUR 25 million as capital investment from the European Bank for Reconstruction and Development (EBRD) to expand the store network Profi. EBRD will thus become a shareholder in the company. The fund purchased Profi last year in the biggest transaction in the history of Romanian retail, worth EUR 533 million. Mid Europa received a syndicated loan amounting to EUR 305 million from six banks to acquire Profi. These included Banca Transilvania, Erste, Citi, ING Bank, Raiffeisen Bank international, and UniCredit. Now the fund will get money from EBRD to carry out the expansion process. Profi owns 523 stores in over 272 cities and villages in Romania. “With our help, Profi will open hundreds of new stores, both in big cities and in small places in Romania, offering customers the ability to buy food at affordable prices and helping the local economy by creating new jobs,” said Matteo Patrone, EBRD regional director for Romania and Bulgaria. editor@romania-insider.com