US group buys Romanian agri firm founded by ethnic Slovaks

US group PHI Group, specialized in investments in natural resources and agriculture, signed an agreement to acquire a 51% stake in Romanian agricultural producer Maxagro, reports local Profit.ro. The firm, based in the Western Romania county of Timis, was founded by a family of ethnic Slovaks. The US group wants to raise USD 50 million to expand Maxagro's business. PHI has committed to raise this amount including through acquisitions and leasebacks and launching new products. The purchase price will be determined after an independent auditor will evaluate and audit Maxagro. The deal should be completed by August 8, according to PHI Group. Maxagro and PHI have agreed to cultivate special plant varieties for food and medical use in the next few months. Maxagro has annual revenues of about EUR 30 million. editor@romania-insider.com (photo source: Maxagro.ro)