ROMANIA: The Competition Council authorized Profi’s takeover by Mid Europa Partners | Progresiv
Less than three months after signing the agreement between Enterprise Investors and Mid Europa Partners for the sale of Profi shares, the Romanian Competition Council has given its consent to this transaction. 
"The Competition Council authorized the transaction by which MEP Retail Investments SRL takes over Profi Rom Food SRL. MEP Retail Investments SRL is a company founded in November 2016, having as main activity management and business consulting. MEP Retail Investments is part of private equity investment group Mid Europa Partners", reads the competition authority’s press release.
At the end of November 2016, Polish Enterprise Fund VI (PEF VI), a private equity fund managed by Enterprise Investors, announced the signing of an agreement to sell 100% of Profi Rom Food shares to investment fund Mid Europa Partners, the value of the shares sold amounting to 533 million euros.
This is the largest transaction ever made by a private equity fund in Romania and the largest transaction in the local retail industry after the takeover of 20 Real stores by French retailer Auchan, in a transaction worth more than 250 million euros.
Mid Europa Partners is one of the largest independent private equity firms operating in the emerging markets of Central and Eastern Europe. With presence in London, Budapest, Warsaw and Istanbul, Mid Europa Partners has raised and manages funds of approximately 4.3 billion euros.
Profi was bought by Enterprise Investors in 2010 for 66 million euros and made a capital increase of 10 million euros a year later. Following the acquisition, supported by Enterprise Investors, the company went through a rigorous process of modernization, restructuring and expansion.
Profi quickly became the most dynamic retail chain in Romania, with an unprecedented growth rate of 100 stores per year in the past two years, currently reaching 511 units, compared to 67 since the takeover.
The retailer ended 2016 with a turnover of over 3.5 billion lei, about 38% more than in the previous fiscal year, according to data provided by the company.
