Adamescu's construction company seeks to buy ailing firms

Construction company Baumeister, held by the Adamescu family, owner of Unirea Shopping Center, is interested in buying ailing firms, after last year it restructured its business.

Dan Adamescu, owner of the TNG group, through which he owns Baumeister, acquired several stakes in troubled companies, such as a 20% stake in home appliances retailer Flamingo and in Central Apartments residential project in Constanta from Norwegian company Westhouse Group, and now intends to extend this strategy into the construction sector.

"We are looking for companies with potential, which cannot finance their operations any more, in view of acquiring them, as well as for business partners on certain construction segments," Marin Ionescu, general manager of Baumeister, who has held this position since the beginning of this year, told ZF. He did not wish to specify what the budget allocated for these acquisitions amounted to or if he had started negotiations with any of the companies targeted.

Baumeister posted a 35.9 million-euro turnover last year, down 23% on the previous year, due to the lack of funding for the company's projects.