Businessman Dan Sucu has taken over, through one of his companies, the entire 40% stake that Camelia Sucu had in 15 of the Mobexpert Group companies, for approximately 40 million euros.
The sale of the shares is but part of a contract that stipulates the clarification of the situation of the joint assets, following the divorce of the Sucus.
"This is a transaction between two shareholders. I bought the shares that Camelia Sucu had in about 15 of the companies of the Mobexpert group and she bought the shares I had in Class. The whole deal was worth about 40 million euros," Dan Sucu, Mobexpert chairman said.
At the same time, Dan Sucu sold 40% of the shares of the Class Group, the luxury furniture unit of Mobexpert.
"My intention to sell the stake came up well over a year ago. It was nothing new, as neither was the possibility that one of the buyers would be Mr. Sucu," Camelia Sucu stated. The two transactions will be paid separately.
"The money will be paid in the shortest time possible. I have more options (to get it i.e.) and I will make a decision soon," Dan Sucu said.
Several investment funds had shown interest in the stake of Camelia Sucu, with information on a possible sale surfacing on the market as early as mid last year. "The offer from the investment funds was about the same as that made by Mr. Sucu, but I thought it was best for this business to stay in the family," Camelia Sucu explained.
Camelia Sucu received advice from PricewaterhouseCoopers Romania.
"We both were aware of how much Mobexpert was worth. The advisers' role was to check whether this value is real or not," said Dan Sucu.
The turnover estimated for Class in 2006 was of about 5 million euros, which is comparable to the 2005 figures. Mobexpert is a business founded by Dan and Camelia Sucu in 1993, and is now the leader of the domestic furniture industry. Mobexpert posted 155 million euros in turnover in 2006.
"I expect the turnover to go up by 10% in 2007. I am mainly basing this estimate on the faster growth pace I am convinced the market will witness this year. There are a series of real estate projects that will be finalised this year and even more such projects under development or about to be started; most of them target the medium and medium to high end segment," Dan Sucu stated.
The investments Mobexpert budgeted for this year stand at 12 million euros.
"Most of the money invested in 2007 will go to the opening of the hypermarket in Sofia and the start of construction on four new hypermarkets in the country, in Brasov, Suceava, Ploiesti and a fourth whose location will be set in the next quarter," Dan Sucu added. Mobexpert has four hypermarkets in Bucharest, one in Brasov and 27 stores throughout the country and will open the first furniture hypermarket in Sofia (Bulgaria) this year.
Outside Romania, Mobexpert Office has a presence in Sofia (Bulgaria) and Belgrade (Serbia). The company also exports to France, Germany, the Netherlands and other countries. Mobexpert Group is currently employing 4,500 people (3,500 of which in factories) and includes 10 furniture factories, 5 import and logistic companies and a real estate firm, Domus Mex.
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