Camelia Sucu, who owns 40% in Mobexpert, the biggest business in the furniture industry in Romania, is in talks with four investment funds to sell her shares. "I was contacted by investment funds as early as last autumn. We are in talks and I have already received two non-binding offers. A due diligence is to be done soon. I believe I can provide more details about the value of the transaction towards the end of June," Camelia Sucu told ZIARUL FINANCIAR.
At the moment, the funds to have shown interest in buying into the Mobexpert business are the Romanian-American Enterprise Fund (RAEF), Enterprise Capital - two of the most important fund managers on the Romanian market and Nomura, Japan, through the representatives from its office in Budapest, as well as an investment fund with Saudi Arabia-based investors. A sale of the stake Camelia Sucu owns in Mobexpert could amount to around 50 million euros, according to the estimates of consultants in the mergers and acquisitions sector.
"We will see what each of them wants. Talks may target the 40% stake in the Mobexpert group or just part of it," says Camelia Sucu.
She added talks did not target Mobexpert''s luxury furniture division, Class, though. Camelia Sucu runs Class, where she owns 60%.
"I know about Camelia Sucu''s intention to sell the stake she owns in Mobexpert. I also know there are several investment funds interested in it," states Dan Sucu, chairman and majority shareholder of Mobexpert, who holds 60% of the business.
Dan Sucu says he does not want to buy Camelia Sucu''s 40%, because of "too much money" involved and prefers to invest in the development of the Mobexpert business instead.
"As far as I am concerned, I am the majority shareholder, and my main interest is to boost the value of the company. I do not want to become the sole shareholder." Camelia Sucu adds the she is getting advice from a financial consulting company for the talks with the investment funds but did not care to reveal its name. The Mobexpert group, a business founded in 1993 and developed by Dan and Camelia Sucu posted 150 million-euro turnover last year and a profit margin of around 10%, the group officials say. The turnover growth rate is estimated at 15% for this year. Mobexpert is the main player in the furniture industry, with 1.1 billion euro sales in 2005. Its rivals are Elvila, Silvarom Bucharest, Alprom Ploiesti or Natuzzi (Italy).
Dan and Camelia Sucu, Mobexpert group shareholders, decided to part ways two years ago.
Dan Sucu specified that in case Camelia Sucu sold, she would become the richest woman in Romania.
On the other hand, the entry of an investment fund in the business will not change Mobexpert''s strategy.
"We already have a strategy for the next five years and any minority shareholder entering the company will have to abide by it," Dan Sucu adds.
With the money collected from the sale of the Mobexpert stake, Camelia Sucu intends to build a private maternity and get into real estate business along with other private capital partners.
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