Investment fund Global Finance has sold La Fourmi, which owns 14 supermarkets in Bucharest to Mega Image, the largest supermarket network in the Bucharest, Global Finance announced. Sources on the market reckon the deal will be worth 12-15 million euros, i.e. about 40% of the turnover. Mega Image, which operates 23 stores in Romania is held by Belgian Delhaize retailer, whose representatives previously stated that they were looking for acquisitions on the Romanian market. Delhaize bought 100% in La Fourmi, 90.21% from the Greek investment fund and the remaining 9.79% from the network founder Charles Maalouf. Global Finance bought into the La Fourmi business in the autumn of 2005, when it took over the network from Lebanese investors and expanded it from 11 to 14 supermarkets. The investment fund doubled the retailer's turnover to over 30 million euros in 2007, and started a store upgrade process. Over the past year, however, La Fourmi has faced increasingly tougher competition from the major retail networks. For instance, the sales of the store in the centre of Bucharest were affected by the opening of Carrefour Unirii in 2007. Global Finance made some failed attempts to expand the supermarket chain by buying stores last year. It almost bought the Albinuta chain, which was ultimately acquired by discount store chain Profi in 2007 and showed interest in buying the Ethos supermarket chain in Bucharest. The biggest supermarket chains in Bucharest are now Mega Image (20 stores), La Fourmi (14) and Ethos (13). La Fourmi officials had estimated 20% increase in turnover for 2008, in line with the sales trend in 2007. Mega Image Romania posted turnover worth 70.8 million euros in 2006.
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