The Asesoft group, held by Sebastian Ghita and Iulian Stanciuwill take over Flanco, with the sealing of the transaction set beofficially announced today, according to market sources. Homeappliances retailer Flanco needs cash from a new investor to findits way out of insolvency quickly, so it was put up for sale a fewmonths ago by creditor banks ING, UniCredit Tiriac Bank andBRD.
Bankers sought an investor able to bring at least 14 millioneuros into the company in order to settle the chain's guaranteeddebts and to support the sales growth during the last three monthsof the year.
The shortlist of investors interested in Flanco also included aforeign retailer, according to market information.
Asesoft Distribution, with around 100 million euros in turnoverin 2009, was previously involved in a transaction in 2009, when ittook over the distribution division of Flamingo, the operator ofFlanco stores.
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