Local investor Iulian Stanciu, the CEO of the largest Romanian online retailer eMag, has acquired the local bicycle producer Pegas through his electronics distribution company Network One Distribution (NOD).

He plans to invest some EUR 8 million in expanding Pegas’ distribution network and the product range, which should help it produce and sell 10 times more bicycles in three years (25,000 compared to 2,500 now). On the longer term, Pegas wants to open an assembly line with an annual production capacity of 100,000 bicycles, in five years, according to its founder Andrei Botescu.

NOD will hold a 51.6% stake in the company Atelierele Pegas Bucuresti, which had sales of EUR 250,000 last year. Andrei Botescu, the company’s founder and CEO holds a 31.7% share, and four other local investors own the remaining 16.7%.

NOD is the largest electro-IT distributor in Romania. The company had a turnover of EUR 208 million, in 2014. NOD also produces and sells eight brands of its own, which include IT&C products, toys, appliances, and tools.

editor@romania-insider.com

(photo source: bicicletele pegas on facebook)