French utilities group Veolia, which controls Apa Nova, the supplier of water and sewage services in Bucharest, is in negotiations to take over Frigotehnica, one of the largest production and assembly companies for refrigeration equipment in Romania, reports local Ziarul Financiar.

The seller is the investment fund Axxess Capital, one of the most active players in the private equity market in Romania, led by Romanian Horia Manda.

Frigotehnica recorded a turnover of about EUR 12.3 million in 2015. For 2016, the company estimated a 15% increase in the business.

Veolia, which has an annual turnover of EUR 24 billion, has global activities in utilities, energy and public transport. If Veolia acquires a stake in Frigotehnica, it would be a major move by a French strategic investor into local production.

editor@romania-insider.com