German pharma company Anzag spent EUR 35.5 million last year to acquire an additional 20 percent stake in Romanian Farmexpert, according to the pharma company's yearly report. This adds to the 60 percent share package sold by the Romanian company's founder Eugen Banciu in 2006, for some EUR 29.2 million. The full report including details of the purchase is here.

The founder managed to get more money from Anzag seven years later, for a share package three times smaller. Banciu has an option to sell his remaining shares, with the price tied to the company's EBITDA. Farmexpert ended 2011 with a turnover of EUR 430 million, which was over five times higher than the turnover in 2006. The profit also increase four-fold, to some EUR 20.3 million.

Anzag ended the 2011/2012 financial year with sales of EUR 4.5 billion, and an EBITDA of EUR 65.6 million.

editor@romania-insider.com

(photo source: sxc.hu)