Investment fund Innova Capital and the European Bank for Reconstruction and Development recently acquired the controlling stake in Romanian group EnergoBit, which supplies services and equipment for electricity networks. The deal, whose financial details were not disclosed, will be finalized in the first quarter of 2013, according to the official statement.

Innova will control 52.8 percent of EnergoBit, a company with a turnover of some EUR 160 million a year. The company was founded by Romanian entrepreneurs Péter Pál, Ioan Socia and Ştefan Gadola.

The buyers expect the sector to see substantial investments in the coming years, with the modernization of the electricity transport networks and increasing renewable energy production as main growth drivers. “We will support the existing management of EnergoBit group in developing their activity, in partnership with the founders and with the EBRD,” said Andrzej Bartos, Managing Partner, Innova Capital (in picture).

Innova's consultants in the deal were the firms Clifford Chance Badea, Roland Berger and Ernst & Young.

Innova Capital, an investment fund based in Poland, so far invested some EUR 500 million in 40 companies from 10 countries in the Central and Eastern European region.

editor@romania-insider.com

(photo source: Innova Capital)