The founder of bicycle producer Atelierele Pegas, Andrei Botescu, and four other shareholders sold all their shares in the company to Network One Distribution (NOD), a vehicle fully controlled by Iulian Stanciu, the CEO of the biggest local online retailer - eMAG.ro.

NOD became the sole shareholder of the company for RON 433,033 (EUR 89,000), according to data consulted by Profit.ro.

NOD became a shareholder in Atelierele Pegas in 2015 when it took over from Botescu a 51.67% stake for EUR 202,588.

Botescu now sold his remaining 13.33% stake. The other shareholders who have sold to NOD are Ciprian Frunzeanu - 5%, Alexandru Manda - 3.335%, Adrian Teasa - 3.335%, and Alin Andrei - 5%.

 The Pegas bicycles were launched on the market in the early '70s, being produced at the weaponry factory in Zarnesti - "March 6", renamed Tohan Zarnesti.

In its heyday, the factory produced 30,000 bicycles a month. Andrei Botescu revived the brand by launching Atelierele Pegas in 2011.

In 2019, Atelierele Pegas had a turnover of RON 10.7 mln (over EUR 2 mln), down from RON 12.64 mln in 2018, while its loss rose by RON 7 mln to RON 16.1 mln. The company's debt increased from RON 19.7 mln to RON 23.1 mln, while receivables decreased to RON 2.7 mln, from RON 3.8 mln in 2018.

(Photo: Pegas Facebook Page)

andrei@romania-insider.com