British-Dutch group Unilever, one of the biggest players on the local FMCG market, has bought a 75% stake in Romanian company Good People, which owns the ready-to-eat food brand FruFru.

The company’s founder Mihai Simiuc has kept a 25% stake in the company and will continue as general manager, according to a report on the Bucharest Stock Exchange.

The value of the transaction was not disclosed but the company presented the formula based on which the price was determined.

Good People had a turnover of RON 34 million (EUR 7.2 mln) and a net profit of RON 842,00 (EUR 179,000) in 2018, according to data from the Finance Ministry. In 2016, the company raised EUR 1 million from investors on the Bucharest Stock Exchange through a bond issue.

(Photo: FruFru Facebook Page)

editor@romania-insider.com