Romanian retailer Profi, controlled by the investment fund Mid Europa Partners, will continue to develop its chain at a rapid pace of 250 units per year (new openings and modernization), but it will be more selective when choosing locations for new units. Financial costs have increased fivefold, Profi CEO Gayton Pacton said.
In this way, about 250 new units will be built, he said Finance magazine.
In 2022, Profi opened 96 new units and remodeled another 177, closing the year with 1,641 stores.
The CEO of the company said that the market share of modern business in Italy or France exceeds 85%, while in Romania it is only 70%, and expressed his belief that there is still room for expansion. He said ProFi could eventually reach more than 2,000 stores.
Profi closed last year with a turnover of RON 11.6 bln (EUR 2.2 bln), 22% more than in 2021, according to ZF daily calculations based on data communicated by Gaetan Pacton.
Mid Europa Partners is preparing to exit Profi, six years after the investor paid more than EUR 500 million for it, sources familiar with the deal said. Finance magazine last august The deal could be worth more than EUR 1 billion, the same source estimates.
(Photo Source: Professor)