Mr. Joe's supermarkets attract one more investor

Artima supermarket chain held by Florentin Banu, the man who built and turned Joe into a major brand on the Romanian wafer market, will come to total ten stores this year, following a capital increase that attracted another investment fund into this venture. “We had only one fund as shareholder until the capital increase, i.e. the Transbalkan Romanian Fund managed by SAEF Romania, which owned a 22% stake. Following the capital increase, Transbalkan Romanian Fund has come to hold 25%, while Growth Fund, which registers the same shareholders and administrators, holds 24%,” Florentin Banu told Ziarul Financiar. He did not care to disclose the exact value of the deal, though. The remaining shares are held by Florentin Banu (37%) and other individuals (14%). Artima currently comprises six supermarkets in Resita, Lugoj, Deva, S=nnicolau, Caransebes and Oradea, which posted $10 million turnover together last year.

“We will open a new supermarket in Bistrita by mid this month, so that our total investments will reach $7 million and open three more stores in the last few months of the year, therefore investments will amount to nearly $10 million by then,” Banu said.

Under the circumstances, the turnover could go up to more than $15 million this year.

“Last year we started out with three operational supermarkets and ended with six. This year we started out with six and end with ten,” Banu added.

Florentin Banu was the majority shareholder of the leading Romanian wafer producer Joe IBC for seven years. Nestle Group bought Banu’s stake in Joe IBC in late 2000 for a yet undisclosed price.
ionut.bonoiu@zf.ro