Sarantis negotiates acquisition of Elmiplant

Sarantis Romania, the local branch of the Greek cosmetics distributor Sarantis, is in preliminary talks to take over Elmiplant cosmetics producer, according to market sources. Sarantis representatives have confirmed that there have been direct talks with the shareholders of a Romanian cosmetics firm, but say that no agreement has been reached so far, and refused to reveal the name of the firm. At the beginning of November, Elmiplant’s shareholders, Elena and Mircea Cremenescu, told ZIARUL FINANCIAR that they were considering signing a partnership with a company or with an investment fund in the near future, in order to ensure the development of the business and the growth of the Elmiplant brand on a market dominated by big international brands. At the time, the two put the company’s value at over 10 million euros. Elmiplant has received partnership offers from various investment funds in the past as well, but no agreement was reached due to inconsistent strategies.