Sebastian Ghita of Asesoft buys Flanco

The Asesoft group, held by Sebastian Ghita and Iulian Stanciu will take over Flanco, with the sealing of the transaction set be officially announced today, according to market sources. Home appliances retailer Flanco needs cash from a new investor to find its way out of insolvency quickly, so it was put up for sale a few months ago by creditor banks ING, UniCredit Tiriac Bank and BRD.

Bankers sought an investor able to bring at least 14 million euros into the company in order to settle the chain’s guaranteed debts and to support the sales growth during the last three months of the year.

The shortlist of investors interested in Flanco also included a foreign retailer, according to market information.

Asesoft Distribution, with around 100 million euros in turnover in 2009, was previously involved in a transaction in 2009, when it took over the distribution division of Flamingo, the operator of Flanco stores.