ROCA Investments, a member of Impetum Group, announces that Frigotehnica, a national and regional leader on the refrigeration solutions market, has joined VINCI Energies, part of one of a world leader in concessions, construction and energy. The transaction shall be analyzed by the Competition Council and shall become effective pending approval.
“This transaction represents for ROCA a concrete validation from the market, but also the confirmation of the fact that we achieved our mission of leading the companies we invest in to the next level. Exits do not define our business model, but when win-win opportunities appear, they must be taken into consideration. Although we had a number of potential buyers, the choice of the right partner had to meet our principle of ensuring the further development of Frigotehnica in order to fulfil its mission and, at the same time, to share the values of ROCA Investments and of Impetum Group, ROCA is a part of” added Rudi Vizental, CEO of ROCA Investments.
For VINCI Energies, the acquisition of Frigotehnica is an important strategic step towards its development in Romania and the CEE.
“With the acquisition of Frigotehnica, we are expanding the portfolio of our activities in Romania and are delighted to welcome a very experienced major regional player in the refrigeration sector,” says Eric Devigne, Managing Director VINCI Energies Central and Eastern Europe.
ROCA’s investment in Frigotehnica more than three years ago meant the beginning of a period of financial and operational restructuring, as well as an improvement of its efficiency at all levels of business, concluding with the company becoming a leader in the refrigeration industry, both at a national and regional level. Whilst in 2018 Frigotehnica had a turnover of €18M and excessive overdue debts and losses, today its turnover exceeds €32M, with growth perspectives.
„This transition towards becoming an international company is based on the same partnership principles assumed with ROCA: continuity and development” said Ionuț Bindea, Investment Manager of ROCA Investments, President of the Frigotehnica Board of Directors.
The investments made by ROCA are partnerships with no expiry term, but rather a development rate and a life cycle dictated by the development stage of the company and by the needs of the entrepreneurship ecosystem which ROCA cultivates.
“We are proud that both Frigotehnica and ROCA are taking an important step today. Frigotehnica remains a Romanian company and will benefit from an international profile in its effort to achieve its mission to become a center of excellence in refrigeration for Central and Eastern Europe” said Rudi Vizental, CEO of ROCA Investments.