By Vanora Bennett
Transactions support Altex’s acquisition of major do-it-yourself chain Bricostore
The European Bank for Reconstruction and Development (EBRD) is participating in part of the €43 million(US$50.1million) loan by Raiffeisen Bank Romania to its client Altex Romania, the country’s leading electro-IT retailer.
The loan is supporting Altex to expand into the DIY market through the purchase of the fourth largest chain in the sector, Bricostore. As Altex Romania’s first sizeable acquisition, the transaction marks an important step in the retailer’s business diversification.
The EBRD’s unfunded risk participation of €21.5 million is the first sub-loan made under the Risk Participation Framework (RSF) agreement signed with Raiffeisen Bank Romania. Under the RSF, the EBRD offers unfunded risk participation mechanisms by guaranteeing the partner bank’s loans to eligible companies. The financial instrument is designed to support small- and medium-sized enterprises (SMEs), mid-caps and large corporates, with freed-up capital capacity for Raiffeisen Bank Romania to further expand lending to SMEs.
“We are delighted to stand with Raiffeisen Bank Romania in supporting this transaction, which we expect to help foster a robust and dynamic business environment in Romania,” said EBRD Global Head for Manufacturing and Services Frederic Lucenet.
“This transaction, in which the EBRD plays a strategic role, confirms our strong partnership both with Altex Romania, which has been our client since 2020, and with Raiffeisen Bank Romania, and underscores our commitment to supporting key market players in Romania,” said EBRD Head of Romania Victoria Zinchuk.
“The acquisition of Bricostore represents a defining moment in Altex’s evolution and in our strategy to diversify our business. Through this transaction, we are taking a significant step toward strengthening our presence in the home-improvement sector and building a more comprehensive retail ecosystem that benefits both our customers and the Romanian economy. The support of the EBRD and our partnership with Raiffeisen Bank Romania reinforce their confidence in our long-term vision and provide us with the resources needed to accelerate investment and innovation in retail,” said Founder and Chief Executive Officer of Altex Romania Dan Ostahie.
“This is the first transaction completed as part of our strategic partnership with the European Bank for Reconstruction and Development. It marks a significant milestone in our commitment to supporting Romanian companies, encouraging investment, and driving economic growth,” said Vice-President Corporate and Investment Banking, Member of Board of Directors, Raiffeisen Bank Romania Cristian Sporiș.
The EBRD has worked in Romania since 1991, focussing on financing green investments in infrastructure, especially in the energy sector; boosting corporate productivity and resilience; and further developing the financial sector and capital markets. To date, the Bank has invested more than €12 billion in 576 projects.
