Reconstruction Capital II (RC2) investment fund, listed on the London Stock Exchange, has announced that it decided, together with its partner, the Hagicalil family, to put the company up for sale, with a domestic investment banking company being hired to find a buyer.
Some private equity funds and strategic investors have already voiced their interest, reads the monthly investment report for February.
RC2 entered Romar Group's shareholder structure two years ago, in the wake of a 3m-euro investment through which it took over 32% in the company's capital. Subsequently, the fund raised its stake to 40%, reaching investments worth 4.1m euros, while the rest of 60% is controlled by Erghin Hagicalil, the group's founder and chief executive.
The report does not show whether the majority shareholder will put out for sale the entire stake or only part of it. Contacted by ZF, the representatives of Romar and RC2 confirmed they held talks with several investors interested in the company, but "we are not yet at the stage where we could make a concrete decision to sell," according to RC2.
RC2's stake in Romar group was assessed downwardly from 4.1m euros at 2.4m euros in December 2008, with the value of the entire group thus amounting to 6m euros.
As for the performance of Romar group, turnover the company generated in 2008 was 30% below initial estimates. According to the latest data, Romar ended the first 11 months of 2008 with a 0.4m-euro loss.
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