Jacek Siwicki, chairman of Poland's private equity firmEnterprise Investors, with investments of above 160m euros inRomanian companies, says the Romanian market has undergone profoundchanges in the past decade. Thus, from the first deals sealed withentrepreneurs in hotel rooms, at present negotiations have becomeextremely tight and are carried out with international players.Enterprise Investors' first investment domestically was also themost profitable. The 23% stake in MobilRom (Orange today) acquiredin 2000 for 19m euros brought the Polish firm a 4x investmentmultiple upon exit in 2005. Artima store chain, which the Polishfund bought in 2005 from businessman Florentin Banu, was the secondmost profitable domestic placement. In 2007, when it sold Artima toCarrefour, the fund got 55m euros, three times the initialinvestment. Two years after selling Artima, the Polish fund madeanother investment in retail, buying Profi store chain for 66meuros. After taking over Profi, last autumn, Enterprise Investorsofficials announced they planned to double the network to 130stores by 2013.
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