Private equity fund Polish Enterprise Fund V (PEF V) has sold the Artima supermarket network to the French retailer Carrefour for 55 million euros, three times as much as Artima's original investment in the business. "In 2005, Enterprise Investors (EI) carried out investments worth 17 million euros in Artima, through Polish Enterprise Fund V. The investment was not supplemented by capital increases or other types of investments from the fund. The development of the supermarket chain, during the time when EI was a shareholder, was conducted exclusively through the company's own resources," said representatives of Enterprise Investors. They added that the fund was actively seeking Romanian companies with a high growth potential, for an investment worth 20-60 million euros. On the Romanian market, the transaction marks the entry of the French company onto the supermarket segment, whilst the 21 Artima stores will be rebranded under the Carrefour name, after the Competition Council validates the transaction. The French retailer started negotiations with Artima in September this year, after Enterprise Investors began to appraise the network, assisted by financial consulting company PriceWaterhouse Coopers. EI fund's legal advisor in this transaction was Radu Taracila Retevoescu SCA, whilst Carrefour were represented by the lawyers at Tuca, Zbarcea & Asociatii. The 4-5 strategic investors that submitted bids for Artima are retailers that have yet to enter the Romanian market, sources from the market told ZF.
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