One possibility would be to sell Crimbo Gas as a gas station asset, without the land, which Borcea estimates to be worth some €100 million, and could be used for the construction of new homes and apartment buildings.
The businessman did not reveal his plans, but hinted at potential partnerships with real estate development companies, as well as the sharing of possible profits from the sale of future buildings.
“One condition I imposed on the Crimbo sale is that I hold on to the land and they take the stations, and that I offer 3-5-year rental agreements,” said the soccer club CEO.
Although he admits to having negotiated with three large companies, including LPG distribution leader SHV Group, represented by its subsidiary Prima Gaz, Borcea indicated that he is not set on selling the business. “I do not want to sell Crimbo. I never wanted to, but have received offers. Of course everything is for sale, but for a price I see fit,” he said, adding that he has been offered €100 million, land included.
Crimbo Gas competes on the domestic LPG market, valuated at an annual €300-500 million, with Petrom, the latter strengthening its position following the recent acquisition of Shell Gas, with Butan Gas, owned by Iosif Constantin Dragan, and with Rompetrol Gas.
Prima Gaz, member of SHV Gas Netherlands, is one of the most important companies on the European LPG market. SHV Gas is the largest LPG distributor worldwide, doing business in 24 countries on four continents.
“One condition I imposed on the Crimbo sale is that I hold on to the land and they take the stations, and that I offer 3-5-year rental agreements Cristi Borcea owner, crimbo gas
