Global Finance obtains 3:1 return on its La Fourmi investment

The fund sold the business to Belgian Delhaize controlled Mega Image for €18.6 million.

In a similar transaction, the Polish PEF V investment fund obtained a 2.5 time return on its 2005 investment in the Artima chain, which it sold last year for €55 mln to the French Carrefour retailer.

Investment funds were the most active players on the Romanian retail transaction market, which was dominated by organic expansions of strategic investors.

Since taking over 80 percent of the La Fourmi network’s shares in 2005, the total investment by Global finance in the business amounted to some €6-6.5 mln, according to market sources. The initial transaction amounted to some €3-4 mln, with the Greek fund later going on to raise its participation to 90 percent.