Netherlands-based Imtech buys local Arconi

Netherlands-based Imtech, with annual revenues of €3.86 billion acquired Romanian multidisciplinary technical services provider Arconi, in a deal that came as a surprise to players in local construction industry.
Imtech, a technical services provider in electrical engineering, ICT and mechanical engineering, acquired a less-known company based in Bucharest with annual revenues of €15 million, according to the press release remitted by Imtech to the stock market.

According to M&A analysts interviewed by Wall-Street, the value of the deal hovers near €10-15 million, given the current conditions in the construction market.

Arconi Grup , established in Bucharest, is one of the larger players in the Romanian market for technical services and has a headcount of around 200.

The company was held by businessman Dumitru Gavrilut with 75% stake. Prior to the completion of the deal, the remaining stake was held by Dumitru Osca (8%), Barbu Iaconu (5%), Niculae Ciocan (5%), Ancelica Enciulescu (1.75%) and Bogdan Dumitru Enciulescu (5.25%).

“Takeover talks last for two years and four months. We have a strong relationship of trust, as we have been collaborating with Imtech for the last few years”, Dumitru Gavrilut, majority shareholder and CEO of Arconi in a phone interview. Gavrilut will remain in office.

According to Gavrilut, the value of the company remained constant over the last two years and four months, despite the financial crisis. “The asking price in the early stages of our negotiation is the same as the buying price of this week, when the deal was finalized”.

The CEO declined any comment on his future investments after the deal with the Dutch company, saying he will remain in the construction market.

The Netherlands-based Imtech reported last year revenues of €3.85 bln, up 15% YoY, and a net profit of €183,000.

Imtech ran €50 mln projects in Romania in 2006. Its shares are listed at Amsterdam stock exchange, Euronext, where Imtech is included in the Midcap Index. Imtech shares are also included in the Dow Jones STOXX 600 index.

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