EBRD develops Profi with $27m

Retail chain Profi has secured a $25m equity investment from the European Bank for Reconstruction and Development.

Profi, a Romania-based retail chain, has raised €25m ($27m) from the multilateral financial institution European Bank for Reconstruction and Development (EBRD), according to Business Review.

Profi, which was acquired by private equity firm Mid Europa Partners in 2016 for €533m, operates 523 stores across Romania, employing some 11,000 staff. It will use the cash to boost its presence across smaller towns in the country.

EBRD previously provided a €25m loan in 2015 to support the company’s growth.

Matteo Patrone, EBRD regional director for Romania and Bulgaria, said: “With our support, Profi will open hundreds of new stores in both big and small localities of Romania, offering customers the opportunity to shop for affordable food in convenient locations while boosting the local economy and creating jobs.”

See more from this Government Report: European Bank for Reconstruction and Development (EBRD)

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