MidEuropa, a European private equity investor with deep roots in Central Europe, is to sell Profi Rom Food (Profi), one of Romania’s major food retailers, to Ahold Delhaize for an Enterprise Value of approximately €1.3bn.
Profi is a convenience and proximity supermarket chain offering local products to people across Romania’s cities and countryside. The company, which operates through a network of more than 1,650 stores, generated revenues of more than €2.5bn in the twelve months ending June 2023. Following MidEuropa’s acquisition of Profi in 2017, the Company has become the largest supermarket chain in Romania (based on number of stores) and one of the fastest-growing retailers in the country, successfully adding over 1,100 stores and increasing sales by more than 3.3x.
The sale, which is MidEuropa’s fourth liquidity event in 2023, following the partial exit of its investment in the software company Symfonia and the e-commerce marketplace Allegro, as well as the full exit from the healthcare provider Kent, is the largest grocery deal ever in continental Europe involving private equity. It is also the the largest grocery deal ever in Central and Eastern Europe.
