Lutz Stache, with 700-million euros investments in three continents, has relinquished its construction business in Romania that generated 50 million euros, in order to concentrate the capital in the former lime plant of Mittal Steel and pharma industry.
A too enticing offer to say no to
“It was a win-win situation. We wouldn’t have got such a good price if we had sold it this year”, Lutz Stache (photo) commented on the sale of Simcor Holding to Macon Deva , held by Polish-based buyout firm Enterprise Investors. The deal brought him 50 million euros of a total 53 million euros. The remaining 3 million went to his partner Mihai Voiculescu who reinvested the money in real estate.
Stache said that 12 years ago when Simcor was acquired, the company had been on the brink of bankruptcy. Throughout this time, he pumped over 15 million euros in the company to retool it and to make it profitable again. “I’ve always reinvested the profit and it proved to be a good strategy”, said the businessmen, adding that he considered four takeover bids before selling to Macon. The bid from Macon was “much too enticing” for Stache to refuse.
“It was the right time to sell, just before the financial crisis took hold”, said Valentin Tarus, founder of Remedia drug company, about his new business partner. Lutz Stache started to buy stock in Remedia since the beginning of the year. Now he holds no less than 23% equity position in the drug retailer. Together with Tarus, who holds the majority stake, the German businessman said he would invest one million euro in an online pharmacy project that could be put in place by year-end.
Money steered back to Romania
His largest investments in Romania are steered to the lime plant bought in May from the steel company Arcelor Mittal Galati. Three months ago, Lutz Stache acquired through AHG Simcor Industry, the fully-owne
