Businessman Marius Ghenea acquired PC Garage, one of the country’s largest online retailers, the deal being confirmed to Wall-Street by Gabriel Vasile, chief executive of the company.
“Fit Distribution said earlier this year when it bought shopit.ro and 24pc.ro that he would make further acquisitions while continuing the organic development of the group”, Marius Ghenea, chairman of Fit Distribution, told Wall-Street.
However, the executive refused to disclose the value of the deal, but said that any evaluation of a company at this point was different from what it could have been last year, due to financial crisis that had changed the M&A multiples.
“The value of the deal rests on the negotiation and view of both seller and buyer”, said Ghenea, adding that the current managing director of PC Garage would be replaced by a person selected from Fit Distribution management.
PC Garage reported €7.47 mln sales last year, up 50% from €5.1mln a year earlier.
Earlier this year, Marius Ghenea acquired the online store shopIT.ro specialized in the sale of tech products.
In 2008, the chairman of Fit Distribution bought the majority stake in Gravity Design SRL, company that operates the best known brands in the online flower market - www.floridelux.ro and seasonal website www.brazidecraciun.ro.
PC Garage’s main competitors are Emag, MarketOnline, Cel.ro and PCfun.
