Catalin Ionescu, the 14-year long serving chairman of the training provider Codecs, sold his stake in the company for €120,000, in a €425,000 deal whereby businessman Ovidiu Tender acquired 51% interest.
Tender bought the stake in Codecs through the geophysical expertise provider, Prospectiuni Bucharest (PRSN).
Prior to the deal, Codecs had 25 shareholders, the most important being Adrian Dan Babutan (17.08%), Catalin Ionescu (13.99%) and Gabor Kolumban (4.92%).
“The talks between us and the representatives of Ovidiu Tender completed on April 16, after only two days. I am glad things ended fast”, said Catalin Ionescu, former chairman of Codecs.
Tender will also take over Codecs’ debts, representing a €2.7 million loan taken by the training company in 2007. For the time being, Codecs still has €1.5 million to repay.
However, behind Tender’s inroad into Codecs could be other reasons. The staff training company holds two office buildings in central Bucharest which could fetch around €28,000 per month in rents.
Ovidiu Tender had a fortune estimated at €300 million last year, according to Forbes 500. His best known businesses are the steam generator manufacturer Vulcan and geophysical expertise provider Prospectiuni. Tender group’s operations also include investments in real estate, power, pharma or constructions.
In 1993, Ionel Chera founded Codecs. In time, the company turned into an educational conglomerate that holds a training division, printing house, a foundation and an MBA program offered in partnership with Open University School in UK.
