Elefant.ro announces major changes in its shareholding. EvoMag, with the help of Catalyst Romania Fund II, becomes the majority shareholder in Elefant Online SA, after taking over the stake held by Fribourg Investments.
Elefant.ro is one of the largest online retailers in Romania, with over 2 million customers, a Marketplace where over 400 companies operate and a portfolio of 3 million products.
The value and structure of the transaction are not public.
Elefant Online SA, the company that owns the online retailer elefant.ro, will have the following shareholding structure:
- EvoMag: 69%
- Axxess Capital: 28%
- Shares owned by Elefant: 3%
The transaction will be considered completed only under the conditions of approval by the Competition Council, the file will be submitted in the following days.
Mihai Pătrașcu, founder and CEO of EvoMag: “EvoMag is already the largest vendor in the Elefant marketplace, and between the two companies there are important synergies that support the development of both retailers in parallel. At the same time, the eCommerce market in Romania , which has reached maturity, with over 50% of the inhabitants already familiar with online shopping, needs strong competitors. That’s why we considered that a consolidation of the two operations will be beneficial both for EvoMag and elefant.ro, as well as for Romanian eCommerce users”.