Abris Capital Partners has agreed to acquire Global Technical Group, a Romanian building management solution provider. No financial terms were disclosed.
WARSAW, Poland, July 23, 2019 /PRNewswire/ — Abris Capital Partners, the Central & Eastern European private equity fund manager, has signed an agreement to acquire a majority stake in Global Technical Group, the leading end-to-end building management solution provider in Romania. Abris will partner with the two founders Mr. Fadi Rida and Mr. Mihai Stanescu to grow the operations of the Group and further expand in the region. The transaction is conditional upon securing clearance from the anti-monopoly authorities.
Global Technical Group is the leading technology and security integrator in Romania. Its unique offering of building management solutions is complemented by proprietary software platforms (such as CAVI and Share Alert). Over the last two years, the Group has more than doubled its revenue by providing blue-chip clients in sectors such as real estate, banking and retail with innovative solutions that helped them shift from traditional, physical systems to technology-enabled systems.
“Here at GTS we welcome our partnership with Abris which enables us to accelerate our development at a regional level, especially in Central and Eastern Europe, and creates the premises to expand our products internationally. It also strengthens strategic development directions, such as complete building technologies provider, and proprietary IOT platforms for both on premise and in cloud deployment. In the light of the new partnership, Global Technical Group has access to the know-how and experience of our partners, both in their industries and markets,” said Fadi Rida, shareholder of Global Technical Group.
Mihai Stanescu added: “Partnering with Abris certifies the evolution of our companies in recent years that led Global Technical Group to become an important player in the technology area. This partnership is an important step for our regional and international development, as well as for accelerating the innovation process by promoting efficiency solutions, through CAVI products, in different vertical business areas.”
“Global Technical Group is an excellent platform that is setting the standard for building management solutions. In partnership with the talented management team, we see numerous opportunities to use its comprehensive knowhow to further expand the digital services and provide clients with the most progressive Internet of Things (IoT) solutions,” said Adrian Stanculescu, Investment Director at Abris Capital Partners and Head of Abris Romania.
“Monitoring closely recent trends in the CEE region, we are following more and more interesting companies in the technology and IT sectors. Sophisticated IT skills, deep technological knowledge and intellectual potential have become competitive drivers of the regional companies. We will certainly be looking very closely at opportunities like Global Technical Group, strengthening potential market leaders with our capital and development expertise,” said Pawel Gierynski, Managing Partner at Abris Capital Partners.
Global Technical Group is the eighth investment made by Abris as part of the EUR 502 million raised in the fall of 2017 from international investors for its third fund to support and develop interesting business projects in CEE.