Business Forum • 16 December, 2024 at 10:45 AM
AQUILA, the market leader in integrated distribution and logistics services for consumer goods in Romania and the Republic of Moldova, announces the completion of an agreement to acquire 100% of the shares of KITAX Kft, one of the top five distribution companies in its sector, with nationwide coverage in Hungary.
The transaction price is a maximum of €14 million and is calculated based on a mechanism agreed upon by the parties, considering working capital adjustments and net debt. The acquisition is subject to the approval of the Hungarian authorities for transaction clearance, including the Foreign Direct Investment (FDI) and the General Shareholders' Meeting of AQUILA.
KITAX Kft, 22 years of operations and nationwide coverage in Hungary
KITAX Kft reported revenues of €10 million and an EBITDA of €2.1 million in 2023. Founded in 2002 by Ida and Ștefan Ozsvald, Kitax Kft distributes professional hygiene and cleaning products, consumables for the HoReCa sector, and health and safety equipment. The company has a diversified portfolio that includes over 10,000 products from over 400 top global suppliers, such as Kimberly Clark, Essity (Tork), Vileda Professional, and Karcher. KITAX Kft serves clients in key sectors such as industry, HoReCa, retail, education, healthcare, and facility management.
The company's logistics infrastructure is modern, including its fleet and a 3,000 sqm warehouse in Mosonmagyaróvár, where 70% of the energy used is green.
Cătălin Vasile, CEO AQUILA: "This acquisition complements AQUILA's strategy of integrating new business lines with immediate development and attractive profit margins. By acquiring KITAX Kft, we will become an active player in the Hungarian market, adding a complementary portfolio of products to our current business. This move brings us closer to our regional development ambitions following the success achieved in Moldova with the acquisition of Trigor AVD. We continue to develop AQUILA alongside a professional team that has built and developed a strong European company. We have confidence in the KITAX Kft team, with whom we will strengthen existing partnerships with suppliers and clients. This new transaction aligns with our commitment to double the EBITDA value by 2026."
Ida Ozsvald and Ștefan Ozsvald, owners of KITAX Kft: "The decision to join AQUILA, one of the market leaders in distribution and logistics in Romania, opens new horizons for the growth of our company. Our over 20 years of experience in Hungary's hygiene product distribution sector, supported by AQUILA's expertise and strength, creates a solid foundation for developing new growth opportunities with our business partners."
AQUILA ended the first nine months of 2024 with revenues of €422.6 million, marking a 20% increase compared to the same period last year. The company's results were supported by the organic growth in the distribution segment and the contribution of the three companies acquired in 2024 that operate in the Romanian market. Romtec and the two Parmafood companies contributed 5.3% to the company's revenues.
AQUILA operates in Romania and the Republic of Moldova, with an integrated business model and activity in the following business segments: distribution, logistics, and transport. AQUILA sells consumer goods in over 72,000 points of sale across all FMCG retail channels, covering over 90% of the market. The integrated product portfolio totals approximately 11,000 products.
The company was founded in 1994 by the entrepreneurs Alin Adrian Dociu and Constantin Cătălin Vasile. Since November 2021, it has been listed on the Bucharest Stock Exchange (BVB), following an initial public offering worth RON 367 million, the largest initial public offering carried out by an entrepreneurial company on the local capital market. The company's shares (symbol AQ) are included in the Bucharest Stock Exchange reference index—BET.