Equest Investments Bulgaria, the local arm of UK investment firm Equest Partners, will launch its Technomarket Europe consumer and home appliances retail chain in Romania at the beginning of 2007, according to Romania media reports on December 12.

Equest Bulgaria has invested more than 130 million euro real estate, insurance, electronic retail, food retail, car imports, and other enterprises, mostly in Bulgaria. According to a November 17 report by news agency Reuters, the company has told the Irish Stock Exchange, where it was already listed, that it intended raising 100 million euro with a listing on the London Stock Exchange’s AIM market. The company said that it would use the funds to invest in other countries in the region including Turkey and Ukraine. The Romanian expansion of Technomarket is expected to be among items funded through the AIM listing.

The company said at the time that it intended changing its name to Equest Investments Balkans Limited. Parent firm Equest Partners also controls Equest Balkan Properties Plc, which focuses on commercial property in Eastern Europe.

Technomarket Europe, set up in 1999, is the largest chain in Bulgaria, with 32 outlets with a combined sales area of 48 000 sq m.

The company expanded operations in 2004 to neighbouring Macedonia and Serbia, where it has so far opened three stores.

The retailer, which holds a 40 per cent share of the Bulgarian market, reported 260 million euro in sales for 2005, and 145 million euro for the first half of 2006, according to a report by Dnevnik.

Equest Investments Bulgaria Limited (EIBL) was launched at the end of April 2004. EIBL is a 32 million investment company for Bulgarian listed and non-listed investment opportunities. Swiss bank Pictet & Cie, Deutsche Bank, Commerzbank and Griffin Capital Management were among the first 20 investors to commit money to Equest Investments Bulgaria Ltd.

In the autumn of 2004, EIBL purchased three Bulgarian car importers, one rent-a-car firm, four Sofia cinema theatres as well as a number of construction sites. The fund bought the importer of Mazda in Bulgaria, Star Motors, Auto Italia (importer of Alfa Romeo, FIAT and Lancia) and Bulvaria Holding (one of the main dealers in Opel and Chevrolet) as well as a representative of car rental company Avis.

EIBL has a strategic majority or significant minority holdings in companies operating in target sectors of financial services, property development and retail including Vitosha Insurance, Pelikan Retail EAD, Immofinance, Avto Union, Familia supermarkets and Technomarket. EIBL acquired indirect control of Bulgarian security group Vitosha at the beginning of 2005 by purchasing the insurance group’s majority owner, Daru Finance. In June 2005 EIBL invested 50 million leva to acquire slightly more than 30 per cent in Bulgarian supermarket chain Familia via a capital hike. In October 2005, Equest announced it would invest 10 million euro in building a spa recreation centre near the south-western town of Razlog and 19 million euro to construct a residential complex in Sofia.

2006 has been a dynamic and full of purchases year for EIBL. In January, Equest Balkan Properties, managed by Equest Capital Management, acquired a three-star hotel in Sofia for 10 million euro. Pelican Retail finalised negotiations to lease Forum Urvich to Familia Supermarkets. The firms concluded a 10-year lease with progressing rental levels. Familia supermarkets opened its 27th store in January 2006, while other 13 were under development.

In January the Bourgas dealer of Auto Italia opened its new showroom in the city.

In March 2006, Equest Balkan Properties purchased the shopping mall Sofia City Centre for 94 million euro. In June Equest bought full control of the Familia supermarket chain for an undisclosed sum and vowed to invest 10 million euro in the next 18 months in the company.