M&A alert. CITR takes over Five SPRL, the insolvency consultancy

The insolvency consultancy Casa de Insolventa Transilvania (CITR) has taken over Five SPRL, another player in the sector, in a bid to consolidate its operations.

Five SPRL is the second insolvency consultancy that was taken over by CITR after Solve Insolve IPURL in 2011.

„The insolvency market is changing. We are talking about new economic challenges, of a new dimension of businesses that are going into insolvency, about a bigger receivables and a stronger impact from the collapse of a company, now and on its partners (…) The insolvency market is still fragmented, but it becomes clear that a complex insolvency procedure can be solved for the benefit of all involved parties only through a holistic approach, of a strong company, wi the neccesay resources and strenght to work on projects that are constantly becoming more complex,” said Andrei Cionca, CEO of CITR.

Among the insolvencies managed by Five SPRL there is the case of Petroconsult, a company active in the oil sector and of Vega 93, a firm in the constructions market.

CITR has subisidiares in eight cities. Following the acquisition of Five SPRL, the company will also have operations in Galati city.

Read more about

CITR and Prime Insolv facilitate Dan Steel Group’s wire factory sale in Beclean for €7.5M

read more

Ovidiu Posirca