Cris-Tim Family Holding announces intention to float on the Bucharest Stock Exchange
  • Cris-Tim Family Holding, the leader in the Romanian market for cold cuts and ready-meals, announces its intention to float on the Regulated Market of the Bucharest Stock Exchange.
  • The offering will include both a sale of shares held by the majority shareholder and a sale of newly issued shares (share capital increase).
  • The company is one of the most important players in the Romanian food industry and aims to gradually consolidate this position by 2030, both through organic business growth, supported by a major investment program, and through the acquisition of active players in the markets in which it operates.

 Cris-Tim Family Holding (“Cris-Tim”, or the “Company”), the leader in the Romanian cold cuts and ready meal markets, 99.97% owned by Rangeglow Limited, controlled by founding entrepreneurs Radu and Cristina Timiș, announces its intention to launch an initial public offering (“IPO”, or the “Offering”) on the Bucharest Stock Exchange (“BSE”), aimed at retail

investors in Romania, as well as institutional investors outside the United States, based on Regulation S of the Securities Act.

The Offering will consist of a package of existing shares, as well as a share capital increase component (issuance of new shares). Detailed information regarding the Offering will be published in the Prospectus, after its approval by the Financial Supervisory Authority (the “ASF”).

Cris-Tim intends to apply for admission of its shares to trading on the Regulated Market administered by the Bucharest Stock Exchange after the successful completion of the Offering.

 Offering Summary

  • The Offering will include an offer to subscribe for newly issued ordinary Cris-Tim shares and the sale by the majority shareholder of existing ordinary shares in the Company’s share capital.
  • The offering will be addressed to retail investors in Romania, as well as institutional investors outside the United States, based on Regulation S of the Securities Act.
  • Cris-Tim intends to apply for admission of the shares to trading on the Regulated Market administered by the Bucharest Stock Exchange, in the Premium category.
  • Banca Comercială Română S.A. and BRD – Groupe Societe Generale S.A. are acting as Joint Lead Managers in connection with the offering.
  • The launch of the Offering depends on market conditions and the approval of the Prospectus by the ASF, the registration of the Company’s shares with the Romanian Central Depository, the registration of the capital increase with the National Trade Register Office, and the adoption of the necessary corporate approvals.
  • Full details of the Offering will be included in the Prospectus, which will be published after its approval by the ASF.

 

In the context of the Company’s intention to float, Mr. Radu Timiș Jr., CEO of Cris-Tim, notes:

“Cris-Tim is part of the daily lives of millions of people, both in Romania and abroad. Throughout its 33 years of presence in the local economy, the company has constantly invested, innovated, and launched tasty, healthy products that are recognized by Romanians. Moreover, the entire ecosystem created by Cris-Tim, from the team, production, sales, and distribution, is efficient, sustainable, and profitable. We have demonstrated that we can manage complex economic situations in over 30 years of experience, and the company has grown alongside the Romanian economy. We are market leaders in the cold cuts and ready-meals segment and have ambitious growth plans for the coming years. Our experience over the last few decades has paved the way for where we are today, namely the initiation of the public offering process for floating on the Bucharest Stock Exchange. We are confident in the company’s ability to fulfill its development plans.”

 Cris-Tim, key elements

  • Cris-Tim Family Holding is one of largest meat processors and ready meals producers in Romania, with production capacities aligned to the highest international industry standards. At the same time, the Company operates certain unique manufacturing technologies in South-Eastern Europe.
  • The Company has a national distribution network, with its own fleet and sales force to optimally serve both key customers and traditional stores.
  • It is known in the Romanian market for its range of healthy products with a “clean label”.
  • Cris-Tim is one of the most well-known and solid brands in FMCG in Romania. Other well-known brands of the Company are Matache Măcelaru’, Bunătăți and Csárdás.
  • The Romanian entrepreneur family Timiș has a proven track record of successfully growing their business from a start-up to a prominent food company with national coverage.

Cris-Tim, leader in the Romanian cold cuts and ready-meals markets

Cris-Tim is a Romanian entrepreneurial company founded in 1992, which in its 33 years of existence has grown both organically and through acquisitions, from a start-up to the leader in the cold cuts and ready-meals markets. The Company has gradually consolidated both its market share in its target sectors and its profitability through substantial investments in technology and logistics, innovation, focus on product quality, competitiveness in raw material procurement policy, development of strong brands, high level of staff commitment and retention, strengthening these capabilities facilitating over time the construction of sustainable competitive advantages of the Cris-Tim business model.

Cris-Tim is present in the retail market with the Cris-Tim, Matache Măcelaru’, Alpinia, Obrăjori, and Csárdás meat product brands, as well as the Bunătăți ready meals brand. At the same time, it is an emerging producer in the private label production segment for large international modern retail chains. The Cris-Tim brands are among the most prominent in the food industry and among the best known to Romanian consumers, supported by intensive and appropriately calibrated marketing and advertising programs.

Cris-Tim’s flagship product is Salam Săsesc, launched under the Cris-Tim brand in 2002, which subsequently became the main catalyst for the company’s accelerated sales growth, accounting for 15.1% of turnover in the cold cuts segment in 2024.

Through the “Clean Label” concept launched in Romania for the first time in 2017, Cris-Tim has proven to be the most innovative company in terms of quality. “Clean Label” has revolutionized the meat processing industry by radically changing the perception of quality, thus creating a new perspective of sustainable development for the entire industry. The “Clean Label” concept involved explicitly committing to ensuring a high level of product quality (drastically limiting the number of ingredients or additives that could harm consumers’ health in the long term). Products in the Cris-Tim portfolio with the “Clean Label” contain up to a maximum of four additives versus a market average of 9-11.

Cris-Tim is currently one of the largest companies operating in the agri-food sector in Romania, with production capacities aligned with modern technologies. The Company operates three factories with a combined capacity of 215 tons/day, the main factory operated by Cris-Tim being the one in Filipeștii de Pădure, with a production area of 50,000 square meters and a technological capacity of 165 tons of products per day. This factory exclusively produces cold cuts under the Company’s main brands, Cris-Tim and Matache Măcelaru’, which are fully aligned with the “Clean Label” concept, as well as ready-meals made from meat.

The Măgureni factory has a production area of 6,000 square meters and a daily production capacity of 25 tons, which is allocated to the production of cold cuts under the Alpinia economy brand and the production of cold cuts under private labels.

The Bucharest factory is dedicated exclusively to the production of ready meals (soups, stews, salads, menus), with a production area of 2,200 square meters and a technical capacity of 25 tons per day.

Cris-Tim operates an extensive logistics infrastructure that includes nine large cold storage warehouses nationwide and a fleet of over 500 commercial and utility vehicles used for distribution to modern retail chains and traditional stores.

Cris-Tim has over 2,000 employees, approximately half of whom have been with the Company for over seven years. The Company also has a professional executive management team, with individual experience ranging from 12 to over 30 years in the food industry or industries relevant to the management areas covered.

Cris-Tim brands are present on the shelves of all 13 retail chains operating in Romania, as well as in over 15,000 traditional stores. The Company also has 18 of its own stores and exports its products to 17 European countries. The export is carried out entirely with products from the Cris-Tim Family Holding portfolio, representing 12-14% of the Company’s annual sales. In 2024, the Company produced and delivered over 41,000 tons of finished products.

 Sales dynamics are significantly above the sector average and stable margins, substantially above Western European markets

In 2024, Cris-Tim recorded total revenues of RON 1.12 bn, with EBITDA of RON 167 mn and a net profit of RON 88 mn. In terms of net profit dynamics, the Company has recorded substantial profits in recent years of activity.

The Company has two main lines of business: the cold cuts segment, which generated 86% of revenue at the end of 2024, and the ready-meals segment, which contributed 9.4% of revenue, a still very young market with a very rapid growth rate. Revenues from the cold cuts segment exceeded RON 960 mn, while revenues from the ready-meals segment exceeded RON 100 mn in the same period, a sharp increase compared to previous years.

“Cris-Tim has a business model focused on operational efficiency and profitability. We have been pioneers in the food industry since the beginning, with innovation being part of our DNA. We launched the first industrial raw-dried products, the first ready meals products on a national scale, introduced packaging for sliced ​​products and created new market segments. This vision and responsibility compel us to continue innovating and creating new segments that meet consumer needs and develop the entire industry. We are currently market leaders in the cold cuts and ready meals segments, and we aim to consolidate our position. We are where our customers are, and we are constantly adapting our production and distribution network to the behavior of the end consumer. This is what has made us market leaders and what continues to support us,” says Răzvan Furtună, CFO of Cris-Tim.

Strategic vision for development and growth, based on a major medium-term investment plan

For the period 2025-2030, Cris-Tim has launched a capital investment plan worth RON 890 mn. Part of this investment plan is focused on developing existing production capacities, a program partially financed by the national program for revitalizing the agri-food industry, Investalim. The investment program will be implemented between 2025 and 2028, with the financing agreement signed on October 8, 2024, by the Agency for Financing Rural Investments (“AFIR”).

In addition to the organic growth above market rates in the medium term, which is based on the investment program, in order to implement its development strategy, over the next three years, the Company intends to actively identify and evaluate potential merger and acquisition targets, with the aim of strengthening its competitive position in the cold cuts and ready-meals markets and diversifying its product portfolio, aiming to enter new product categories, both fresh and processed.

For more information, please contact:

CRIS-TIM FAMILY HOLDING S.A.

Ligia Smadu, [email protected], 0726.688.662 

Rogalski Damaschin Public Relations

Natalia Negru Botezan, [email protected], 0742.521.586

Banca Comercială Română S.A.

Cosmina Plaveti, [email protected]  

BRD – Groupe Societe Generale S.A.

Irina-Ruxandra Neacșu, [email protected]

DISCLAIMER – IMPORTANT NOTICE

This press release does not constitute an offering for sale of securities in the United States. The securities to which this press release refers have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States. There will be no public offering of securities in the United States.

In the Member States of the European Economic Area, this communication is addressed only to persons who are “qualified investors” within the meaning of Article 2(e) of the EU Prospectus Regulation (Regulation (EU) 2017/1129). This communication is not an advertisement within the meaning of the applicable measures implementing the EU Prospectus Regulation. In accordance with the requirements of Directive 2014/65/EU, the information contained in this communication is addressed exclusively to eligible and professional counterparties, regardless of the distribution channels.

Cris-Tim has not authorized any offering of securities to the public in any Member State of the European Economic Area other than Romania. In respect of each Member State of the European Economic Area other than Romania that has implemented the EU Prospectus Regulation (each, a “Relevant Member State”), no action has been taken or will be taken to make an offering of securities to the public that requires the publication of a prospectus in a Relevant Member State. Accordingly, securities may only be offered in the Relevant Member States to a legal entity that is a qualified investor as defined in the Prospectus Regulation; to fewer than 150 natural or legal persons per Relevant Member State (other than qualified investors as defined in Article 2(e) of the Prospectus Regulation), subject to obtaining the prior consent of the Mandated Co-Arrangers for any such offering; or in any other circumstances falling within the scope of Article 1(d) of the EU Prospectus Regulation, provided that no such offer of securities requires the publication by Cris-Tim, the shareholders of Cris-Tim or any of the Mandated Co-Arrangers of a prospectus pursuant to Article 3 of the Prospectus Regulation or a supplement to the prospectus pursuant to Article 23 of the Prospectus Regulation. For the purposes of this paragraph, the expression “offering of securities to the public” in any Relevant Member State means the communication, in any form and by any means, of sufficient information about the terms of the offering and the securities to be offered, so as to enable an investor to decide to purchase any securities, as they may vary in that Member State by any implementing measure of the EU Prospectus Regulation, and the expression “EU Prospectus Regulation” means Regulation (EU) 2017/1129 and includes any relevant implementing measure in each Relevant Member State.

The approval of the Prospectus does not constitute a guarantee or any kind of assessment by the ASF regarding the opportunity, advantages or disadvantages, profit or risks involved in accepting the Offering, which is the subject of the approval decision; the approval only certifies the compliance of the Prospectus with the legal requirements and the rules adopted for its application.