A prominent Turkish toys company on Thursday said it had completed a deal to take over the top toys retailer in Romania.
Sunman is the Turkish market leader in toys retail, distribution and manufacturing, while Noriel is the top toys, games and baby products retailer in Romania.
Founded in 1985, Sunman looks to expand its presence abroad with the deal, broaden its product range and enlarge its exports, the company said. However, the size of the deal was not disclosed.
Operating under Sunman and Toyzz Shop brands, the retailer runs nearly 250 stores in Turkey and the Turkish Republic of Northern Cyprus (TRNC).
The opening of a store in Kosovo earlier this month marked its first abroad.
"We have been evaluating purchasing opportunities abroad for a long time within the framework of our export-oriented growth strategies," said Sunman Group Chair Cem Sunman.
"We evaluate our acquisition of the Romanian brand Noriel as an important step that will increase our market share abroad and our say in the region and support our exports."
Noriel started out as a family business in the 1980s. It was acquired by Enterprise Investors, one of the largest private equity firms in Central and Eastern Europe, in 2016.
It then operated a network of 47 shops, which today stands at around 88 across Romania. It runs an online platform that also covers Bulgaria.
Noriel is expected to reach an all-time high revenue of approximately 312 million lei (around $64 million), Enterprise Investors said in a statement.
"Today, this (Noriel) is the only player in Romania to offer a truly omnichannel service that maximizes online and offline synergies," said Dariusz Pietrzak, a vice president at Enterprise Investors.
"We are proud to be part of Noriel’s journey toward market-leading retail and e-commerce formats that provide the best shopping experience."
Pietrzak said a shift in preferences toward innovative, entertaining and educational products would further benefit Noriel thanks to the company’s strong product development and sourcing capabilities.