Emerging Media Holdings Inc. announced today that it has acquired a 60% interest in privately-held Genesis International SA, a rapidly growing Eastern European infrastructure company, for $4.8 million in cash. According to the company, Genesis had unaudited revenue for year 2008 totaling $18.5 million. As of the end of last month, Genesis had a backlog of $29.9 million.
“We are excited to acquire Genesis which will allow us to participate in the lucrative infrastructure opportunities expected to support growth in Eastern Europe,” commented Iurie Bordian, CEO of Emerging Media Holdings. “Genesis has demonstrated its ability to participate in these projects as reflected by its strong growth over the past several years. We look forward to working closely with their management team.”
Bordian added, “With just their existing contracts for major road construction projects through 2012, EMDH should grow quickly and substantially. As we expand our two core business strategies, we will be creating multiple acquisition and transaction opportunities to create value.”
“I am pleased to join the Emerging Media Holdings companies,” stated Cristian Boldea, CEO. “The Company’s strong balance sheet as well as access to the capital markets should enhance Genesis’s ability to participate in even larger projects than it could previously as a private company.”
Genesis’s main focus is on road construction and rehabilitation in Romania, which is the fastest growing segment of the non-residential market. The company anticipates participating in prospective public tenders amounting to nearly $140.0 million by the end of the current year.
Iurie Bordian, CEO said, “Acquiring Genesis is the beginning of our growth strategy to have two solid business foundations to build on. Our media business is growing steadily and now, with the addition of Genesis, we will be able to become a major participant in Romania’s rapidly developing economy.”