Watch the full interview, here.
Bogdan Panainte, CEO and co-founder of Homplex: We are constantly toying with the idea of entering other markets, looking in particular at Hungary and Poland
♦ Homplex is a business founded in 2013 ♦ The company started only with the import and distribution of installation materials ♦ Today, it deals with the production in partnership with local companies and the subsequent distribution of gas detectors, thermostats and gas boxes.
Bogdan Panainte, CEO and co-founder of Homplex, a Romanian manufacturer of thermostats and gas detectors, says he is looking more and more closely at developing business abroad, but entering other markets requires considerable effort to analyse working conditions.
“We are still looking carefully at expanding abroad at the moment, but when you enter a market you have to have a competitive advantage. It’s not easy, Europe comes with more competition, it’s a different market. However, we are constantly toying with this idea. We are looking in particular at Hungary and Poland,” says Bogdan Panainte, in the ZF 15 minutes with an entrepreneur, a Ziarul Financiar project supported by Alpha Bank.
Homplex has been operating in Romania since 2013, when it started as a company that imported and distributed installation materials. Today, the company deals with engineering and technology offering products and solutions for comfort, safety and energy efficiency, and also has a production side. Production, says the entrepreneur, came about as a result of customer needs. However, Homplex does not have its own factory, but produces in partnership with local companies.
“We wanted to mould ourselves to the customer’s needs, there were situations where we had to build solutions. If we imported them from China, they weren’t at the desired quality. If we imported them from Europe, they were over budget. We had to find solutions in Romania so that they would meet the quality and price level. That’s how we started producing,” says the entrepreneur. The company also imports.
Homeplex has a total of 1,500 product types in its portfolio. The company’s customers are mainly large DIY chains, but also energy operators and large local installation companies.
The Romanian company has recorded revenues of around 32 million lei in 2022, and the entrepreneur expects revenues of 40 million lei this year, i.e. an increase of around 25%.
“We are basing our growth on all the products we have added to our portfolio, including the gas boxes we are starting to produce and distribute more and more in Romania. They have come as a package – the composite boxes – with the smart thermostats. There are many projects in Romania, there are many areas where gas will be installed,” explains Bogdan Panainte.
The products that contribute most to Homplex’s business are gas detectors, followed by smart thermostats and gas boxes. The company currently markets more than 100,000 safety, comfort and energy efficiency devices, having invested more than €1m (RON5m) over the past five years to develop and offer energy efficiency and control solutions.
In its first year of operation, Homplex had revenues of 2 million lei, and ten years later, in 2023, Homeplex’s turnover will reach around 40 million lei.
“If we were to maintain the pace, in the next ten years we should multiply our business by 20 times, but from a certain level onwards it’s harder to grow that fast. However, if you find the right markets, plus the right partners, I think the sky’s the limit,” says the entrepreneur.
