Dutch group AkzoNobel will take over full ownership of Romanian paint producer Fabryo Corporation from Swedish investment fund Oresa Ventures, becoming the leader in the Romanian decorative paints market, according to a group announcement.
The transaction includes two production facilities and six distribution centers for decorative paints, adhesives and mortars, including one of the largest decorative paints factories in the region, with capacity for further expansion. The value of the deal hasn’t been disclosed.
Fabryo had revenues of around EUR 45 million and a net profit of EUR 3.4 million with 355 employees, in 2017. The company’s portfolio includes the brands Savana, APLA and InnenWeiss.
AkzoNobel is also present on the local paints market with its division AkzoNobel Coatings, which had sales of over EUR 9 million in Romania, in 2016.
“This acquisition provides AkzoNobel with the number one position in a fast-growing market, said Thierry Vanlancker, CEO of AkzoNobel. “Fabryo has a proven track record when it comes to growth and profitability,” he added.
The planned transaction is expected to be completed in the second half of 2018, subject to regulatory approval.