Romanian investment fund ROCA Investments, part of Impetum Group, has taken over another 30% of local company BICO Industries, a major domestic producer of fiberglass mesh and fiberglass fittings and one of the largest producers in Europe.

Following this transaction, ROCA Investments has increased its stake to 60%.

Founder Mihai Birliba will continue to hold a minority stake and coordinate the company's operations.

"Our desire is to make this company one of the largest players in the fiberglass industry across Europe. In addition, BICO, together with the other companies in the field of construction materials from ROCA's portfolio, will be integrated into the holding dedicated to this field to bring a holistic vision on the sector and create synergies between companies," said Ionut Bindea, investment manager of ROCA Investments.

BICO Industries is a major national manufacturer of fiberglass mesh for heating systems and one of the largest manufacturers in Europe.

With ROCA's investment in August 2020, BICO increased its production capacity and turnover by over 30% to RON 67.7 million (EUR 13.6 mln). The net profit also went up by 81% to RON 5.1 million.

(Photo courtesy of the company)

andrei@romania-insider.com