Berger Paints India on Tuesday acquired Polish firm Bolix SA, a leading provider of external insulation finishing system (EIFS) in the B2B segment, for a net purchase price of $38.6 million (around Rs 1,54.7 crore). The Kolkata-based paints major acquired the entire bloc in the Polish firm held by global private equity group Advent International.
The holding was bought by Berger Paints’ wholly-owned Cyprus subsidiary, the company’s media statement stated. While Ernst & Young and Tomczak & Partners of Poland assisted Berger Paints clinch the deal, Clifford Chance and CAG were advisors to Advent International.
The purchase is conditional and depends on the fulfilment of certain conditions, including clearance by the Polish Anti-Monopoly Office. The purchase price is also subject to the usual adjustments at the time of completion of the transaction.
Bolix products include adhesives, mortars, plasters, primers and paints. In combination with other insulation materials like polystyrene foam or mineral wool and auxiliary materials such as fibre glass meshes, Bolix’s EIFS products provide insulation solutions as well as a decorative finish for traditional brick and concrete structures.
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