Advent International has agreed to sell Bolix, a Polish provider of exterior insulation finish systems to the B2B market, to Berger Paints India Ltd. No financial terms were disclosed.
Advent International, the global private equity group, today announced that it has agreed to sell Bolix, a leading Polish provider of Exterior Insulation Finish Systems (EIFS) for the business to business market, to Berger Paints India Ltd, one of
The exit marks the outcome of a successful five year development programme, following Advent’s acquisition of Bolix in 2003. In the last three years, Bolix has recorded double-digit revenue growth rates while maintaining high profitability.
Advent has helped Bolix change from being purely a manufacturer to a service-orientated business and has helped the company develop new market opportunities. Value has been created by strengthening the company’s logistics, improving support for wholesalers and offering contractors innovative on-site services.
Other initiatives have included significantly developing Bolix’s exports to
The prospects for the business are strong, with the boom in the Central & Eastern European construction materials industry set to continue. The continuing drive to implement energy efficiency measures also offers considerable growth potential for Bolix’s Exterior Insulation Finish Systems.
Monika Morali-Efinowicz, head of Advent International’s
Bolix President Artur Lakomiec added: “After Advent helped us implement a successful growth programme, both at home and abroad, they facilitated the search for a partner able to support the company’s further expansion. Key in this respect are the business synergies between Berger and Bolix, including production technology, complementary product lines and respective geographic markets.”
Advent International has been investing across Central & Eastern Europe since 1994 and has local offices in
Advisers on the transaction were Ernst and Young (
About Advent International
Founded in 1984, Advent International is one of the world’s leading global buyout firms, with buyout offices in 15 countries on four continents. A driving force in international private equity for more than two decades, Advent has built an unparalleled global platform of over 115 investment professionals across Western and Central Europe, North America, Latin America and
About Berger Paints India Ltd
Berger Paints India Limited was founded by Lewis Berger in 1923. It is one of the largest industrial and decorative paint manufacturers in