“This transaction makes the wish of late Marcel Barbut, the founder of Adeplast (who died in early 2019 –e.n.) come true, as he turned the company, from its humble beginnings, into the leading manufacturer of thermal insulation materials in Romania and into a regional player in Southeast Europe. The deal is pending the approval of the antitrust body”, stated Adeplast representatives.
ZF reported in June 2019 that AdePlast was being courted by investors interested in buying it, and investment bank Alantra, with operations in Europe, United States, Asia and Latin America, was entrusted with finding a buyer. In October 2019, ZF reported that Sika was close to buying AdePlast, an over EUR100 million business with 470 employees.
ALANTRA and BI Corporate Finance, as well as law firm Wolf Theiss, assisted Adeplast owners during the transaction.
AdePlast makes mortars, polystyrene and paint in its 11 plants located in Ploiesti, Oradea, Roman and Craiova.
AdePlast posted RON474 million lei (EUR103 million) revenue in 2018, 13% higher than in 2017, according to Finance Ministry data. Exports generated EUR8.4 million of that, as AdePlast shipped products abroad to Hungary, Bulgaria, Republic of Moldova, Austria, Spain and Italy.
Sika has three plants in Romania and posted RON155 million revenue in Romania in 2018, according to Finance Ministry data, 8% higher than in 2017. It also reported a nearly RON7 million profit and on average 78 employees in 2018. Sika bought a plant from Arcon, a construction group held by Romanian entrepreneur Ioan Titeiu, last year.