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Feb 09, 2024 15:39 EEST
February 9 (SeeNews) - Romanian construction holding company Roca Industry [BSE:ROC1] said on Friday it completed the acquisition of a 70% stake in local interior door manufacturer Workshop Doors for 30 million lei ($6.5 million/6.0 million euro).
Under the terms of the transaction, Roca Industry has the option to acquire the remaining 30% of the shares issued by Workshop Doors, the buyer said in a press release.
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"With this step, we are entering a new stage of development and scaling of the holding, having the ability to create a reference player at the European level," said Ionut Bindea, CEO of Roca Industry.
In July 2023, Roca Industry announced it was in advanced negotiations to buy a stake in Workshop Doors through Eco Euro Doors, Roca Industry’s subsidiary and Romania’s largest residential door manufacturer. The purchase agreement was signed in August 2023, with Eco Euro Doors subsequently assigning it to Roca Industry.
Through the acquisition, the holding group aims to potentially merge Workshop Doors with Eco Euro Doors in a bid to expand production capacity and diversify the product portfolio in both the Romanian and European markets. The takeover of Workshop Doors is the ninth addition to Roca’s company portfolio.
Workshop Doors has been active in the interior door market since 2009, reporting an estimated turnover of 48.8 million lei and earnings before interest, tax, depreciation and amortisation (EBITDA) of over 12 million lei in 2023.
Private equity firm Roca Investments is Roca Industry’s majority shareholder, with a 60.8% stake.
Roca Industry shares changed hands 0.22% lower at 8.92 lei as at 1244 CET on Friday on the Bucharest Stock Exchange.
(1 euro=4.977 lei)
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