Bico Industries S.A., a subsidiary of the Romanian company Roca Industry Holdingrok1, acquires Iranga Technologijos from Lithuania, according to the information sent to BVB.
The management of Roca Industry (hereinafter referred to as “Roca Industry”) informs the market that, on May 2, 2023, Bico Industries S.A. (“Bico” or the “Company”), in which Roca Industry holds 70% of the share capital, signed the sale-purchase for the full acquisition of Iranga Technologijos (“Iranga”), a company incorporated and organized under the laws of Lithuania. Roca Industry informed the market about the advanced stage of negotiations for the takeover of Iranga in August 2022.
Iranga operates on the technical and construction textiles market, offering solutions based on a complex range of technologies for the production of glass fiber fabrics and composite materials through fabric lamination, an activity similar to one of the business lines owned by Bico.
The value of the transaction is 3.2 million euros. This consists of the amount of 1.6 million euros paid upon completion of the transaction (on May 3, 2022), for the full acquisition of the social shares, as well as the amount of 1.6 million euros allocated for the acquisition of a line of production, the commissioning process of which has already been completed.
The acquisition of Iranga corresponds to the strategies of Roca Industry and Bico and their development plans. The new company will support the diversification of the markets in which the holding’s companies are present, all of which contribute to the creation of added value around them, through synergies and common tools.
Through the transaction, the Romanian holding takes an additional step in fulfilling its expansion plans by consolidating and accelerating development through the acquisition of new companies and their transformation into European players.
“The acquisition, carried out under the umbrella of our holding company, will contribute to increasing our presence in this segment and at the same time to reaching new markets. We are happy to see common values in two companies located far away, one in Romania, the other in Lithuania, and we believe all the more in synergies and long-term partnerships, especially in the current international context, one that is not without challenges . The resources and know-how that our holding has in the construction materials sector, but also our business model, based on active partnership, skills and total involvement, are key elements in the synergies we achieve”, he declared Ionuţ Bindea, Investment Manager ROCA Investments, President of the Board of Directors and interim General Director of ROCA Industry.
Taking over the majority stake in Iranga is in line with the strategy and development plans of the Romanian producer. The acquisition will support the diversification of the markets in which the Romanian holding companies are present, all of which contribute to the creation of added value around them, through synergies and common tools.
“Through the investments we make, we aim to develop our production capacities, innovation and sustainable, long-term growth. If at the beginning of the year, through the acquisition of the Terra company, we managed to consolidate our market share at the EEA level for the production of glass fiber mesh for thermosystems, this time, through the Iranga transaction, we want to develop another line of business, one that addresses a B2B customer sector in which we have been active since 2019. On a personal level, the scaling of this activity sector has a special meaning and since 2019, when I took over the implementation and development of this business line, I started the process of profiling the market by studying the activity of the Iranga company. Now, we will unite the resources of the two organizations, both tangible and intangible, to achieve the common objective: the development of innovative solutions for the reinforcement of construction materials, thus transforming all cultural barriers into competitive advantages”, declares Adrian Butuc, General Director of Bico Industries.
The acquisition of the Lithuanian manufacturer of technical and construction textiles comes in the context in which, during this year, the ROCA Industry holding was joined by the companies Eco Euro Doors and Terra Impex (completely acquired by Bico Industries), and a third transaction, the one for the acquisition of 100% of Dial’s share capital is in the process of completion.
Thus, at this moment, ROCA Industry groups in the holding companies BICO Industries (70%), Sarcom (100%), Terra (100%) and Eco Euro Doors (70%), and expectations are that by the end of the year it will be completed and the full takeover of Dial, but also of Iranga (77.5%).
