Wavin announced their acquisition of Turkish manufacturer Pilsa Plastic, last week.
The purchase price of $82m (E56m approx) will be funded from existing credit facilities. The 2007 revenue of Pilsa is approximately E85 million. The company says it expects that Turkven, a Turkish private equity firm, and the Netherlands Development Finance Company (FMO) will become co-investors, with Wavin maintaining a majority stake of 60%. This is expected to happen during the first quarter of 2008.
The acquisition of Pilsa provides Wavin with an excellent opportunity to benefit from the positive economic developments in Turkey and surrounding countries. Pilsa is a significant player in its home market and has strong export positions in several Central and Eastern European countries.
The company currently employs 390 people and generates approximately half of its revenue from civils and infrastructure business and the other half from building and installation business. The company is based in Adana and has been part of the Sabanci Group, Turkey’s leading industrial and financial multi business firm, since 1971