Sofinim NV, the private equity subsidiary of diversified group Ackermans & van Haaren, will acquire a significant majority interest in SpanoGroup as part of the €160m deal.
SpanoGroup comprises the companies Spano NV (particleboard), Dekaply NV (melamine faced board), Spanolux NV (MDF) and Balterio NV (laminate flooring). Production sites are in Oostrozebeke, Erembodegem and Vielsalm.
The company has about 800 employees, while consolidated turnover in 2005 amounted to €200m. Operating profits before depreciation and amortisation were €22m.
SpanoGroup, founded in 1963, concentrates on offering high value-added products such as moisture-resistant, fire-retardant, constructive, decorative and light board materials.
Completion of the agreement is subject to the approval of Belgian competition authorities. Sofinim expects approval before the end of 2006.
