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Advent International agrees sale of Bolix to Berger Paints

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29 April 2008, Warsaw - Advent International, the global private equity group, today announced that it has agreed to sell Bolix, a leading Polish provider of Exterior Insulation Finish Systems (EIFS) for the business to business market, to Berger Paints India Ltd, one of India’s largest paint manufacturers¹.

The exit marks the outcome of a successful five year restructuring programme, following Advent’s acquisition of Bolix in 2003. In the last three years, Bolix has recorded double-digit revenue growth rates while maintaining high profitability.

Advent has helped Bolix change from being purely a manufacturer to a service-orientated business and has helped the company develop new market opportunities. Value has been created by strengthening the company’s logistics, improving support for wholesalers and offering contractors innovative on-site services.

Other initiatives have included significantly developing Bolix’s exports to Ukraine, Russia and the Baltic States, entering the DIY channel, and the introduction of new product ranges. Export sales almost tripled in the last year.

The prospects for the business are strong, with the boom in the Central & Eastern European construction materials industry set to continue. The continuing drive to implement energy efficiency measures also offers considerable growth potential for Bolix’s Exterior Insulation Finish Systems.

Monika Morali-Efinowicz, head of Advent International’s Warsaw office, commented: “Bolix’s expansion is a prime example of how Advent can help businesses to build strategic competitive advantage in high-growth markets. The construction industry in Central & Eastern Europe is now one of the fastest growing and most significant worldwide. Advent’s experience in the global construction materials sector undoubtedly played an important role in helping Bolix to find the right partner for the next phase of its development.”

Bolix President Artur Lakomiec added: “After Advent helped us implement a successful growth programme, both at home and abroad, they facilitated the search for a partner able to support the company’s further expansion. Key in this respect are the business synergies between Berger and Bolix, including production technology, complementary product lines and respective geographic markets.”

Advent International has been investing across Central & Eastern Europe since 1994 and has local offices in Warsaw, Prague, Bucharest and Kiev. Earlier this month, the firm announced the closing of its fourth fund for the region, ACEE IV, at 1 billion euros.

Advisers on the transaction were Ernst and Young (India) for Berger and Clifford Chance and CAG for Advent International.


About Berger Paints India LtdBerger Paints India Limited was founded by Lewis Berger in 1923. It is one of the largest industrial and decorative paint manufacturers in India with a presence in all segments – decorative, general industrial and automotive, protective coatings and powder coatings. Berger is the second largest producer of decorative paints in India and Berger and its related companies have operations in Russia, Nepal and Bangladesh. The company is quoted on the Bombay Stock Exchange. Please consult

¹ The purchase is conditional upon fulfilment of certain conditions precedent, including clearance by the relevant competition agency.



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Monika Morali-Efinowicz

Managing Director, Head of Warsaw, Poland

T: +48 22 627 5141
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Christian Senye

Director, Poland

T: +48 22 627 5141
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