14 July 2010 – Advent International, the global private equity firm and Turkven Private Equity have sold their majority stake in Roma Plastik, the leading Turkish manufacturer of furniture edgebands to Tyrolean-based EGGER Holzwerkstoffe GmbH, a leading European wood panel manufacturer. The value of the transaction was undisclosed.
Advent and Turkven acquired the business in October 2006. Under their ownership, Roma Plastik has consolidated its position as a market leader both in the domestic Turkish market and internationally, opening a new office in Germany and establishing relationships with distributors in foreign markets such as Spain and the UK. The company, which employs around 400 people, is now the largest manufacturer of PVC, melamine and ABS edgebands in Southern and Eastern Europe.
With the support of Advent and Turkven, Roma Plastik has made a significant investment in new product development and a greater product mix. This has positioned the company as one of the largest manufacturers in the industry supported by high-quality service, fast delivery and competitive pricing.
Avdin Robert Baler, Chief Executive Officer of Roma Plastik, said:
“Advent International and Turkven have played an important role in the development of our business since their investment in 2006. The operational and financial support we have received has enabled us to consistently gain market share and diversify our offering to our customers. We look forward to building on this growth and seizing the opportunities that will emerge under our new ownership by EGGER Group.”
Commenting on the sale of the business, Advent International Managing Director, Emma Popa-Radu said:
“We have enjoyed working with the strong management team of Roma Plastik over recent years, helping to strengthen the business and expand its presence into international markets. The sale of the business to EGGER Group is an important milestone in the company’s development which marks the next phase of its growth.”
Advent International has successfully partnered with a number of companies in Turkey seeking to improve their operations, strengthen their competitiveness and grow their business domestically and internationally since 2001. Turkish investments include Intercity, the leading car-fleet management services operator, and Uno, Turkey’s leading producer of high-quality branded packaged bread and bakery products.