25
Thu, Apr
20 New Articles

Karanovic & Partners and Pekin & Bayar Advise NIBE on Acquisition of EMIN’s Operations in Serbia and Turkey

Karanovic & Partners and Pekin & Bayar Advise NIBE on Acquisition of EMIN’s Operations in Serbia and Turkey

Deals and Cases
Typography

Karanovic & Partners, Pekin & Bayar, and Sweden's Delphi law firm have advised NIBE Industrier AB on its acquisition of 51% of the EMIN Group. Goktas Attorneys advised Emin Group on the sale. The purchase price was not disclosed.

The acquisition remains contingent on the satisfaction of various conditions and the still-pending approval of the Turkish competition authority. Completion of the acquisition and consolidation is expected to take place in eight weeks. NIBE also has a call option to acquire an additional 29% of the EMIN shares in 2025.

Sweden's NIBE is a global organization that claims to contribute to a smaller carbon footprint and better utilization of energy by -- according to the company's website -- developing, manufacturing, and marketing "a wide range of eco-friendly, energy-efficient solutions for indoor climate comfort in all types of property, plus components and solutions for intelligent heating and control in industry and infrastructure."

The company is listed on Nasdaq Stockholm, Large Cap list, since 1997, with a secondary listing on the SIX Swiss Exchange since 2011.

EMIN Group, which was founded in 1970, is a manufacturing company with operation in Turkey and Serbia. Its main products are coupling systems for fluids sold to manufacturers of energy equipment. The company has sales of approximately EUR 14 million with an operating margin exceeding 10%.

NIBE is EMIN’s largest customer and accounts for more than 50% of sales. 

“The acquisition of EMIN further complements our range of components and solutions for the all-important HVAC sector," said Gerteric Lindquist, CEO of NIBE Industrier. "It also gives us access to additional interesting countries for low-cost production in Turkey and Serbia. In the long term, these countries are also interesting local markets. It is very positive and valuable to us that the current management, including CEO Bulent Tacsi, will continue to lead the company as partners.”

The Karanovic & Partners team was led by Senior Partner Dragan Karanovic and Partner Petar Mitrovic.

The Goktas Attorneys team consisted of attorneys Cagri Goktas and Melis Karakus. 

Delphi’s team included Managing Partner Anders Jemail, Partner Per-Ivar Svensson, and Associate Emelie Olsson Zulfijaj.

Pekin & Bayar did not reply to an inquiry about the deal.

Our Latest Issue