Popovici Nitu Stoica & Asociatii has advised Xella International S.A. on its agreement with two Polish private equity funds managed by Enterprise Investors to acquire Macon Group. RTPR Allen & Overy advised the sellers on the deal, which is subject to approval by the competent antitrust authorities and is expected to close in the first half of 2018.
Macon Group is Romania’s largest AAC producer and one of the largest manufacturers of building materials in Romania.
“With the acquisition of Macon, Xella becomes one of the market leaders in the Romanian building materials market, and Romania’s main manufacturer in AAC," said Xella Group CEO Jochen Fabritius. "Xella becomes a major player in lime and precast concrete and successfully delivers on reaching regional leadership positions through bolt-on acquisitions. Xella continues to drive on a very promising growth trajectory and focuses on pan-European value add building product solutions with highly profitable growth and sustainability. We consistently pursue our goal of being among the 'best in class' in the industry, make the most out of Xella’s business units and create value to lead Xella into a successful future."
“The cooperation between Enterprise Investors and Macon’s very competent management team led by Marius Marin has been first-rate throughout our investment," said Dariusz Pronczuk, Partner at Enterprise Investors in charge of the investment. "This was particularly significant in the turbulent times following the global crisis, when despite a rapidly declining construction sector, Macon managed to increase its overall market share by adapting to the new conditions and reaching new markets."
“The company is in a very good shape and I am optimistic about its growth opportunities in the future,” said Serban Romana, Enterprise Investors Vice President in charge of the company’s activity in Romania, quoted in an RTPR Allen & Overy press release.
In the same press release, RTPR Allen & Overy Managing Partner Costin Taracila declared that: “We are happy and proud to announce this new transaction. Enterprise Investors is one of our oldest and closest clients and we have worked together on many landmark deals. We worked close to Enterprise Investors on its investment in Macon: we assisted them on the acquisition of Macon in 2006, later on, in 2008, on the acquisition of Simcor Group, and now we have advised them on the sale of Macon. We are honored by the trust Enterprise Investors showed us every time and we would like to have the chance to advise them on their future projects.”
Popovici Nitu Stoica & Asociatii’s team was led by Partner Cristian Popescu and Managing Associate Andreea Hulub.
The RTPR Allen & Overy team was coordinated by Managing Partner Costin Taracila with support from Managing Associate Andrei Mihul and other offices from Allen & Overy's Bucharest and London offices.
Editor's Note: RTPR Allen & Overy has informed CEE Legal Matters on closure of the transaction on April 30, 2018.
