Swedish Pervanovo acquires a majority stake in the Croatian furniture manufacturer Spin Valis
ZAGREB (Croatia), November 16 (SeeNews) – Swedish holding Pervanovo Invest said it has signed an agreement to acquire 85% of Croatian furniture maker Spin Valis, with the intention of acquiring all its shares.
“We are pleased that we have now completed our fifth acquisition in Croatia,” Darko Pervan, CEO and owner of Pervanovo Invest, said in a statement to SeeNews earlier this week.
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He did not disclose the value of the deal.
The acquisition requires approval from the competition authorities.
Spin Valis will be renamed Bjelin Spinvalis.
“The acquisition of Spin Valis will increase our sales in Croatia by EUR 30 million ($31 million) to EUR 170 million and our operating profit for 2022 will exceed EUR 40 million,” Pervan said.
Spin Valis is one of Croatia’s largest manufacturers of solid oak furniture and the production also includes elements, glued solid boards and electricity based on bioenergy and solar panels.
Spin Valis is based in Pozega, eastern Croatia, and has 420 employees.
After the acquisition, the number of Pervanovo’s employees in Croatia will reach 2,200.
The Pervanovo group owns the Croatian wood processing company Bjelin and Spacva and operates tourist activities around Dubrovnik and the Valinge flooring manufacturer in Sweden.
“Our intention is to continue developing Spin Valis as a premium furniture producer and together with our furniture production at Bjelin Spacva, our goal is to become one of the leading furniture manufacturers in Europe in our field,” Pervan said in the statement.
“With our new facility in Ogulin, where we are building the largest wooden floor factory in Europe, our Croatian group of companies will be very efficient and competitive, especially in oak-based products,” Pervan added.
($ = 0.959 euros)