Sanex to be bought by Lasselsberger

Austrian Lasselsberger Group, one of the most powerful family businesses on the European construction supplies market, aims to acquire the top two makers of ceramic tiles in Romania, Sanex Cluj-Napoca and Cesarom Bucharest. The Austrians will this way be able to control approximately half of this market, which is worth more than $100 million this year.

The Austrians hope to conclude the deal for buying 68% in Sanex by yearend. Sources close to the talks say this is an about 10 million euro deal. The stake targeted by Lasselsberger and held by investment vehicle Goodison Holdings BV is worth some 7.6 million euros on RASDAQ, with Sanex shares last quoted at 2,450 ROL. The capitalisation is 11.2 million euros.

Goodison Holdings, which started looking for buyers for its stake this spring, is a financial vehicle controlled by investment fund Romania-Moldova Direct Fund (RMDF). Goodison acquired control of Sanex in 2000 and invested $3-$4 million in its shares.

“We hope to conclude the contract for buying Sanex by yearend. The price is confidential, it can be higher or lower (in relation to the 10 million euros i.e.). Lasselsberger already holds about 28% in Hungarian producer Zalakeramia and I think we’ll own the controlling interests in a matter of months,” Martin Hofmann, the official in charge of the ceramic business within Lasselsberger Group told Ziarul Financiar.

Zalakeramia holds 97.9% in Cesarom Bucharest, the second leading tile maker on the Romanian market.

After having bought ceramic tile factories in the Czech Republic, Slovakia and a significant stake in Hungary’s Zalakeramia over the last two years, the Austrians are finally conducting their acquisition campaign on the Romanian market. adrian.mirsanu@zf.ro