• News

Latest Press Releases

Mid Europa Partners to acquire Heidelberger Calcium Aluminates, making first acquisition in Croatia

16 June 2006

Mid Europa Partners announces that it has agreed with HeidelbergCement to buy Heidelberger Calcium Aluminates, the calcium aluminate cement business division of HeidelbergCement Group.

The scope of the transaction includes Heidelberg Cement's 92.4% stake in Istra Cement d.o.o., a production facility based in Croatia, as well as two trading entities in Germany and the United States.

Heidelberger Calcium Aluminates is one of the leading suppliers of calcium aluminate cement, alongside Materis and Almatis. It supplies high quality and specialty cement to both the refractory and building chemistry industries in Europe, North America and Asia.

Gilles Bonaert, who previously led Heidelberger Calcium Aluminates for five years and will return to head the business post-acquisition, said: "Under the ownership of HeidelbergCement, Heidelberger Calcium Aluminates became one of the main players in calcium aluminates cement industry. The management is delighted to welcome Mid Europa Partners, who with their ambition to grow the business, will be the right partners for us going forward. The management's participation in the acquisition underscores our confidence in the future of the Company. "

Thierry Baudon, the Managing Partner of Mid Europa Partners, said: "We like the characteristics of the calcium aluminates industry, especially its sophisticated know-how that provides relatively high barriers to entry, as well as the growth opportunities presented by the introduction of new applications. We plan to work together with the management team in developing the Company further through organic growth and targeted acquisitions."

"We are interested in exploring organic growth and acquisition opportunities on both the refractory and building chemistry end of the business" said Robert Knorr, a Director of Mid Europa Partners who led the transaction. "We are very pleased to be making our first investment in Croatia, after having successfully invested in neighbouring Slovenia. We will use our presence and relationships in Slovenia and Croatia to explore further opportunities in those two countries as well as opportunities in other countries of the former Yugoslavia."

Zagrebacka Banka, part of UniCredito Group, has provided a financing commitment to Mid Europa Partners in connection with the acquisition.  

The transaction is expected to close by the end of June.  

Back to news article results list