Bulgarian Watchdog OKs Acquisition of Ceramic Tiles Maker KAI Group by US Mohawk Industries

Business | April 16, 2015, Thursday // 10:20|  views

Photo by kai.bg

KAI Group, the largest Bulgarian manufacturer of ceramic tiles, has been acquired by leading global flooring manufacturer Mohawk Industries.

The previous owner of KAI Group, investment fund Advent International, is selling the company 7 years after acquiring it.

The acquisition, which was approved by the Commission for Protection of Competition on Wednesday, is the largest transaction in Bulgaria since the beginning of 2015.

Raiffeisen Investment Bulgaria was consultant on the deal.

The EUR 195 M deal includes the Isperih-based “Han Asparuh” plant and the “Han Omurtag” plant in Shumen, as well as related companies based in Romania and Greece, according to reports of Bulgarian daily Capital.

The deal is not final yet as it has to be approved by the regulatory bodies in a number of other countries.

According to KAI Group CEO Spas Shopov, the acquisition is to be finalized in around a month.

KAI Group exports more than half of its production to over 25 countries in Europe and throughout the world.

Its products are popular on the markets in Great Britain, France, Germany, Italy, Benelux, the Scandinavian countries, and the Balkans.

The American investor, Mohawk Industries, is a leading flooring company with operations in Australia, Brazil, Canada, China, Europe, India, Malaysia, Mexico, Russia and the United States.

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Tags: KAI Group, Commission for Protection of Competition, Raiffeisen


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