AkzoNobel has entered into an agreement to acquire 100% of the shares of Mauvilac Industries Limited, a leading paints and coatings company in Mauritius.
The transaction includes a local production facility, four concept stores and access to a strong distribution network.
The business generated revenue of around €20 million in 2018 and is a leading decorative and specialty paints and coatings manufacturer headquartered in Les Pailles, Mauritius. Their portfolio consists of 85% decorative paints and 15% coatings, offering a wide range of professional and consumer products. The company was founded in 1964 by Roland Maurel Sr. and in July 2014 private equity fund Adenia acquired 95% of shares in the company.
Thierry Vanlancker, CEO of AkzoNobel, said: "We are happy to announce the acquisition of Mauvilac as it strengthens our footprint in Sub-Saharan Africa and supports our leading position in the African decorative paints market. Mauvilac is a leading company in Mauritius and the proud owner of the best-known paint brand on the island. We look forward to adding such a strong brand to our world class portfolio and welcoming the employees from Mauvilac to the AkzoNobel family."
Ruud Joosten, COO of AkzoNobel, added: "Mauvilac is a true flagship brand in Mauritius which has been developed for the last 50 years. The company is a leading player with a strong distribution network, well setup concept stores and a large network of retailers. Their strong focus on innovation and sustainable solutions fits seamlessly with the focus of AkzoNobel. We are very excited to integrate such a well-established company into AkzoNobel."
Laurent Roussel, CEO of Mauvilac, said: "We're looking forward to joining AkzoNobel. Both our companies have a strong passion for quality, innovation and sustainability. Bringing the energy of the two companies together, will create a promising future for all."
The planned transaction is expected to be completed in the first half of 2020, subject to customary conditions.