After the owners of Noves complied with conditions precedent, the investment group Penta went for a definitive closure of the acquisition.
Noves ranks among the leading Slovak window makers and is known mainly for the high quality, premium plastic and aluminium frame windows. "The acquisition of Noves is a great fit with our strategy of building the largest window producer in Central and Eastern Europe. The position of Noves within the holding will be on the same par with the previous acquisition Okna Rabien, while Noves, with its production plant in Spišská Nová Ves, will concentrate on higher value-added products that meet more stringent customer expectations for quality and thermo insulating properties," said Jozef Janov, Investment Director at Penta.
The present priority of Penta is to exploit existing synergies between the Polish window producer Okna Rabien and Noves of Slovakia, in particular in the area of joint distribution and geographic expansion. Penta intends to pursue further acquisition targets - leading producers in the Czech Republic and in western Europe.
"Acquisition in the window producing sector and the formation of Hasau Group are a proof that Penta invests also in the time of crisis. We are not afraid of venturing into difficult sectors. The combination of our financial strength and hands-on management style helps us in increasing our market share at the expense of the competition. Hasau will give its business partners and end customers a full range of products at the best prices," added Janov.
Penta in the window producing sector
- October 2008: Penta announces the acquisition of the Polish producer Okna Rabien with EUR 45 million of annual turnover, 700 employees and exporting to more than ten countries in Europe.
- Noves of Slovakia grosses EUR 20 million in revenues and employs 200.
- The Hasau Group investment strategy is built on three pillars:
- A unique and highly motivating dealer remuneration scheme.
- Cost leader - through economies of scale and efficient utilisation of production and distribution capacity.
- Offering the broadest portfolio of affordable and premium products - plastic, aluminium and wooden frame windows and doors in unparalleled quality and delivery time.