Anglo American plc has announced the sale of Polish concrete products manufacturer, Libet, to Innova Capital. The acquisition was made through Innova’s fourth fund, Innova/4, and gives the firm 100% ownership.
Prior to the sale Libet was part of Tarmac, a British mining and mineral company, which is in turn part of Anglo American. The sale of Libet coincides with a separate transaction which saw the sale of Tarmac’s construction aggregates holdings in four European countries to the Vinci Group’s Eurovia subsidiary.
Tarmac (www.tarmac.co.uk)
Tarmac is a U.K.-based mining and quarry operation in business since 1903. Tarmac products are used primarily in construction applications including asphalt and concrete products. The company operates 135 quarries, 172 concrete plants, and 73 asphalt plants, as well as recycling operations which reclaim nearly 2 million tonnes of construction waste annually.
Libet S.A. (www.libet.pl)
Former Polish subsidiary, Libet S.A., produces concrete pavers, slabs, road elements, and cobblestone products. The Warsaw-based company markets its products to construction companies and distributors throughout the region and maintains 12 production plants. Libet’s 500 employees created a turnover of PLN 250 million in 2009.
Innova Capital (www.innovacap.com)
Based in Warsaw, Innova Capital is a private equity firm active in Central and Eastern Europe with an emphasis on investments in Poland, the Czech Republic, and Hungary. Preferring opportunities in the financial services, media, manufacturing, and telecom sectors, Innova typically invests €5 million to €15 million per project with a horizon of 3-5 years. Innova/4, the fund which closed in 2006 at €225 million, received commitments from institutional and corporate investors in both Europe and America.
24/02/2010
Central & Eastern Europe, Investment, Mining, Poland