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AkzoNobel to Acquire Decorative and Specialty Paints and Coatings Manufacturer
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.
Strengthens Footprint in Sub-Saharan Africa
The acquisition of Mauvilac strengthens AkzoNobel’s footprint in Sub-Saharan Africa and supports its leading position in the African decorative paints market.
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.
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.
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.