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19 December 2017

Enterprise Investors exits Macon Group

Bucharest, 19 December 2017 – Polish Enterprise Fund V and Polish Enterprise Fund VI, private equity funds managed by Enterprise Investors (EI), have signed an agreement to sell Macon Group, one of Romania’s foremost manufacturers of construction materials. The buyer is Xella Group, a leading, internationally operating solution provider of building materials and related industries.

  • The value of the transaction has not been disclosed;
  • The transaction is conditional upon obtaining antimonopoly approval in Romania.

In 2006 Enterprise Investors acquired Macon from the company’s management and employees. At the time of the investment, Macon was an important independent producer of construction materials in Romania. Two years later, EI provided additional equity financing to acquire Macon’s competitor Simcor Group, a building materials producer from Transylvania (Romania). With the full support of EI funds, Macon’s management team merged the two entities into what is today Romania’s leading industry player. The company currently operates four production sites and is the leading producer of AAC (autoclaved aerated concrete) and electrical poles, and also a top player in the lime product, precast element and terracotta production markets.
In recent years Macon achieved excellent financial performance. Sales are expected to reach RON 150 million
(EUR 33 million) in 2017. The group employs c. 800 people.

“The cooperation between Enterprise Investors and Macon’s very competent management team led by Marius Marin has been first-rate throughout our investment. This was particularly significant in the turbulent times following the global crisis, when despite a rapidly declining construction sector Macon managed to increase its overall market share by adapting to the new conditions and reaching for new markets”, said Dariusz Prończuk, partner at Enterprise Investors in charge of this investment. “The company is in a very good shape and I am optimistic about its growth opportunities in the future”, added Șerban Roman, vice president at Enterprise Investors responsible for the firm’s activity in Romania.

RTPR Allen & Overy was the legal counsel to Enterprise Investors and PWC Romania was the firm’ s M&A adviser.

Xella Group is a leading, internationally operating solution provider of building materials and related industries, with sales
of EUR 1.5 billion and 6,700 employees (as of 2016).  Xella is one of the pioneers in digitally supported building processes and will consistently follow the chosen profitable growth path. Xella is headquartered in Duisburg/Germany, with 97 plants in 20 countries and sales organizations in more than 30 countries. In many of its market segments Xella holds a leading position.

Enterprise Investors is one of the largest private equity firms in Central and Eastern Europe. Active since 1990, the firm has raised nine funds with total capital exceeding EUR 2.5 billion. These funds have invested EUR 1.8 billion in 139 companies across a range of sectors and exited 125 companies with total gross proceeds of EUR 3.6 billion. The exits include 34 IPOs
of portfolio companies on the Warsaw, Prague and New York stock exchanges.

For further information please contact:
Anna Czywczyńska, Communications & Public Affairs Director,
Enterprise Investors
tel.: +48 22 458 8500