Investcorp to acquire leading European industrial parts distributor
Investcorp, the global investment group, announced today that it has signed an agreement to acquire OREFI Participation, headquartered in France. OREFI is a leading European distributor of industrial parts. The transaction, which is subject to various approvals, is expected to close in June 2006.
Founded in 1987, OREFI distributes a wide range of industrial products through its own network of 90 branches in France and the Netherlands. It has a product range of some 350,000 items that include power transmission equipment, industrial tools and abrasives, fixings and adhesives and personal protection equipment. Its extensive network and highly skilled workforce results in fast customer response times and value added services. OREFI employs 1,240 people in France and the Netherlands. The company’s 2005 turnover was €293.5 million.
Investcorp’s Chief Operating Officer, Gary Long, said: “We are committed to supporting OREFI in its development in Europe. In particular, we will look to develop partnerships between OREFI and the industrial supply business of Autodistribution, the French auto and industrial parts distributor Investcorp acquired in March, in order to consolidate a market leadership position in Europe.”
Orefi’s President and Chief Executive Officer Pierre Pouletty said: "Investcorp is the ideal partner and will bring us the financial support to pursue our European consolidation strategy. We are looking forward to embarking upon this new phase of development. The outlook is highly positive for OREFI, its employees, customers and business partners.”
© 2006 Al Bawaba (www.albawaba.com)