Prospective Buyers Conducting Due Diligence in DI Spačva Timber Company

Total Croatia News

Updated on:

Spacva Facebook page
Spacva Facebook page

“The process of due diligence has been launched by prospective buyers,” the company said in a brief statement on the Zagreb Stock Exchange (ZSE).

The statement makes no mention of who the potential buyers are. The Spačva Group consists of five factories: a sawmill, a parquet production plant, a final products factory, a veneer factory, and a bio-fuels factory.

The current majority owner is Quaestus Private Equity Kapital II, which holds a 75.81% interest in the company. In late 2020, it announced its intention to sell its four million shares in Spačva.

Pervan and Barlinek potential buyers

After the fund’s intention to sell those shares was announced on the ZSE in mid-October 2020, the media reported that one of the potential buyers was Darko Pervan, owner of Pervano Invest from Sweden and the Bjelin company, which has factories manufacturing flooring in the Croatian cities of Bjelovar, Ogulin and Otok.

Poland’s Barlinek, a leading European manufacturer of layered wood floors, is also reportedly interested in taking over Spačva.

The financial statement for the first nine months of 2020 shows that Spačva reported HRK 184.5 million in revenue, and its expenditure totalled HRK 174.7 million. Thus, the profit in the January-September 2020 period came to HRK 9.86 million.

The sales revenues amounted to HRK 164.1 million, and two-thirds of the amount were secured through exports. Spačva’s export markets are Italy, Romania, France, Serbia, Germany and Great Britain.

Currently, Spačva employs 850 workers, according to data available on the company’s website.

(€1 = HRK 7.561842)

For the latest business news from Croatia, follow the TCN business section.


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