BPM Mezzanine Fund SICAV-SIF, SCA (BPM) invested in one of the leading paint producers Eskaro AS in September 2016. The investment was used for working capital and refinancing of part of existing liabilities. The company was established in Tallinn in 1993. Today, the company has production enterprises in Estonia, Finland, Belarus, Russia, and Ukraine.
On 24th November 2020 Flügger group A/S entered into agreement to acquire 70% ownership in Eskaro group. The acquisition is awaiting approval by competition authorities. Approvals are expected to be granted in 1 quarter 2021.
Commenting on the deal, Partner of BPM Capital, Mr. Priit Veering, noted that Eskaro’s management team led by Eskaro’s co-founder Mr. Igor Chumakov has done brilliant work by building up solid platform in the company’s target markets and growing Eskaro’s revenue by more than 15% annually since 2016. The combined forces of Eskaro and Flügger are expected to generate significant synergies in the future. BPM is happy with the results and we would like to thank Eskaro’s management team for dedicated effort in developing the company. There are many good days to come for Eskaro as part of Flügger group.
CEO of Eskaro, Mr. Igor Chumakov commented: “We worked 4 and half years together with BPM team and appreciate their responsiveness, professional approach, and flexibility. We look forward to co-operation with Flügger. As part of group, we’ll have the opportunity to exploit synergies – in particular sales and solutions to large builders’ merchant chains – but also in the area of production and purchase of raw materials. We look forward to continue our expansive growth journey with the backing of a strong group.”
For further enquiries, please contact:
BPM Capital: Priit Veering, tel: +372 605 0074, e-mail: priit.veering@bpmcapital.eu
Eskaro: Andres Assor, tel: +372 553 6202, e-mail: andres.assor@eskaro.com