Zwolle, 10 January 2008 - Wavin N.V., Europe’s leading supplier of plastic pipe systems and solutions, has today completed its acquisition of Pilsa Plastic, a prominent Turkish manufacturer of plastic pipes and fittings. Selling parties are Sabanci Holding and related minority shareholders. The purchase price of 82 million USD (approximately EUR 56 million) will be funded from existing credit facilities. The 2007 revenue of Pilsa is approximately EUR 85 million. Wavin expects the acquisition to be accretive to earnings per share from the start. It is foreseen that Turkven, a Turkish private equity firm, and the Netherlands Development Finance Company (FMO) will become co-investors, with Wavin maintaining a majority stake of 60%. This is expected to materialise during Q1 2008.
The acquisition of Pilsa provides Wavin with an excellent opportunity to benefit from the positive economic developments in Turkey and surrounding countries. Pilsa is a significant player in its home market and has strong export positions in several Central and Eastern European countries. The company currently employs 390 people and generates approximately half of its revenue from Civils & Infrastructure business and the other half from Building & Installation business. The company is based in Adana and has been part of the Sabanci Group, Turkey’s leading industrial and financial multi business firm, since 1971.
About Wavin Wavin is the leading supplier of plastic pipe systems and solutions in Europe. The company provides essentials: plastic pipe systems and solutions for tap water, surface heating and cooling, soil and waste, rain- and storm water, distribution of drinking water and gas and telecom applications. Wavin is headquartered in Zwolle (The Netherlands) and has a presence in 27 European countries, with manufacturing sites in 16 of those. The company employs approximately 6,700 people and reported revenues of EUR 1.5 billion for 2006. Outside Europe, it has a global network of more than 120 agents, licensees and distributors. Wavin is listed on the Amsterdam stock exchange (WAVIN). More details can be found at www.wavin.com.
About FMO The Netherlands Development Finance Company (FMO) is the international development bank of the Netherlands. FMO invests risk capital in companies and financial institutions in developing countries. FMO's investment portfolio is EUR 2.7 billion and FMO is one of the largest bilateral development banks worldwide. Thanks in part to its relationship with the Dutch government, FMO is able to invest in companies and financial institutions that don't have full access to mainstream global capital markets. FMO's mission: to create flourishing enterprises, which can serve as engines of sustainable growth in their countries. More details can be found at www.fmo.nl.
About Turkven Turkven is the first and largest independent private equity firm specialised in Turkey and Turkish companies. Turkven advised funds have completed seven investments, involving 2 LBOs, 3 expansion capital deals and 2 refinancings, resulting in total equity and debt placements of over USD600 million. Turkven currently manages 700 million USD of assets in private equity and real estate. More details at www.turkven.com.
About Sabanci Sabancı Holding is the parent company of the Sabancı Group, Turkey's leading industrial and financial multi-business firm. The Sabancı Group is composed of 70 companies, many of which are recognized market leaders in their respective sectors. Sabancı Holding's main business units include financial services, automotive, tire & tire reinforcement materials, cement, retailing, energy. Sabancı Holding has controlling interests in 13 companies listed on the Istanbul Stock Exchange. In 2006, the consolidated revenue of Sabancı Holding was 12.1 billion USD with an EBITDA of 1.9 billion USD.
For further information: Media Relations: Herbert van Zijl Telephone: +31 38 429 4209 E-mail: media@wavin.com
