Balta to get new private equity owner
Carpet and rug manufacturer Balta is to have a new private equity owner after the terms of a sale were agreed. The deal is expected to be completed at the end of August.
Lone Star Funds has signed a definitive agreement to acquire Balta Group from Doughty Hanson, Filip Balcaen and the group’s management for an undisclosed sum. Doughty Hanson bought the company from its family owners in August 2004 and owned a 70% stake. The founding family and management held the balance.
Balta reported sales of €520m and EBITDA of €64.9m in 2014.
‘We are proud of how well Balta has performed, with EBITDA in 2014 growing by more than 20% compared with 2013. We have enjoyed working with management on further investing in the company’s manufacturing capabilities particularly in Turkey, on product innovation and on improving operational efficiency and are delighted that Balta is in such good shape for the next stage of its development,’ says John Gemmell, a principal at Doughty Hanson.
‘We are delighted to be embarking on the next phase of our growth ambitions with Lone Star, who share our vision of driving profitable growth by delivering superior product design, creativity, quality and service for our customers. As the company moves forward, I am confident that we will do so from a position of strength. We will continue to build on our successes by innovating, enhancing and growing our business globally through continued strategic investments in Belgium and Turkey as well as through targeted acquisitions,’ says Hendrik Deruyck, Balta Group ceo.