Nowy Styl furniture producer plans acquisitions, investments and listing
Another furniture producer, next to Black Red White, talks about consolidation.
Nowy Styl, the family-owned furniture producer from Krosno, is in preliminary acquisition talks with companies from Poland, Western Europe, Russia and Ukraine.
“We talk with small and medium-sized companies with PLN 100m (EUR 30.2m) of annual sales. We are interested in producers of office chairs and furniture, we are not going to start production in new markets”, Roman Przybylski from Nowy Styl said.
The company has already acquired several local partners abroad. Today, Nowy Styl is a holding with subsidiaries in the UK, Franc, Spain, Germany, Ukraine, Hungary and Slovakia. It increases production in Russia. It plans to build a new Baltic Wood floor plant in Jaslo and considers a new furniture facility. The company plans one acquisition this year and two others next year.
These transactions are to be financed from the company own funds. Later on, Nowy Styl may be listed on the WSE in order to raise funds for a bigger acquisition. The IPO is possible in the year 2010 or 2011. Today, the stakes of the company belong to Adam Krzanowski (30 percent), his brother Jerzy Krzanowski (30 percent) who founded the company and their US partner Ronald Stern (40 percent). In the IPO, new shares will be issued.
In 2007, the group had PLN 930m of sales and PLN 70m of net income. This year, the management promises over PLN 1bn of sales and PLN 100m of net income.
(PLN 1 = EUR 0.302)
Teksty Polskiej Agencji Prasowej
Wiadomości dnia na www.pb.pl
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