Romanian investment fund ROCA Investments, part of Impetum Group, has bought a stake in BICO Industries, the leader in the fiberglass mesh market in Eastern Europe and the largest domestic producer of fiberglass fittings.
The financial details of the transaction were not disclosed.
Through this partnership, ROCA Investments aims to contribute to the consolidation of Romanian exports on this industrial niche, a field with sustained demand.
With an estimated market share of 35% nationally and 5% in Europe, BICO already enjoys good regional credibility for a leading position and meets all the highest quality standards for the products offered.
“With BICO Industries we move to the next level. This is a company with international scaling prospects and an admirable advance in the European market, to which it already directs 28% of its total production. BICO Industries can earn for Romania the prestige of being the country of origin for top technical textiles. We will work together to become one of the top 3 players in Europe in the fiberglass industry. We bring to this partnership our investment experience accumulated in companies that are national leaders in their fields,” said Ionut Bindea, Investment Manager of ROCA Investments.
BICO Industries has a five-year investment plan aimed at tripling its turnover and profit. The company had a turnover of RON 57 mln (EUR 11.8 mln) and a net profit of RON 2.7 mln (EUR 0.55 mln) in 2019, with over 200 employees.
The majority shareholder of BICO Industries is local entrepreneur Mihai Birliba.
(Photo source: the company)