Azelis, the leading pan-European specialty chemicals distributor, today completed the acquisition of Finkochem d.o.o., a company specialising in the sales and distribution of a wide range of raw material for the food, chemical industries (detergents and homecare), plastics additives, metallurgy and rubber.
With this strategic acquisition in Serbia, Azelis greatly reinforces its position in the region as Finkochem is the second largest distributor in the country. Azelis will now have the capacity to accelerate growth within their Food & Health, Personal Care and Chemical Industries business lines not only in Serbia, but also in the adjacent countries.
In particular, the combination with its existing operations in Croatia, will allow Azelis far greater access to markets in the region and will improve service levels for suppliers and customers of the Group. The existing management team brings long established relationships with a broad base of customers and suppliers, as well as market know-how and experience to further develop the business.
“2010 has been a remarkable year for Azelis with a successful acquisition at the end of the year. We will continue this trend in 2011 by further developing our existing resources, but also focusing on new acquisition opportunities” says Joris Coppye, Group Chief Executive Officer of Azelis. “Finkochem’s business covers some less developed Azelis markets in the Mediterranean East region and it complements our industry focused product range, especially in Food and Chemical Industries. The combined organisations will ensure our strategic position across Eastern Europe and Mediterranean East, create synergies and expand our distribution network for the benefit of our supplier and customer significantly.”
Dubravka Mirković, General Manager and previous shareholder of Finkochem, will remain General Manager of the business and secure the successful integration into the Azelis Group and the future development of the company.
“This is a further major step in the growth story of Finkochem, and I am happy that the company with its effective Management team has now a new home within a very reputable international Group”, adds the seller and founder of Finkochem. “The staff and key management team have the same drive and entrepreneurial spirit that fits extremely well with Azelis core values.” Azelis will now commence a seamless integration for Finkochem, based on its experience gained in successfully completing more than 36 acquisitions over the last 10 years.
Finkochem was established in 1991 by Al Metalchem Ltd Cyprus, employs 20 people, mostly in sales & marketing and is based in the centre of Belgrade. This well known company in the Serbian market services more than 300 customers from their warehouse located near Belgrade.